From India to Canada: How financial confidence helped Dhvani feel at home

Viren, an Associate Financial Advisor, understands what it’s like to be a newcomer to Canada from India because he made a similar move. 

“I know the challenges new immigrants face,” says Viren, “and I love helping people navigate those hurdles because it’s rewarding to see the impact of my support.”

Banking in India is much different and I felt overwhelmed by all the information I’d read online. I told Viren I knew nothing about banking in Canada and asked him to explain it to me in simple terms and concepts.

Viren took the time to walk me through the basics: how chequing and savings accounts work; how to complete wire transfers between India and Canada; how to save money for the future; and CIBC’s banking offers for newcomers. I learned so much and appreciated Viren’s openness and willingness to answer all my questions — no matter how silly I thought they were.

Before suggesting any products, Viren asked me to think about my goals. My husband and I hope to buy a home of our own one day, and in our second meeting Viren and I talked about how CIBC could help bring us closer to our homeownership goal.

“To help create a financial plan flexible enough to evolve as Dhvani’s life changes, I engaged a Financial Planning Consultant and CIBC GoalPlanner™ to prepare for Dhvani’s goals, save more and manage her cash flow better,” says Viren.

“GoalPlanner is a fantastic tool for clients, because not only does it turn insights into personalized, actionable plans but it simplifies the financial planning process.”

He also introduced me to investing concepts, like Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). Since buying a home is a long-term goal, Viren suggested I put money into a First Home Savings Account (FHSA) and invest in CIBC mutual funds.

Although I’m not practising law right now, I do plan to continue my studies to earn my Canadian credentials in the future. Viren has walked me through how to secure a loan or a line of credit to help fund my education when I’m ready.

One thing that has stood out to me about Viren is his genuine care. He wasn’t just there to open accounts for me. He wanted to make sure I felt empowered to succeed in Canada.

With Viren, I felt educated every step of the way. He would suggest options, but always left the final decision up to me. I could take my time and think it through before making any commitments. We meet regularly to ensure I’m on track with my goals and to discuss any questions or concerns I may have. If something comes up, I know I can always reach out over email or a phone call. He’s always quick to respond and I truly value that level of support.

Moving halfway across the world was daunting, but thanks to Viren’s support and advice, I’m building a solid financial foundation for my future — one that I now feel confident about. If there’s one lesson I’ve learned, it’s that having the right guidance can make all the difference.

One of the first challenges newcomers to Canada face is navigating our banking system and establishing a solid financial foundation. Finding your way in a new country can be overwhelming, but with the right advice and financial planning, you can set yourself up for success. Here’s what Viren recommends:

1. Clearly define your goals

Identify tangible short- and long-term goals and adjust your financial plan as needed with CIBC GoalPlanner^TM. Another great planning tool is CIBC Smart Planner^TM. Both offer valuable insights to help you stay on track as you take steps toward a secure future.

2. Grow your savings

Find ways to start saving earlier. To save on fees, open a CIBC Smart Account^TM for Newcomers — you’ll pay no monthly fees for the first 2 years. Plus, you’ll earn up to $400 cash after opening the account. To earn up to $200 more, open a CIBC eAdvantage® Savings Account in the same calendar month. For details, visit New to Canada Banking.

3. Build your credit rating

Use credit cards responsibly and make timely payments to build a positive credit history. You can benefit from cash back on everyday purchases when you apply for a CIBC Dividend Platinum® Visa* Card.