Canadian Banking: How Newcomers Can Build Credit

by Ivy Chiu

Moving to a new country presents allows you to pursue new personal and professional opportunities. By taking time to understand the financial system, immigrants can create a solid foundation for their new life. This could mean the difference between surviving and thriving during the first few years. While most newcomers are aware that Canada’s banking system differs from that of their home country, they often do not know what those differences entail.

Keep reading to see tips on how to bank and build credit in Canada:

Open a Bank Account Even if You Do Not Have a Job Yet

Many newcomers are surprised to learn that they can open a bank account without having a job. In their home country, they might not have been able to do so without being employed with a steady income. However, in Canada, opening a bank account is one of the first things newcomers should do—even if no funds are deposited right away.

The main types of accounts in Canada are chequing and savings accounts:

• A chequing account is for day-to-day banking. You will use the money in this account to make everyday purchases. With this account, you can deposit and withdraw at any time. This makes it a convenient and safe place to keep money.
• A savings account is ideal for setting aside money for larger costs, such as education or home furnishings. The balance in this account will earn interest and you can easily access your money when you need it.

When exploring options, ask about bill payments and the number of transactions that can be made every month without fees. Be sure to compare fees and interest rates for the different accounts, as well as features and offers. For example, RBC offers no monthly fees for newcomers for a period of time to help with settling in a new country. As long as you keep your account open for 90 days, there is no fee to close the account if your situation changes or you decide not to live in Canada permanently.

Start Building Credit Immediately

Many newcomers understand that building credit history is necessary to settling in Canada. But they may not know exactly how it works.

Credit history in Canada is a key factor to determine eligibility for a loan.

Canada’s central credit bureaus use credit history to provide a score that reflects credit worthiness. A credit score is built through financial transactions, such as the first time newcomers ask for a loan, set up utilities, or purchase a mobile plan—and it is built over time. The score is determined based on the evidence of how finances and repayment were managed. This is influenced, for example, by whether monthly bills are paid in a timely manner.

A good credit score helps newcomers qualify for loans and might lead to lower interest rates. This is helpful when buying a car, getting a mortgage, paying for school, and more.

Here are a few more important points about building and maintaining a credit score:

• Everyone has their own credit score. If the credit card, car loan, or mortgage is in your spouse’s name only, the activity relates to the spouse’s credit score. Each person should build their own credit history.
• Pay your bills on time. Credit reporting agencies track credit scores, so they know if you pay your bills on time: including your utilities, mobile phone, and credit card. This is why it is important to pay at least the minimum payment on time.
• Regularly check your credit score. RBC personal banking clients can access their credit score right through the TransUnion CreditView Dashboard in their RBC online banking portal. Checking your credit score at least once a year helps detect any errors and protects against identity fraud by ensuring the information is accurate.

While every newcomer to Canada has their own set of distinct goals and circumstances, most are eager to learn how to navigate the Canadian financial language and landscape.  Do not hesitate to ask your bank’s client advisors about any questions you may have.

Starting a new life in Canada will be easier with a solid understanding of how to manage finances and build credit history. A promising future awaits.

Source: WES.org

Tax-Free Savings Accounts (TFSA): A popular investment option for newcomers in Canada

Opening a TFSA may be a good option for newcomers who wish to invest shortly after moving to Canada. An RBC poll revealed that of newcomers who have been in Canada for five years or less, seventy-one percent of them own an investment product and among them forty percent had invested in TFSAs, making it the most popular option. 

What is a TFSA?

TFSA stands for a ‘tax-free savings account.’  It is an investment product designed to help you save and earn tax-free returns. 

Eligibility criteria to invest in TFSAs

• No earned income is required to start investing so you can open a TFSA immediately after moving and start saving right away! 
• There is a limit on the amount you can deposit in a TFSA — up to CAD 6,000 per year for 2019.  
• You must be the age of majority in your province of residence.
• You will need a valid Social Insurance Number (SIN) to open a TFSA account.

