In 2011, 248,748 people became permanent residents of Canada1, arriving from all corners of the world. They are managers, professionals, skilled and technical workers, clerical staff, and labourers. The vast majority plan on joining our workforce, contributing to our economic growth, paying taxes and sustaining programs such as the Canada Pension Plan (CPP), Old Age Security (OAS) and medicare.

In this case study, we meet one immigrant couple, Reza and Shadan, who left Iran in 1992 with their two children. “You pretty much start from scratch when you come here,” says Tina Tehranchian, CFP, branch manager and senior financial planner with Assante Capital Management Ltd., and herself an immigrant from Iran. Many immigrants, she adds, experience “years of very low income, low RRSP contribution room because of the low income and probably no saving power either.”

Yet all immigrants have an opportunity to work with financial advisors to improve their retirement income potential. Read on to learn more.

ADVISOR ANALYSIS

Frank Wiginton, CFP
CEO, Employee Financial Education Division
Author of the book How to Eat an Elephant: Achieving Financial Success One Bite at a Time
First, Reza and Shadan are from Iran so I would ask if they have any religious restrictions around earning or …

Click to read more from Frank

Tina Tehranchian, CFP
Branch Manager and Senior Financial Planner, Assante Capital Management Ltd.

I need to know the income this couple is targeting at retirement —what they’re spending now, what they expect to spend in retirement and their survivor cash flow because …

Click to read more from Tina

Stephanie Holmes-Winton
President and CEO, The Money Finder

I would start by asking, “What do you want?” and then “Why” like an incessant two-year-old as long as they can handle it. For example, why does Reza want to retire at 67? It may be because…

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Originally published on Advisor.ca