How a newcomer couple thrived with trusted support

Transcript for the video CIBC Ambition Stories | Trusted advice helped a newcomer couple thrive. Opens a new window.

Ashley began with the basics. She helped us open our first bank accounts, obtain credit cards, and took the time to help us understand how everything worked. She explained how CIBC could support our long term financial plans.

Learning about credit was probably one of our biggest adjustments in Canada. Back home, saving was always part of our upbringing. We mostly avoided credit cards. When we first arrived, we didn’t prioritize applying for or using a credit card. This meant building a solid credit rating would take longer. We quickly learned that a strong credit score is crucial for securing loans, mortgages, and other financial products.

Ashley explained to us why credit matters, how to use credit cards responsibly and how small, consistent actions could help us establish a solid credit record in the long run. She never rushed us or assumed we already knew things. She made us feel comfortable to ask questions.

Over time, we started learning more about investing. Ashley introduced us to options like a Registered Retirement Savings Plan (RRSP) and a First Home Savings Account (FHSA). She shared details on how to move our money from India to Canada.

Those early conversations on meeting financial goals were not only about finances. Ashley made a point of getting to know us first. She wanted to learn about our culture, what mattered to us, our goals, and what we were trying to build in this new chapter of our lives.

She followed up regularly and ensured we never felt uncertain or left on our own. When we needed information, she was always easy to reach, whether it was a quick phone call, an email or an in-person meeting. This approach helped us build confidence and feel supported as we settled into life in Canada. 

While we were planning our financial goals, we also focused on growing our careers in Canada. When we arrived, we were prepared to do odd jobs, if needed. I found employment outside of my field and Cammy worked part time at a dental clinic. Leaving our careers behind in India was challenging, but we knew it was necessary while we figured out the next steps to build our future.

The process of recertifying my law license in Canada was long and there were times when I wanted to give up. But Cammy encouraged me to keep going. During those tough moments, Ashley helped us stay focused on our long-term goals. I am happy to say I now have my license to practice law in Canada.

During that time, our family also grew. Our daughter was born here, which has changed the way we think about everything, including our plans for the future.

Especially throughout our first few years in Canada, Ashley has always been there for us. She not only  helped us with banking and investments, her advice and encouragement has always felt personal and focused on what matters most. 

Cammy and I try to balance enjoying our life in Canada with staying disciplined about saving and investing. Our primary goals are to settle professionally, continue to grow our family, and buy a home. Ashley suggests we concentrate on one milestone at a time, so we don’t get overwhelmed.

When we look back at our early years in Canada, it feels good to see how far we’ve came. The journey had its challenges, but having Ashley and CIBC provide the right guidance at the right time has made all the difference.

Starting over in a new country can feel daunting, especially when the banking system is entirely different than what you’re used to. Ashley encourages newcomers to focus on taking  key steps early on to build confidence and create a strong financial foundation.

Start with the basics and build your credit history 

Opening a chequing account is often the first step in managing your day to day finances in Canada. It allows you to deposit your salary, pay bills easily, and access your money. As a newcomer, applying for and responsibly using a credit card is also one of the most effective ways to start building your credit history.

CIBC offers newcomer banking options, like the CIBC Smart® Account for Newcomers Opens a new window.. It has no monthly fee for 2 years. They also offer the CIBC Dividend Platinum Visa Opens a new window.. It provides a two-year fee rebate helping you build credit from day one.

Get financial advice early on

You don’t have to wait until you’re established to meet with a CIBC advisor and create a financial goal plan. A CIBC advisor can explain how the Canadian banking system works, answer all your questions and help you set realistic goals for your new life. They’ll also help you open savings and investment accounts, like a Tax-Free Savings Account, an RRSP or a FHSA.

With the right guidance and support, newcomers can build confidence, make informed decisions, and create a solid financial future in Canada. 

Real CIBC clients, compensated for their time