Must-know information for contributions to TFSAs

• The TFSA annual room limit varies for each year, is indexed to inflation, and rounded to the nearest $500.
• It’s not mandatory to contribute the entire eligibility amount during the year.
• The unused contribution accumulates and can be carried over to the following year. For instance, if the annual limit is $6,000, and you contribute $4,000 during 2019, the unused contribution of $2,000 will be added to your contribution limit for 2020. Therefore, if the limit set for 2020 is $6,000, your total eligible limit will be $8,000. 
• If you withdraw from your TFSA, the full amount of your withdrawals can be put back in future years. Just be careful, as re-contributing in the same calendar year can result in an over-contribution that is subject to a penalty tax.
• Withdrawals from TFSA are tax-free but contributions made to a TFSA are not tax-deductible.
• TFSAs don’t have a lock-in period for funds, ensuring you can withdraw money whenever you need it. 

About Arrive x RBC

Arrive and RBC are committed to helping set you up for financial success in Canada. We know that figuring out your financial life in Canada is more than just finding a bank account; it’s also about finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs.

Learn about your investment options in Canada by registering for our upcoming webinar.

SIGN UP NOW AND RESERVE YOUR SPOT!

* Based on market capitalization

Disclaimer:
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.

Source: RBC

How to Send Your Documents to WES in a Sealed Envelope

by Justine D’Souza

A WES evaluation report serves not only as a credential evaluation but also authentication of academic qualifications. This means that, in addition to providing an educational equivalency, WES verifies document authenticity. As part of the authentication process, WES requires that the appropriate educational authority seal documents and send them directly to WES.

Below are the answers to frequently asked questions about sending sealed envelopes to WES.

Does my reference number belong to my documents or the envelope?

To make it easier for our staff to match your documents with your account, please put your reference number on the front of the envelope. You do not need to place it on the individual documents.

Should I send my own photocopies in addition to the documents in the sealed envelope?

No. WES will only evaluate documents sent in the format stated on our website.

Which documents need to be sealed?

This varies based on your country of education. The Required Documents page on our website will tell you which documents need to be sealed and which documents, if any, can be sent as photocopies.

I am having trouble obtaining my documents in a sealed envelope. What should I do?

Many of our customers no longer live in their country of education. In this case, we generally recommend sending the Academic Records Request form to your institution so they can release your documents. If your school has closed, please contact our Customer Service team. Individuals educated in Afghanistan, Eritrea, Iraq, Syria, Turkey, Ukraine, or Venezuela who no longer have access to their academic documents may be eligible for the WES Gateway Program.

Does the Academic Records Request form need to be sealed?

Although the form is not a required document (unless specified on our website under your country of education), WES will only accept it as “official” if it comes in a sealed envelope.

How do I send translations if my transcripts are already sealed?

You can request an extra copy of your transcripts from your school and give this copy to the translator. Many institutions issue unofficial copies for students who want access to their records.

How do I send my documents if I obtained credentials at multiple universities?

You will need a separate sealed envelope for each institution.

Do I need to send my passport, birth certificates, or other official documents?

No, WES only needs the documents listed on our Required Documents page. If our evaluators determine that they need additional documentation, they will request it directly.

Should I send original documents in a sealed envelope?

For more information on this topic, read this article from our Help Center.

It will take a long time to have my documents sent to WES. Will my account stay open?

Yes. There is no deadline to submit your documents to WES. We will put your file on hold until we receive all documentation necessary to complete an evaluation.

Source: WES.org

How to open a bank account in Canada

For many newcomers, opening a bank account is one of the first things you do when landing in Canada. Between the Big 5 banks in Canada (RBC, TD, CIBC, BMO, and Scotiabank) and other financial institutions, many banks offer a specialized “newcomer banking package” that is designed for new immigrants. Arrive, powered by RBC Ventures Inc., a subsidiary of RBC, is here to help you learn about the Royal Bank of Canada Newcomer’s product offering.

