Finances

OPENING A BANK ACCOUNT

One of the first things to do when you arrive is open a personal bank account. Most employers pay their staff via EFT – Electronic Funds Transfer, and your wages are directly deposited into your bank account.

You are required to bring two (2) pieces of Identification.

Documents needed for opening an account:

Valid Government ID, like a valid work visa / Permanent Residency Card
Valid SIN number
Proof of address (lease agreement / utility’s bill)

Most accounts provide use of a debit card. A debit card is attached to your bank account and allows you to only withdraw what is in your account. Check with your bank to get the best personal account to suit your banking need.

Banks in Claresholm

COST OF LIVING IN CLARESHOLM

When reviewing your income, it is best to have a plan as to how your money will be spent. If you are renting, certain utility bills may be included in your rent, such as water, sewage, trash removal, electricity and natural gas. Do not assume this, always check with your landlord as to what is included in your rent payment.

Food costs – this cost will depend on how many are in your family. If you are looking for ethnic foods you may have to travel to High River or Lethbridge. Claresholm offers one grocery store.

Personal Budget

A budget is a plan that helps you manage your money. It helps you to understand your spending habits, costs and where you can save. Use your budget as a guide to help you reach your financial goals.

Claresholm Food Rescue

Claresholm Food Rescue offers free food to anyone in need.

Credit and Personal Debt

Credit Score

A credit score represents a consumer’s creditworthiness. A credit score is based on your credit history, the number of credit accounts, your level of debt and your repayment history of that debt. If you have a low credit score you will not be approved to borrow money, mortgage, and credit card.

Please be aware of your financial limits. If you are immigrating there may be noticeable changes in your cost of living.

Credit Cards / Personal loans / Car financing

Credit Cards are completely different from a debit card. A credit card allows you to borrow money, usually at a very high rate of interest. You must make your full payment each month to avoid paying interest.

Example: each $100 you spend on a credit card at 19.99% becomes $119.99, after the first month. If not paid back this can quickly get out of control.

Ask your bank for more information on a pre-paid credit card or a Visa Debit Card.

Personal Loans

Personal Loans require an application, proof of income and a credit check. Personal loans have a lower interest rate than credit cards but must be paid back within the agreed upon time. Terms can be negotiated with your lender.

Car financing / loan

Unless you have enough money saved you will have to apply for financing. You may finance through a loan or a lease agreement at the car dealership. Although a lease may provide lower payments, there will be a buyout for you at the end of your term. You will not own the vehicle until the final payout.

Welcoming Claresholm

Additional Information

Relocation Guides