News Releases
- Exclusive strategic relationship with Immigration.ca provides learning resources to help newcomers establish their financial life in Canada
- The Government of Canada has set a target of welcoming 500,000 immigrants per year by 2025
TORONTO, Feb. 27, 2023 /CNW/ - BMO is helping newcomers to Canada make progress and establish their financial life through a new and exclusive strategic relationship with Immigration.ca, a leading immigration and newcomer resource in Canada.
The new strategic relationship supports newcomers by providing them access to BMO's financial tools, including how to build credit history, establishing saving habits, and building long-term wealth on Immigration.ca, a leading source of multi-disciplinary resources in the Canadian immigration industry with more than 1.5 million monthly page views and one million combined followers on social media. Newcomers will have access to trusted online resources and educational content to support financial literacy.
The Government of Canada has set a target of welcoming 500,000 immigrants per year by 2025, and in Canada's 2021 Census nearly 1 in 4 people counted were or had been a landed immigrant or permanent resident in Canada, the highest proportion since Confederation and the largest proportion among G7 countries. Just over 1.3 million new immigrants settled permanently in Canada from 2016 to 2021, the highest number of recent immigrants recorded in a Canadian census.1
"BMO and Immigration.ca are helping newcomers make real financial progress by providing access to critical resources and essential tools to help them establish their financial life in Canada and make a smooth transition to their new home," said Sumit Sarkar, Head, Customer Growth, BMO. "BMO's commitment to supporting newcomers is grounded in its Purpose to Boldly Grow the Good in business and life."
"Newcomers are fundamental to the future economic and cultural fabric of Canada and we welcome this new strategic relationship with BMO to provide resources and insights to help them excel," said Colin Singer, CEO, Immigration.ca.
BMO helps newcomer customers make a smooth transition into their new life
- BMO's NewStart program provides customers with a suite of best-in-class, personalized, no-fee banking products including, chequing and savings accounts, customized mortgage options, credit with no credit history, investments and worldwide money transfers to get finances up and running.
- To help with their transition, BMO SmartProgress is a free online financial education program that provides newcomers with a customized, on-demand and interactive learning experience. This financial literacy platform is geared to help educate newcomers on the Canadian banking system and assist them in creating good financial habits while starting a new life in Canada. It features bite-sized content, including videos and tools, to allow newcomers to better understand complex financial topics, including budgeting and credit management, homeownership and investing in their future.
- In 2022, amidst a series of global crises driving a record number of people to resettle in North America, BMO also introduced its Newcomer Talent Program, a recruitment program for displaced persons, immigrants, and refugees, providing support and creating employment opportunities for newcomers to Canada and the United States. Through this program, BMO’s strategic relationship has partnered with two specialized employment organizations will help match prospective newcomer candidates with open roles at the Bank.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.14 trillion as of October 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Since 1994, www.immigration.ca is a recognized authority on Canadian immigration policies and integrated resources for newcomers, across all economic programs. Through its in-house www.skilledworker.com, an international mobility and foreign recruitment enterprise, it has become a source of qualified international candidates for Canadian employers and HR managers across many industries affected by historic labour shortages, with emphasis on providing proprietary career building trainings to foreign professionals seeking successful transition to Canada.
For News Media Inquiries:
BMO – Kate Simandl, Toronto, kate.simandl@bmo.com
Immigration.ca – Colin Singer, csinger@immigration.ca
SOURCE BMO Financial Group