For starters, when you open an account in Canada, you’ll typically get a chequing account and a credit card at the same time. In our overview titled Feel Safe and Secure Banking in Canada, we explore everything you need to know about setting up your finances, as well as learning about the Canadian banking system. One of the core areas we focus on is the importance of credit cards in Canada; they’re an essential means to building your credit profile and credit score, which helps you when it comes to renting/owning a home, leasing a car, and accessing other financial products in the future. Additionally, credit cards have the added convenience of allowing you to pay for things easily, without having to carry cash. Keep in mind that credit cards can carry very high interest rates, and your balance should be managed and paid down promptly. Once you are approved for a credit card, get started by making payments for small expenses such as phone bills or groceries. This will help you gradually build your credit history.

Ensure you have one of the following pieces of identification to open an account:

• A driver’s license issued in Canada
• A Canadian or foreign passport
• Permanent Resident card
• Immigration Canada Form IMM 1000 or IMM 1442

Note: Permitted identification documents may vary with province

Most financial institutions also offer other services, such as investments, mortgages, safety deposit boxes and general financial planning. Talk to a financial advisor about your specific goals and needs, or even get started by browsing through some of our past Arrive webinars, on finances covering a wide variety of topics for your financial wellbeing.

Helpful Tips: It’s helpful to make an appointment with a bank branch to have a dedicated advisor ready to address your questions and help you open a bank account. View the RBC Branch Locator  from Canada’s largest bank*, Royal Bank of Canada (RBC), to find the closest branch near your community. You will need to know your local address or postal code to book an appointment. You can also visit the newly designed RBC Newcomer Branch at the Brampton Civic Centre, which was set up to help newcomers with all of their banking needs. Select “paper statements” for the first three to four months of your credit card billing, as these statements typically serve as proof of address while applying for health insurance. Note that for delivery of paper statements, you will need to provide your permanent address. *Based on market capitalization.

Source: Arrive

Disclaimer:
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.

RNIP Canada: About Thunder Bay’s New Immigration Pilot.

by WES Advisor

People from all over the world move to Canada to fulfill their dreams. From 2018 to 2019, the country welcomed more than 300,000 immigrants. In 2020, there might be even more opportunities available, thanks to the Rural and Northern Immigration Pilot (RNIP).

One popular location for newcomers to settle in is the province of Ontario. Many people are familiar with the Greater Toronto Area, especially the city of Toronto. This urban, densely populated region offers ample career and social opportunities.

However, Canada’s more rural areas also have a lot to offer. In addition to its bustling metropolises, the country has many small cities that would be just as advantageous for newcomers. They are simply less well known.

But there is a good reason to learn more about them if you are interested in relocating to Canada. Skilled immigrants might be able to secure pathways to permanent residency in these smaller cities. You might also find more professional opportunities in a rural area, depending on your area of expertise.

Hoping to attract more skilled immigrants to these areas, Canada recently launched the Rural and Northern Immigration Pilot (RNIP).

What Is the RNIP?

The Rural and Northern Immigration Pilot provides pathways to permanent residency for skilled immigrants who want to live and work in smaller communities in Canada.

This is not only an opportunity for immigrants, it is also beneficial the participating regions, their provinces, and the country as a whole. To prosper, smaller cities rely on newcomers bringing their education and skills to boost local industries. For example, when rural areas gain new talent, it benefits their infrastructure, transportation, housing, and cultural diversity. The local economy then relies on retaining its local talent. This helps a region make the most of its resources.

There are 11 rural areas participating in the RNIP as of 2019. Presently, only three have begun accepting applications from aspiring immigrants.

Thunder Bay is the latest area to start accepting applications from newcomers, in January 2020.

About Thunder Bay

Thunder Bay is one of the most populated cities in Northwestern Ontario. It is one of five areas in the province participating in the RNIP.

The city is home to many thriving industries, including forestry, transportation, manufacturing, mining, health care, and agriculture.

