How to establish your financial goals in Canada

If you are contemplating making Canada your home and permanently settling there then it’s time that you gear yourself up and after knowing in which province you want to settle in and look for a job or start a business, you will have to formulate a plan to establish your finances. This should be your primary concern when you decide to move. You will eventually learn how to embrace the country and the incredible range of opportunities it offers. Setting up a financially successful career can be overwhelming in the beginning but not impossible. You have to take the process forward step by step. Our team of RCIC licensed immigration consultants at Vashist Immigration can help you with the process of establishing your finances and assist you with the guidelines and financial methods that the country has to offer.

The steps you can follow to:

Open a bank account as a newcomer

As a newcomer in Canada, it can sometimes be difficult to open a bank account if you  

Are not legally enrolled in a Canadian school or legally employed in the country. You can apply for various programs that Canadian banks offer. Whether you enter as a permanent residence, foreign worker, or international student, you can apply for these programs. Various documents required for application are:

• Passport
• Permanent Resident card
• Citizenship and Immigration Canada Form
• (IMM 1000, IMM 1442, IMM 5688 or IMM 5292)

Build your credit score for success

 You have to remember one thing when you move to Canada that is even if you have a brilliant credit score; Canada uses its credit system. It is essential to have a solid credit score for getting approved for loans and buying a home. In Canada, credit scores may also be checked for apartment rental agreements, before moving forward with employment, and even to get better rates on utilities, such as your phone and internet.

One of the easiest ways to develop credit as a newcomer is to open a credit card account through your bank. A financial institution will often want individuals without a credit history to open up a secured credit card, a line of credit that is backed by the user’s collateral, such as money. Most banks provide systems where users can instantly start building their credit history and score without worrying about secured card rules. Once your credit history is established enough to purchase a vehicle, loan, or home, you can choose to use other credit cards with better perks or choose to use them sparingly. 

Study in Canada

 If you study in Canada, you have a chance to be financially successful. Studying in Canada allows you to get a great education at a competitive cost, build international connections in a diverse learning environment, work during and after your studies, and improve your chances of becoming eligible for Canadian permanent residence.

If you have a plan on earning a Canadian credential, you can manage your tuition and daily funds with a free student chequing account. The Student Banking Advantage Plan is available to full-time students enrolled in a post-secondary program in Canada. Additionally, as an international student, you can qualify for an unsecured credit card even with no credit history. You will be able to reward your spending, and easily keep track of your credit score. You already have enough on your school to-do list, and this student account will make managing your finances easier.

To make your financial journey in Canada a success here are certain tips you can follow:

Set your goals: You have to define your goals first, be it education or job or starting a business, and consult them with a financial advisor; who will assist and guide you through the process of realizing your dreams. 

Get pre-approval for your mortgage: If you’re interested in purchasing a house, get your mortgage approved in advance before you start looking at places. 

Evaluate options for buying and leasing a car: owning a car is a necessity so depending on where you decide to live, you need to find out your best options by talking to car dealers (whether to buy or lease) as well as financial advisors (for car loans).  

As a newcomer, it might be quite confusing to navigating your finances in any new Country and Canada is no different. But if you have clarity in terms of your goals and assistance from an expert, you can be undoubtedly striving towards financial success. 

463 PNP candidates invited to apply for Canadian permanent residence

463 provincial nominees were invited by Canada in the Express Entry pool to apply for permanent residence on August 18. To receive an invitation, candidates required a score of at least 751 with a nomination from an Express Entry-linked Provincial Nominee Program (PNP). PNP draws usually have high score cutoffs because the provincial nomination itself is worth 600 points. In the previous PNP draw, Immigration, Refugees, and Citizenship Canada (IRCC) invited candidates with scores of at least 760.

Candidates with the minimum score were only invited if they submitted their profiles before April 13th, 2021. IRCC usually publishes a cutoff time, immaterial of whether there was an actual tie. Till now in 2021, IRCC has only been drawing two types of candidates from the Express Entry pool: PNP and Canadian Experience Class (CEC).

Due to the pandemic, Express Entry candidates who are eligible for the PNP or CEC are highly likely to be in Canada already. PNP candidates have demonstrated to a province that they will succeed in the Canadian labor market. The PNP essentially tunes in on where there are gaps in the workforce. The programs that future immigrants apply to at the provincial level were adjusted to fix those gaps. When immigrants get nominated for them, it means they fill a need in the regional labor market. Federal programs cannot fill regional needs in the same way.

The federal government must keep working with the provinces to support their immigration goals. Now that approved permanent residents are exempted from travel restrictions, PNP applicants abroad can complete their landing in Canada and become permanent residents. Compared to the same time last year, the number of Invitations to Apply (ITAs) issued by IRCC has almost doubled. Canada has issued 102,779 invitations through the Express Entry system.

