Every newcomer’s experience coming to Canada is unique and personal, and so are their banking needs. We learn some of their stories in this special series, Landed.
Every newcomer’s experience coming to Canada is unique and personal, and so are their banking needs. We learn some of their stories in this special series, Landed.
Just like every newcomer’s decision to come to Canada is unique and personal, so too are their dreams once they arrive. In this series, Landed, we highlight how CIBC is helping to make a difference in the life of four newcomers, assisting them to attain their goal of succeeding in their new home. This time, we meet Dhvani, who came from India and needed guidance to understand the differences in banking products between her old and new home — and factcheck some of the advice she was seeing on social media.
DHVANI, 29
“Around the time I moved from India in December of 2022, I remember seeing a lot of reels on social media about ways to save money in Canada, like why you should open a TFSA (Tax-Free Savings Account) or get a GIC (Guaranteed Investment Certificate) or mutual funds.
“I wasn’t sure what to believe, so I went to CIBC to ask. I have family and friends who have lived in Canada for many years, so they recommended the bank. It has locations all over. There are some along my streetcar ride to work, and even across from my gym.
“When I went into the bank, I asked, ‘This is what I have seen, is it really true?’ Viren, the financial advisor was able to guide me, telling me about all the differences and which ones I would and wouldn’t pay taxes on. These were things I was not aware of, so he was able to tell me all about them.
“I was originally going to open a savings account like I had in India — but I was taken aback because the interest rates the banks were offering me here were way less than at home. It was not on par. Viren, my financial advisor, was able to help educate me and guide me to how things are different in Canada, and what the options here are, like mutual funds, TFSAs and things like that.
“The idea of mutual funds wasn’t something I thought about. I always thought they were a risk because you hear stories in India about people who put all their money in mutual funds and then lost it all — there were even people in my family who lost money in mutual funds and stocks. I was influenced by that.
“Even with credit cards, I was given an education. I come from a country that is not heavy on using them. In India, I would just use my debit card on everything. Here I learned about the importance of your credit score.
“When I went into CIBC, the financial advisor explained all these things to me I had no idea about, I was able to ask him, ‘Does this make sense?’ and ‘What do you think?’ He would then tell me about the pros and cons of each of them and then let me make my own decision — which is something I really like. I feel like CIBC is always giving me the tools and insight I need to make an informed decision.
“I have just been here a year and a half, but CIBC has already helped me to make an important step and grow my finances and plan for my future in Canada.”
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