Here is more information about Thunder Bay:

• Education: As of 2020, Thunder Bay is home to over 60 elementary and high schools, many of which offer academic tracks in both English and French. Extracurricular activities often take place at the city’s sports, arts, and recreational facilities. Lakehead University, Confederation College, and Northern Ontario School of Medicine are popular options for postsecondary education.
• Health Care: Thunder Bay has a reputation as a medical services hub. You can choose from one of several health care centers that provide services covered by Ontario Health Insurance (OHIP). You can also make use of walk-in clinics in between scheduled doctor’s visits.
• Affordability: According to recent real estate reports, property in Thunder Bay is more affordable than that of other cities in Ontario. Additionally, the cost of groceries, shopping, and dining out are also more reasonable.
• Services: There are several settlement agencies in Thunder Bay. These government-funded agencies offer essential services to newcomers. You might use them for professional development, to learn more about the local area, or to work on your language skills.
• Lifestyle: Canada is renowned for its hospitality to immigrants. In particular, Thunder Bay’s diverse population might be appealing to newcomers from around the world. The city has a modern and cosmopolitan feel. It offers plenty of shopping and creative arts events. If Canada’s great outdoors appeal to you, you might be drawn to the sailing, fishing, hiking, and snowmobiling available in Thunder Bay.

How to Apply for the RNIP

Thunder Bay will begin accepting RNIP applications in January 2020.

To apply, you must already have a full-time job offer from an approved employer in Thunder Bay.

Here are the steps you must follow:

1. Browse the list of approved job openings here. (Jobs will be added as they become available.)
2. Apply for jobs from this list, until you receive a job offer.
3. With your job offer, you can apply for the Rural and Northern Immigration Pilot in Thunder Bay.
4. Once you have applied, you will also need to meet community and federal requirements in order to secure acceptance to the RNIP.

Source: WES

New online course: How to Immigrate to Canada as a Food Service worker.

Guide to get a job and work in Canada as a food service, restaurant, and hospitality worker.

This course has been developed to assist International trained workers like you in the foodservice industry to learn how you can become eligible to apply for a work permit and eventually for Canadian Permanent Residency under the different immigration programs available In Canada and what you will require in order to begin your application.

It also covers some resources like LinkedIn, Interviewing skills, Job search strategies and Canadian Resume templates that are designed to assist professional immigrants to navigate the Canadian labor market and secure employment.
Checking other sources besides the Job Bank in Canada.

This course also prepares you for the settlement process, from getting your things across the border to finding a job in Canada. 
During this course, we will review information such as:

• Canada work permit eligibility,
• Canada work visa cost,
• temporary work permit Canada,
• job offer from a Canadian employer,
• Canadian work permit with a job offer,
• Post Graduate work permit,
• Rural Canada,
• the Atlantic Immigration Pilot Program,
• Labor market initial assessment (LMIA),
• processing times,
• NOC codes,
• Canadian resume,
• Open-work permit in Canada,
• Canada work permit jobs, 
• and much more...

You're going to get over 8 hours of video lectures, access to the recommended resources, our student discussion forum, and the ability to ask me any questions you may have as you progress through the course.

Associated profession(s)
· Cooks (6322)
· Conference and event planners (1226)
· Chefs (6321)
· Hotel front desk clerks (6525)
· Casino occupations (6533)
· Food and beverage servers (6513)
· Bartenders (6512)
· Bakers (6332)
· Accommodation, travel, tourism, and related services supervisors (6313 )
· Food service supervisors (6311 )
· Executive housekeepers (6312 )
· Other services supervisors (6316 )
· Cleaning supervisors (6315 )
· Butchers, meat cutters and fishmongers - retail and wholesale (6331 )
· Receptionists (1414)
· Maîtres d'hôtel and hosts/hostesses (6511 )
· Food counter attendants, kitchen helpers and related support occupations (6711 )
· Operators and attendants in amusement, recreation, and sport (6722 )
· Light duty cleaners (6731 )
· Accommodation service managers (0632 )
· Restaurant and food service managers (0631)

On top of all that, you get lifetime access.
In summary, this course is a good do-it-yourself guide for working and immigration to Canada.

