Newcomers to Canada

By Vickram Agarwal on January 20, 2026
Estimated reading time: 7 minutes

By Vickram Agarwal on January 20, 2026
Estimated reading time: 7 minutes

For those new to Canada, it's especially important to build a solid financial base to boost your chances of entrepreneurial success

Starting a business in Canada can be a powerful way for newcomers to build opportunity, income and a sense of purpose. But before you take that leap, it’s critical to ask a different question: Do you have a strong personal financial foundation?

For many immigrants, the idea of launching a business is part of the dream of independence and success. After all, the entrepreneurial drive runs deep—in a recent TD survey, half of newcomers said they were interested in starting a business even though 62% said they lacked enough information about financial products that support business owners.

That gap between ambition and readiness isn’t surprising. Building a business without first securing your personal financial footing can leave you vulnerable, however, not just to economic uncertainty, but to stress and burnout.

In this article, I explore why it’s important to establish personal financial stability before launching a business, and offer actionable advice for newcomers who want to build a resilient financial base first.

When you’re self‑employed or running a business, your income can fluctuate wildly, especially in the early years. Without a solid foundation—such as savings, manageable debt levels, and an established credit history—you may find yourself tapping expensive forms of credit or compromising your long‑term goals just to keep your business afloat.

And newcomers already face financial challenges: more than half (55%) report having difficulty managing their finances since arriving in Canada, with many struggling to understand the Canadian financial system.

This isn’t just about money; it’s about confidence. The same survey found many newcomers lack a clear understanding of how Canadian........

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