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A Setup Service Fee of $35 applies to setup your device and related services. Taxes extra. 1. Huawei P30 lite at $0 available to new and existing customers who trade in an eligible device with new activation or phone upgrade on a 2-year Medium plan in participating Fido retail locations only. Early cancellation fees apply. Value of trade-in device, if any, determined using a third-party tool provided by Clover Wireless; trade-in value is final and non-negotiable. Limit of 1 trade-in device per transaction. Subject to FidoTRADE Trade-Up Program Terms and Conditions available at fido.ca/terms. TM Nouvelles Parc-Extension News Available at participating Fido locations only. Fido and related names & logos are trademarks used under licence. © 2019 Fido • 2 Immigrant families more likely to own home than add to pension plan, Stats Canada says (CBC) Immigrant families who have been in $979,000. That’s an increase of $460,000 or more “The evidence shows that this as a strategy Jelena Zikic, an associate professor at York Canada for more than two decades tend to be than 88 per cent. has paid off in the past and is still paying off University’s school of human resource manage- worth more than families who were born in the One reason for the discrepancy may be that for newcomers today,” he said. ment who studies skilled immigrants, says “they country, new numbers from Statistics Canada immigrant families are much more likely to put Immigrants’ preference for housing as an have a mindset of being safe and secure,” so released Tuesday show. their money into real estate. “Compared with investment may also be a factor in their will- seeking to climb the property ladder makes a New numbers compare wealth of immigrant Canadian-born families, immigrant families ingness to borrow, too. Established immi- certain amount of sense. families with those born here, over time generally hold a greater share of their wealth grant families had a debt to income ratio “Most of the migrant motivation has to do Immigrant families who have been in Canada in housing but a smaller share in [registered of 2.17 in 2016, compared with 1.32 for with ‘I want my kids to be better off’,” she says. for more than two decades tend to be worth pension plan] assets,” the data agency said. Canadian-born families. “There’s a fear of losing their ground in a new more than families who were born in the coun- On average, 69 per cent of the wealth increase “Most of the difference was due to the larger place, so they see [tangible investments] as a try, new data from Statistics Canada released for immigrant families can be traced to gains mortgages carried by immigrant families,” way to protect themselves.” Tuesday shows. in the amount of equity that they have in their Statistics Canada said. While it may be encouraging to see immi- The data agency released an analysis of homes. That compares to 39 per cent for native- While their wealth levels may be different, grants becoming wealthier the longer they are numbers from 1999 to the 2016 census, compar- born Canadians. the study shows that there’s little evidence in Canada, she says that shouldn’t suggest that ing immigrant families with those born in On the flip side, one third of the wealth gain for that the two groups manage their finances any they have it easy — quite the opposite, in fact. Canada and looking at various aspects of their Canadian-born families is because of increases differently. She says stories of very qualified skilled immi- financial lives. in the value of pension plan assets. For immi- “Specifically, the study finds no evidence that grants coming to Canada and then having to The findings show that both groups have, on grant families, that share is just 17 per cent. immigrant families use payday loans, withdraw take low-paying jobs because their credentials the whole, seen a big increase in their wealth Political sociologist Howard Ramos at money from registered retirement savings plans aren’t recognized are rampant, something that over the past two decades. Dalhousie University in Halifax says it is not or pay off only part of their monthly credit card is bad for them and bad for Canadian society. The average wealth of established immi- surprising to see immigrants being relatively balances to a greater extent than Canadian-born “There’s a ceiling effect,” she says. “They enter, grant families — those whose major income more eager to climb the housing ladder instead families of similar age do,” the data agency said. but they can’t always progress.” earner was aged 45 to 64 and landed in of putting their money into other things. Ramos says the numbers are some hard data She adds that those who do succeed often do Canada at least 20 years earlier — grew from “Many people may not be getting RRSPs to show that on the whole, immigrants largely so because of their own resilience. $625,000 in 1999 to $1.06 million in 2016, an or other investments, because they may be become “model economic citizens” who are “They had very strong motivations to come to increase of $435,000, or more than 69 per cent. self-employed or have had career disruption on the whole doing exactly what was hoped Canada, so when they are here they do every- Comparable families where the major income when they came to Canada,” he said in an inter- for them. thing they can [to move up],” she says. earner was born in Canada are worth less, on view, “which leads them to the one asset they “It’s interesting to see the evidence of the average, but saw a bigger gain, from $519,000 to can control — home ownership.” success of immigrant economics.” More condos needed to keep up with immigrant demand, CIBC says Bank says Canadian immigrants form a significant chunk of potential condo buyers he eventual wind-down in the current nent residents than there were the year before, systematically understate the number of those immigrants into Canada, there are reasons to boom won’t have to be as dramatic as driving the total to 774,000 in 2013, almost twice non-permanent residents,” Tal said. believe that they are also benefiting dispro- fearedT by some- CIBC economists Benjamin the number that came to Canada as recently as Tal notes that even Canada’s official census portionately from the demographic boost new Tal & Nick Exarhos 2005. data tends to underestimate the actual number Canadians are providing.” (CBC) Fears that Canada is building far more When economists talk about demand for of new people coming to Canada. The 2011 And the report also acknowledges that condominiums than it needs are overblown housing, they use a metric known as “household census said the number of non-permanent non-permanent residents — which are by because of the hundreds of thousands of formation.” Simply put, the rate of household residents in that year was close to 400,000, but definition more transient in their housing immigrants who are moving here in increasing formation is the frequency with which indi- that is more than 200,000 below the figures needs — have a “relatively higher propensity numbers, one of Canada’s biggest banks says.

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