26 Oct 2023
Canada, often called "the land of opportunities," has become famous for Nigerians who live abroad and want to see new things. But moving to a new country means making significant changes to your finances, especially when handling your income and benefits. In this blog, you will see the steps you need to take to improve your finances as a Nigerian living in Canada and how to send money to Nigeria most efficiently.
As a Nigerian living in Canada, one of the first things you should learn is how money works. Canada has wages that are comparable to those in other countries. Still, it is essential to know how your pay will be structured.
• Currency Exchange: The legal currency in Nigeria is the Naira (NGN), so you will need to know about exchange rates if you want to send money there.
• Taxes: Canada has a progressive tax system, and both the federal government and the provinces will take a cut of what you make. Make sure you know your tax responsibilities so that tax time does not catch you by surprise.
• Benefits of working: Most Canadian companies offer benefits like health care, retirement plans, and paid time off. Learn about the benefits your company offers so you can get the most out of them.
Choosing the right bank is essential to keep track of your money well. Find out about the different banks in Canada and pick one that meets your cash needs. Below are some noticeable things to consider:
• Types of Accounts: Choose a bank with accounts that fit your needs as an expatriate, such as packages for newcomers or foreign banking services.
• Online Banking: Make sure the bank has good online banking services. This will make it easier for you to manage and send money to Nigeria.
• Transfer Fees: Look at the fees of sending money from one country to another. When it comes to sending money abroad, some banks have reasonable rates.
• Options for Changing Money: When changing Canadian Dollars (CAD) to Nigerian Naira (NGN), look for banks with reasonable exchange prices.
You need to make a detailed budget to ensure your expenses match your pay. Think about these things:
Sending money to their families in Nigeria is a top concern for many people outside Nigeria. Follow these steps to make the process easy and save money:
As a foreigner, looking into ways to invest in Canada can help you make more money. Think about:
Use ACE Money Transfer for all your remittances to Nigeria, as it offers the best rates in the online market. To send money online to Nigeria using ACE Money Transfer, visit their website or mobile app, create an account, enter the recipient's details, choose the amount you wish to send and select your preferred payment method. ACE Money Transfer offers various options, such as online bank transfers, debit/credit cards, and more. Review your transaction details, confirm the exchange rate and fees, and proceed with the transfer. ACE Money Transfer provides a secure and convenient way to send money to Nigeria, ensuring your funds reach your loved ones quickly and safely.
As a Nigerian expatriate, moving to Canada opens up opportunities. Still, it also takes careful planning and management of your money. Understanding how money works in Canada, finding the right bank, making a budget, looking into investment options, and money transfer to Nigeria are all critical to being financially stable and prosperous. By doing these things and staying informed, you can make the most of your time in Canada and help your family back home at the same time.
Key financial considerations for Nigerian expatriates in Canada include:
To send money to Nigeria efficiently, choose a reliable remittance service that offers competitive exchange rates and low fees. Consider automating transfers for consistency and comparing exchange rates across different providers to maximise the value of your remittances.
Understanding the Canadian tax system is crucial for expatriates to determine their tax residency status, comply with tax reporting requirements, and ensure they only pay the taxes necessary. Tax treaties between Canada and Nigeria may also impact your tax obligations.
Building a financial safety net involves saving a portion of your income in an emergency fund to cover unexpected expenses. Additionally, obtaining insurance coverage for health, life, and disability can provide financial protection for you and your family in times of need.
Long-term financial planning for expatriates includes exploring investment opportunities that align with your financial goals and risk tolerance. It also involves planning for retirement by contributing to retirement accounts and considering long-term wealth-building strategies.
Nigerian expatriates in Canada can seek assistance from local banks, financial advisors, and immigrant support organisations. These entities can provide guidance on financial matters, offer resources, and connect you with relevant services.