More Support for Newly Arrived Women

When they immigrate, women can face many challenges related to retirement. The years they have not contributed to plans like the QPP or in RRSPs and TFSAs will impact their retirement income. 

Similarly, to fully benefit from the Old Age Security (OAS) pension, they must have resided in Canada for several years, which is not always the case.

How can professionals provide proper support? It is essential to understand their history and personal situation and explore the possibility of repatriating assets left in their country of origin. A 360-degree approach, considering their marital status, insurance coverage, etc., helps establish a solid financial plan.

Specific Challenges

• For new arrivals in the country, it is common for financial assets to be concentrated in the purchase of a residence.
• Despite having university degrees and professional experience, the recognition of the skills of newcomers remains an obstacle, exacerbated by language barriers.
• Some women need to return to studies and work part-time in low-paying jobs during a transition period.