The images of Canada we tend to think of when considering where to spend our lives are of mountain ranges and the clear blue waters of rural lakes. However, Canada has a thriving immigrant community with more than 100,000 people becoming Canadian citizens in 2017 alone, according to Statista. Along with the postcard images of Canada, the financial benefits of living in Canada are many and can make life a little easier for you and your family.
1. Comfortable tax brackets
The U.S. citizens are used to spending their time looking for tax breaks which will lead to a large refund. In Canada, tax brackets are higher but in return for regular payments, the Canadians get a high level of free, universal healthcare and access to a high-quality free school system. Even after receiving such important services, the Canadian tax system offers a combined highest tax bracket of just 46 percent, according to Maple Money.
2. Universal Healthcare
Perhaps the most impressive and best-known financial reason for moving to Canada is access to the state-of-the-art healthcare system. The majority of healthcare offered in Canada is free at the point of use and is administered through a series of local authorities. The ability to receive healthcare without the need for the expensive medical insurance required across the U.S. and other parts of the world is a major saving for the potential immigrant.
3. A stable economic system
There are few economies as stable as that of Canada which is built on an impressive and expansive banking system. In fact, the range of industrial sectors and positive financial situation in this naturally abundant landscape makes Canada an economy praised by global leaders. The World Economic Forum consistently votes Canada one of the most stable in the world and continues to praise the stability of its seeming recession-proof economic system.
4. Natural wealth and strength
Over a quarter of a million immigrants restart their lives in Canada each year because of the vast areas available for farming and advancement of various industrial sectors. One of the most successful areas of the economy in Canada is its large oil and gas industry, along with a growing tourist industry based around the wildlife of the nation.
5. The property ladder is within reach
Real estate prices in Canada are usually stable and avoid the fluctuations of other parts of the world. Homes can be purchased with as little as 10 percent down with interest rates for mortgages usually remaining stable and low.
There are many reasons for moving to Canada, including the many opportunities available in a vast country with only 35 million people. A wide range of natural resources drives an economy which still offers major opportunities for entrepreneurs. The financial aspects of moving to Canada are just one aspect which should be explored by those looking to build a new life in North America.