Building financial confidence in Canada, one decision at a time

For many skilled newcomers, the excitement of beginning a new life in Canada comes with the challenge of navigating an unfamiliar financial system. While managing education costs and supporting their families, they must quickly learn how budgeting, credit and borrowing work in Canada, because this knowledge helps them make informed decisions and build long-term financial stability.

As a national charity dedicated to helping skilled immigrants and refugees achieve economic prosperity, Windmill Microlending pairs its affordable loans with vital educational resources.

That is why Windmill combines affordable loans with practical financial education. Every client begins with “Successfully Managing Your Income, Expenses and Credit,” the first module of the My Money in Canada program, powered by BMO. The course gives newcomers the knowledge and confidence to make informed financial decisions from day one. It also prepares them for additional learning on financial planning, the Canadian banking system and taxes. 

Financial literacy can influence decisions both large and small, from creating a household budget and managing debt to determining whether someone can afford further education, take on a loan or plan for retirement. For newcomers, this knowledge can be particularly valuable as they adjust to Canadian banking, credit and tax systems while establishing their lives and careers.

For Windmill client Nebiyu, the course came at exactly the right time. Born in Ethiopia, Nebiyu immigrated to Canada in 2024 and received a Windmill loan to pursue training as a pharmacy assistant. 

Before taking the course, like many newcomers he understood the importance of managing money, but was still learning how the Canadian financial system worked. “As a newcomer, I had many questions about budgeting, credit, borrowing and long-term financial planning,” he says.

After completing the My Money in Canada modules, he felt better equipped to answer those questions and make choices that aligned with his family’s priorities.

“The course has significantly increased my confidence,” he says. “It has helped me become more intentional with financial planning rather than simply reacting to challenges.”

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One of his most important takeaways was recognizing how everyday financial choices can shape future opportunities. Lessons about budgeting, responsible borrowing, credit management and financial planning helped him become more deliberate in managing his household expenses, investing in his education and planning for the growth of his business.

Nebiyu's story shows that financial literacy is about more than understanding money. It gives newcomers the confidence they need to make informed decisions, invest in their futures and build lasting financial security.

Thanks to BMO's support of the My Money in Canada program, skilled newcomers like Nebiyu gain the knowledge they need to build successful lives in Canada—one informed financial decision at a time.