Managing Your Finances as a Newcomer or Permanent Resident in Canada Episode -2/2

MORE Benefits from the BMO NewStart® Newcomer Banking Program

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When you sign up with BMO, you will receive value in savings, cash back and savings across Chequing Accounts, Credit Cards, and Family Bundle offers, including:

Over $1,250 in welcome bonuses, savings and benefits with details as follows:

  • Welcome offer bonus up to $400!
  • Performance Plan Chequing account fee waiver for a year: Save $203 with no monthly fees2 for one year. This value is based on $16.95 monthly account fee rebate for the first 12 months
  • Safety Deposit Box: $60 cash bonus with rental of a safety deposit box
  • Unlimited BMO Global Money Transfers with no fee for a year
  • Family members in your household save $203/year in monthly account fees with BMO Family Bundle
  • Free identity theft monitoring with OnGuard 
  • Save $155/year with the fee waiver for OnGuard
  • 5% cash back in the first 3 months – value of max. $125 in cash back
  • The 5% earn rate applies to qualified spend up to $2,500 (up to $500 qualified spend on grocery, up to $500 qualified spend in recurring bill payments, and up to $1,500 qualified spend on all other purchases (less refunds and excluding cash advances, cash-like transactions, interest charges, fees, credit or debit adjustments)

*Terms and conditions apply. Visit for more details.

Top 3 Tips to Manage Your Financial Journey as Newcomer

#1 Get Informed and Ask Questions

As you make the first steps to realize your dream life in Canada, be sure to get familiar with the banking system and terminology of the products offered.  

#2  Have a Plan to Save (and Spend) Wisely

Prioritize what matters the most to you, but do have and set financial goals (i.e. save 10% of my salary each month, or save for a downpayment). 

#3  Build your credit score. 

This will be an important point of reference when you decide to rent an apartment, get a mortgage, and sometimes even get a job.  Learn about your credit-building options right away, and start by opening an account with BMO NewStart®!