How a couple from Hong Kong built a new life in Canada
“Making a big move can be daunting. Our advisor sat down with us to discuss our banking needs, and the process felt empathetic and detailed.”
Jun. 22, 2022
5-minute read
I was born in Hong Kong but ended up in Edmonton for high school and Toronto for college. It was a big cultural shift. The education system in Asia is very traditional, so Canada was a totally different world.
I loved that Toronto was multicultural. Everyone respected each other. I already knew I was gay at the time, so the feeling of being accepted meant a lot. After university, I returned to Hong Kong to work and be close to family.
While there, I met Tony — he's from mainland China. We had a long-distance relationship for a while before moving in together.
A big decision to build a new life abroad
Tony and I really wanted to have a child, even though this isn't very common for gay couples in Hong Kong. But with help, we welcomed our son Ben into our family. We got married in the U.S. a couple of years later. Our son is now 6. He's very talkative and active.
Back in Hong Kong, Tony and I weren't fully open with our employers or community about the nature of our family. We dreamed of one day living in a country where we would be welcomed. We wanted both our names on our son's birth certificate.
So, we started discussing moving to Canada. I knew we could have a happy life with our son there. We decided to go for it.
Navigating financial obstacles
Even though I knew what to expect about Canada culturally, neither Tony or I had any idea what to expect financially. All of our accounts were based in Hong Kong and we didn't know what we'd be able to transfer to Canada. We also didn't know anything about the terminology of Canada's financial system.
Luckily, my good friend Johnny, from university in Canada, worked at CIBC. I got in touch with him while we considered the move. Johnny introduced us to a whole team of advisors. Even though the time zone was a challenge, the team was very accommodating. We met with them virtually at first, and then later in person. They walked us through all the terms we needed to know, explained the resources we'd have access to and helped us through the mortgage application process.
One advisor, Adrian, sat down with us to discuss all our everyday banking needs. The whole process felt empathetic, patient and detailed. Adrian showed us how to access all the information we'd need for things like making direct deposits, opening a bank account, taking out credit cards, navigating online banking and using the CIBC Mobile Banking App®. Adrian also showed us how to use CIBC's Global Money Transfer™ feature, walking us through steps like sending in a void cheque.
With CIBC's advice, we started looking for a house remotely from Hong Kong while we were going through the visa application process. It took around three months because the market was very competitive. But our advisors got us preapproved for a mortgage and we were able to find a great house in the Greater Toronto area. Then, in the spring of 2022, our visa application was approved. We moved soon after. The first time I called Tony my husband in public was in the immigration line as we entered Canada.
We still get emotional when our son says, "These are my daddies." Back home, we didn't encourage him to share those details. The fact that he can do that here means the world to us. In Canada, we see lots of opportunities to pursue our dreams and be free spirits.
Adrian's advice to Damon and Tony
Making a big move can be daunting, especially when you're unfamiliar with the banking processes and financial systems here in Canada. Here's some of the advice I gave to Damon and Tony to help them prepare for their move to Toronto.
1. Build a team of advisors
Damon and Tony needed a range of expertise to help them set up their finances. I introduced them to a team of professionals to help them handle everything from setting up Canadian chequing and savings accounts to applying for a mortgage.
2. Learn to navigate the mortgage market
To help Damon and Tony understand their mortgage options, the CIBC team recommended they get a Transunion credit report. We walked them through the process of validating their credit score and figuring out what they could afford for a new home using our mortgage calculator. We connected them with a satellite office to validate their identification and documents.
Mortgage advisor, Albert, was able to qualify the pair as an overseas purchaser with CIBC's newcomer offer. Albert is also from Hong Kong and familiar with the challenges of adjusting to life in a new country.
I knew Damon and Tony wanted to give their son a great future, so I walked them through the benefits of setting up an RESP right away.
4. Transfer any pensions from your home country
I worked with an accountant to counsel Damon and Tony on how they could transfer their pension funds. In general, it's a great idea to check with an accountant when making this type of transfer. They can let you know about any tax implications.
Making a major move can be intimidating, but it can pay off in the long run when it's the best thing for your family. Having a trusted team of advisors to help you figure out the financial components can give you the best possible head start on your new life.
Names have been changed to protect client privacy.
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