Check out possibilities to apply for Permanent Residency as a student in Canada

The incredible country of Canada welcomes thousands of immigrants every year creating a multi-diverse society. Many of the individuals are students who come here to experience a world-class education and in the process fall in love with the country and want to settle down. If you are an international student studying in Canada, you are considered a temporary resident, however, if you want to live permanently in the country there are options via which you can apply for Permanent Residency. 

The Government of Canada expects you to leave Canada once you have completed your studies unless you apply for PR or a work permit. It is possible to apply for both temporary (work and study) and permanent residence in Canada this is called dual intent and is approved by the Canadian immigration law. Dual intent allows students to apply for permanent residence, while at the same time securing their temporary study permit.

At Vashist Immigration our team of licensed and highly professional consultants will help you with the guidelines of how you can apply for dual intent and will also inform you about the other programs you can apply to become a Permanent Resident if you are a student. It is legitimate to have two intents. At some point an applicant for the temporary residence may be approved for permanent residence does not mean that the individual will not have to meet the requirements of a temporary resident, specifically the requirement to leave Canada at the end of the period authorized for their stay. In assessing the applicant’s intentions, the individual circumstances of the temporary residence applicant must be examined by the visa officers. Refusals of non-bonafide temporary residents may only withstand legal challenges when the refusal is based on the information related to the specific application before an officer.

There are several pathways like the Express Entry, which is Canada’s main economic immigration system and it might also help you as a student to apply for PR. Introduced in 2015, the system has been adjusted to cater to international students who completed studies in Canada. The most substantial change was the addition of up to 30 points in the CRS score for those who have completed a Canadian post-secondary educational credential. Before being eligible to be invited, however, you have to be eligible for any of three federal economic immigration programs and enter the Express Entry pool, where you are assigned a score under the Comprehensive Ranking System (CRS). The government then invites the top-ranked candidates in the pool to apply, 

Several programs offer Canada permanent residency for students after they have completed their degree. International students studying in Canada may apply for Canadian permanent resident status while studying in Canada or after completing their studies, provided they meet the requirements of the Canadian immigration program under which they apply 

This is a list of Canadian immigration programs that students may wish to consider:

Canadian Experience Class (CEC)

The student applicants must have at least 12 months of work experience in Canada if they want to qualify for the Canadian Experience Class. in a skilled occupation (candidates must apply within three years of obtaining 1 year of qualifying experience). It is possible for students can obtain requisite work experience in Canada by applying for a Canadian Post Graduation Work Permit. You should know that part-time work experience earned during studies or as part of a study program (such as internships and co-ops) does not count towards the Canadian work experience requirement.

Quebec Experience Class (QEC)

International students who have completed a recognized program of study in Quebec, and who possess an intermediate level of proficiency in the French language may also qualify under this Canadian immigration program. Canadian work experience is not required for this Quebec immigration program.

Provincial Nominee Programs (PNPs)

Several provinces offer Canadian immigration programs for international students via the provincial nominee programs they have in place. Generally, applicants must have graduated from a Canadian post-secondary education program. The requirements that have to be catered to by the students can vary by province; sometimes work experience and a job offer are required. PNPs are a popular Canadian immigration option as applications for Canadian permanent residency are typically processed faster compared to other immigration programs.

Meta descp: There are several pathways like the Express Entry, and might help a student to apply for PR. At Vashist Immigration our licensed team will guide you with the application for PR if you are a student.

The beautiful and spectacular city of Toronto is an immensely popular destination for newcomers to Canada. The first-generation immigrants in Toronto form, 47 percent of the city’s population. The city is renowned because it is the economic hub of Canada. The city provides a high-quality city life and endless opportunities. With the booming tech job market, it is attracting people from all over. The city is bustling with new talents who are focused to build a career for themselves and .experience the comfortable Canadian way of living. If you are keen on immigrating here and make this city your ho0me then the permanent Residency process is quite easy. If you’re willing to move to Toronto, then contact us at Vashist Immigration and we will assist you with the PR process to Ontario.  

The ways to get PR for Toronto:

Express Entry

Express Entry is an immigration system for skilled workers. It is one of the most popular systems and tens of thousands of new immigrants every year. The Federal Skilled Worker (FSW) is a category of Express Entry that doesn’t require any previous experience in Canada.

This system uses the CRS scoring system to rank candidates against one another, only accepting the most competitive to immigrate to Canada. Candidates are ranked based on their age, education, language proficiency, and employment experience. If you are a young skilled worker with a high level of education and advanced proficiency in English or French then Express Entry’s Federal Skilled Worker program is a great option!

Ontario Immigrant Nomination program

The Ontario Immigrant Nominee Program (OINP) is a Provincial Nominee Program (PNP) that enables Ontario to nominate foreign nationals for Canadian permanent resident status. OINP entails several different streams, each with its unique eligibility criteria and application procedure. 

OINP has two streams that are ideal for those living outside of Canada: Ontario Human Capital Priorities (HCP) and Ontario French-Speaking Skilled Worker (FSSW). Both of these streams require candidates to have an active Express Entry profile to be considered. For HCP, Ontario automatically selects individuals from the Express Entry pool who have a CRS score of 400 points or higher. For FSSW, Ontario automatically selects individuals from the pool who have indicated intermediate proficiency in French.

