Many people move to different countries for various reasons, but one of the most common is that they’re pursuing a better life. For many others, they intend to share the good life with their loved ones.
An example of a great country is Canada. Canada has consistently placed high in polls regarding the best countries to immigrate to. Life in Canada is incredible, and perhaps the best thing is that there are immigration sponsorship programs that will allow you to bring your loved ones to the country once you’ve settled in
With this in mind, how can you get a good life for your family if you bring them with you? We’re here to tell you what you need to know regarding the matter. Read on below to learn more.
Financial Planning Is Important
To secure a good life in Canada, financial planning must be taken seriously. The Canadian government may handle healthcare and subsidized education, but you still need to take care of your family if ever you intend to bring them with you.
The good life in Canada comes at a price. There’s always the option of working once you’re there, but there’s still much ground to cover in that area.
To better help you with your financial planning strategy once you and your family immigrate to Canada, below are some tips to take note of.
#1 – Create a Household Budget
For a parent, there’s no greater joy than seeing your child grow in a great environment. However, raising children costs a whole lot of money. Regardless of how many kids you have, you might experience difficulties if you don’t have a proper household budget.
If you’re bringing children with you to stay in Canada permanently, it’s almost a guarantee that your cost of living will be higher. The average price of raising a child in Canada could go somewhere from CA$10,000 to CA$15,000 annually until they turn 18. However, this estimate only considers a child’s basic needs.
To establish a reasonable household budget, you must consider the following:
Once you’ve covered these necessities, you may now have a good idea of how much money you should save. Additionally, it would be helpful for you if you try to avoid any unnecessary expenses once you bring other family members with you.
#2 – Have an Emergency Fund Ready
It’s always nice to have extra money to buy the things you want, but it’s more important to have enough money as an emergency fund. This is essential for many families because expenses may suddenly go up without prior notice. Conversely, it can also be a massive problem if you or someone else in the household loses a job or suddenly gets sick.
Your emergency fund must always grow exponentially so that you can have extra expenses that can cover your needs for at least three to six months. The best way to secure your emergency fund is to transfer it over to a different savings account.
#3 – Save Money for Educational Expenses
Public schools are the go-to educational institutions for many immigrants in Canada because the government pays for them. However, universities are a different story.
If you intend on sending your child to university once they come of age, you will need to shoulder the expenses yourself. Canada has some of the best universities globally, which is why it doesn’t come cheap.
For this reason, it’s best to start saving as soon as possible. Some of the top universities in Canada have said that the average educational fees can range from CAD 6,363 for undergraduate degrees to CAD 7,506 for graduate degrees. Aside from initial tuition fees, there’s also the matter of transportation and university accommodations for your child.
The good news is that you can get a registered education savings plan (RESP) that can help you save early on. If you have more than one child, you can get a family RESP.
#4 – Get Life Insurance
It’s no secret that not every family has life insurance. However, it’s recommended that you get one if you’re living with your family in Canada. Yes, it can add to your expenses, but it’s also a great way to secure a promising future for your family if ever something happens to you.
Moving to a country like Canada is essentially securing a good life for you and your family. Just be sure to follow the tips mentioned above to have no problems when it comes to finances. After all, financial security is a lifetime’s security!
If you’re moving to Canada, you need a good immigration firm to handle your affairs. Bright Immigration is a Canadian immigration agency that can provide you with top-quality service so that you can get to your new life faster.
If you’re looking for professional help from a trusted firm, please contact us at firstname.lastname@example.org or call 1-888-404-8472.