Best Businesses For Newcomers to Canada...

Read Time: 3 minutes 27 seconds

Happy Easter Friday! Today's Cashflow Chronicles touches on themes we've been talking about lately: credit, real estate and personal finance.

Whether you've been in Canada for years or recently arrived, there’s a lot of opportunities and I’m here to help you discover them. And let’s be real, you owe it to yourself to get educated so you can prosper and build wealth.

Mentioned in today's newsletter:

• How To Easily Solve Poor Credit Problems in Canada 💳

• Top 2023 Canadian Cities to Invest in Real Estate 🏙

• 7 High Potential Business Opportunities for any new Canadian Resident 🏁

Boosting Your Credit Score

Boosting Your Credit Score: How To Solve Credit Problems in Canada

Bad credit can lead to many financial difficulties and limit your opportunities. It can create obstacles in various aspects of life, making it harder to achieve your financial goals.

Once you solve credit problems, things become easier:

• More loan and credit card options

• Easier time renting a home or apartment

• Lower interest rates

Steps to fix your credit:

>>> Get your credit report from Equifax and TransUnion. Check for mistakes and fix them.

>>> You can also use Credit Karma and Borrowell to check your credit score

>>> Pay your bills on time to show you can handle money well.

>>> Lower your credit card balance. Try to use less than 30% of your credit limit.

>>> Use different types of credit, like loans and credit cards. But don't open too many new accounts at once. I’d recommend a max of 2 credit cards and 1 one line of credit. Or 3 credit cards if no line of credit at maximum

>>> Apply for a secured credit card: If you have trouble getting a regular credit card, consider a secure card that requires a deposit.

>>> Check your credit regularly: Keep track of your credit score and make changes to your habits.

Investing in the Housing Market

Picking the Right Place: Top Canadian Cities to Invest in Real Estate

Choosing the wrong place to buy a home can cost you a lot of money in the long run, so it's essential to choose wisely...

Here are some great Canadian cities for you (and some bad ones) to consider about when making your next move in real estate:

Potential Cash Cows:

Calgary is a great choice for real estate investment with affordable homes and good jobs. Keep an eye on the local economy because it depends on the oil and gas industry.

Edmonton is an attractive location for real estate investing due to its diverse economy. The city boasts a thriving energy industry, as well as a burgeoning technology and innovation sector.

Montreal/Gatineau has a fun cultural scene and a growing tech industry, and it's a good place to invest in real estate. Just be ready to deal with the city's unique laws and maybe some language barriers.

Money Pits To Avoid:

Toronto's real estate market has become increasingly expensive and is in a bubble, making it difficult for many investors to find affordable investment opportunities.

Vancouver is famous for its beauty and pleasant weather. Many residents like living here. But houses can be expensive, so be careful when buying a place.

Which Business to Start?

Sky's the Limit with This High-Potential Consultancy Business Idea

So you're a newcomer to Canada, and you're looking for an exciting and rewarding business opportunity, eh?

Look no further because I've got a suggestion that plays to your unique strengths: become an immigration consultant!

You've already navigated the twists and turns of relocating to Canada, so why not share your wisdom with others?

This fulfilling business venture lets you make a real impact on people's lives and foreigners will be much more comfortable dealing with you as they can relate to your experience.

You can study to become a licensed consultant and earn a nice 60,000 to 180,000 CAD per year.

Later down the line, you can recruit more consultants and scale. Immigration is a big part of Canada's future, so there will be plenty of work.

That's just one suggestion. What other businesses do new residents start in Canada?

1. Trucking: High demand means a profitable opportunity (and many Tim Hortons coffee breaks).

2. Construction: A growing industry perfect for those who don't mind a little snow.

3. Realtor: Help newcomers find their very own Canadian house

4. Restaurant: Share your culture through poutine, maple syrup, and other delicious dishes.

5. Moving services: Turn your moving experience into a business always on the go.

6. Repair Shop: Apply your specialized skills to a market that's as busy as a beaver.

Remember, you have unique skills and experiences. And whatever you have a passion for, you can make it into a business here!

Becoming an immigration consultant or exploring other businesses lets you capitalize on these strengths, all while building a successful life in your new country.

Inspiration

STAT OF THE DAY

That's it for today's Cashflow Chronicles newsletter! Remember, no matter how long you've been in Canada, there are incredible opportunities waiting for you.

Have a fantastic Easter weekend, and as they say in Canada, "keep your stick on the ice" - in other words, stay focused and ready for action. Until next time!

- Alain

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