If you can meet the requirements for one of these two OINP streams, it is worthwhile to submit your Express Entry profile and Ontario could select you for the provincial nomination!

Study in Toronto

Another excellent way to improve your options for immigration to Toronto is to complete pot secondary studies in Canada as an international student. You can get an extra edge as many PNP streams look at graduates of Canadian colleges and universities, and Canadian education and might also give toy extra points for Express Entry.

International students who graduate from a Canadian post-secondary program are also eligible to apply for Post-Graduate Work Permit (PGWP) allowing them to stay in Canada and work for up to three years. Toronto also has some of Canada’s most renowned universities. as the University of Toronto along with  York University and Ryerson University are reputable in Canada. The city also has a few smaller institutions with specialized programs, including the technical programs offered at Humber College and the creative programs offered at the Ontario College of Art and Design. So if you want to continue with your education and along with it want to increase your Canadian immigration chances then studying in Toronto is a brilliant option.

Work in Toronto

If you want to increase your possibility for permanent immigration then gaining work experience in Canada is a great way. Although obtaining a Canadian work permit can be difficult at times, but there are a few options for those who want to work in Canada.

You can acquire a job offer from an Ontario employer for a highly specialized position that can enable you to apply for a work permit. To fulfill the criteria, the employer must first receive a positive Labour Market Impact Assessment (LMIA), indicating that they could not find a Canadian to fill the position.

Another option is, if you work for an international corporation that has offices in Canada, you can talk to your employer about transferring to a Canadian office. Generally, intra-company transfers are exempt from requiring an LMIA, which makes it easier to gain a Canadian work permit.

Benefits of being a Permanent Resident in Canada

The beautiful country of Canada invites people from all around the world every year. You can just come to visit the country or get a study or work permit to build your career here. Usually, after living in Canada for some time you’ll feel the desire to settle here as a permanent resident. To attain the status of Permanent residency in Canada. You will have to go through an immigration program. The most sought-after immigration pathway for permanent residents is economic immigration, which entails the Express Entry system. To know more about the PR status and pathways contact us at Vashist Immigration, our team of authorized consultants will guide you through the procedures and also inform you about sponsorship by their spouse or parent who already has status in Canada.

There are several benefits you can enjoy if you become a permanent resident of Canada like:

Healthcare

Canada is well known for its excellent health care structure that benefits its citizens and Permanent Residents. You can get universal access to publicly funded health services. Most medical expenses in Canada are covered through the Canadian universal health care program. These expenses include visits to your family doctors, specialist, emergency room, immunizations, yearly exams, and others.

Education

Canada is famous for its world-class educational system. Canadian Residents have access to free schooling. All children who are under 18 are entitled to free education in the Canadian public school system, and the Canadian government offers highly subsidized university education.  

French and English are Canada’s official languages. Schools in Canada also teach French as a second language. Children of Permanent Residents will have the chance to learn English and French, besides their parents’ language. As for Post-Secondary studies, you will be able to apply for scholarships and funding as any Canadian student. Also, tuition for Canadian students is much lower compared to international students

Employment

If you become a Permanent Resident, you are allowed to work from the first day you arrive, it is always better to get prepared before you arrive in Canada. It will take time for you to adapt to You will be adapting to the new kind of job. Although the work environment is extremely warm and people are helpful. 

If you want to start a business it becomes easy if you are a Permanent Resident, you can get financial assistance through the financing programs for small businesses that the government has in place. Employment Insurance (EI) provides regular benefits to individuals who lose their jobs through no fault of their own (for example, due to a shortage of work, seasonal or mass lay-offs) and are available for and able to work, but can’t find a job. With the help of Employment Insurance, you could receive financial assistance of up to 55% of your earnings, to a maximum of $573 a week. These benefits will help you take time away from work to provide care or support to a critically ill or injured person or someone needing end-of-life care

Social Benefits

For families who belong to the low-income group and have children under the age of 18 who are, the Canadian government provides monthly tax-free payments to help cover expenses. In emergencies, the Government of Canada provides financial support to its citizens and Permanent Residents. 

Maternity and Paternity

In Canada, working parents are given time off when a new baby is born or adopted. Women can take up to 12 months of maternity leave and receive 50 to 65% of their normal income. Partially paid parental leave is also available for up to 35 weeks. If by any circumstances, a Canadian citizen or a Permanent Resident goes unemployed, the social security benefit supports them.

Tax

You must pay taxes at federal, provincial, and municipal levels. Income tax is imposed based on residency rather than citizenship. After becoming a Permanent Resident an individual would be required to pay Canadian taxes on worldwide income. The assets of a newly arriving immigrant are not taxed under Canadian law.

Low crime rate

Since the year 2007, Canada has been regarded as one of the world’s safest places. Canada has very stringent gun laws. As per the survey, one-third of the population has the license to carry firearms.