By the end of this course, you will know some of the strategies and resources used in your immigration journey, job search in Canada and how to integrate into the Canadian labor market and start your new life in the True North.

In celebration of the course’s launch, I’m offering up a limited time offer for the first 100 readers to enroll!

 Use the coupon code 6E15BAA77B45D39C1B11  for a 50% discount on the original price.

Not too shabby, right?!

These coupons will expire on February 22,2020.

 So hurry up!!!!!!!

I’m looking forward to seeing how this goes, so don’t hesitate to holla back!

 And thank you in advance for your support and feedback!

What are you waiting for? Take my course now!

This course is taught by a Regulated Canadian Immigration Consultant (RCIC).

For more information about working in Canada as a food service worker, register below:

New online course: How to Immigrate to Canada as a Food Service worker.

Canada’s top tech jobs forecast for 2020

By Shelby Thevenot

A look at the tech jobs projected to be in high demand, and the skilled-tech worker's employers will be hiring this year.

The high demand for tech talent in Canada is rolling into 2020 as experts start to predict the sector’s outlook for the new year.

Shortages in the technology sector labour market have prompted immigration programs in British Columbia and Ontario to step up recruiting efforts. In 2019 the B.C. Provincial Nominee Program (BC PNP) extended its tech pilot to June 2020, and the Ontario Immigrant Nominee Program (OINP) started holding draws specifically for immigration candidates with tech experience.

“There are not enough [skilled workers] to fill those positions… There’s really a shortage of labour,” Patrick Poulin, president of the staffing division of Randstad Canada, told CIC News. “It’s definitely a key asset to have immigrants coming in to fill those positions. It’s super important.”

Randstad Canada, a human resources consulting firm, released its predictions for 2020 on the top in-demand tech jobs in Canada, as well as in-demand skills and salaries.

The technology sector offers some of the most competitive salaries in Canada. For 2020, the average annual salary is an estimated $81,750.

Low-earners in this field can expect to earn an average salary of $55,000, and the highest earners may bring home $140,000 or more.

Tech talent continues to be highly sought after in major urban centres like Toronto, Montréal, and Vancouver.

“If you have tech skills (in particular the ability to code in popular languages such as Java, python, or various C-based languages), you’ll have your pick of employers in many of Canada’s largest cities!” the Randstad webpage said.

Find out if you are eligible for any Canadian immigration programs

In-demand tech jobs

The following eight positions are expected to be highly sought after in Canada, according to Randstad:

• Developers and Programmers

Full-stack developers with front and back end skills are especially sought-after though coding and programming skills are in high demand everywhere. Employers will be seeking skilled developers with knowledge of programming languages such as Java, Python, and .NET.

• IT Project Manager

The demand for this position has grown in Canada since last year. Employers are looking for those with project management skills, specifically PMP, PMI, or Agile Certified professionals.

• Quality Assurance Analyst

Another position that is expected to be in-demand this year. Quality assurance analysts ensure the software is user-friendly and bug-free.

• Data Analyst

Data analysts make sense of the massive amounts of information that companies collect to run their businesses. Demand for this position is expected to grow as businesses increasingly rely on data.

• IT Business Analyst

Analysts who specialize in tech and software analysis will be in especially high demand this year. Their role is to shape and optimize business systems and software to make them operate effectively.

• Senior Software Engineer

The demand for coding skills and developers is particularly intense at the senior level. Randstad says, “Employers are looking for candidates who already have a lot of experience, rather than hiring and developing their own junior and intermediate software engineers.”

• Network Administrator

Network administrators make sure everything runs smoothly for both employees and customers. They oversee their employer’s IT network and setup, manage servers, and network equipment.

• Technical Support Specialist

Tech-savvy workers with skills in customer support are expected to be in high demand this year. As the use of technology becomes more prevalent in everyday life, so does the need for professionals who can provide assistance and support to businesses and customers that are experiencing technical, hardware, or software issues.

Source: CIC NEWS

What is Canada’s Student Direct Stream?

by Kelly Acheson

Launched by Immigration, Refugees and Citizenship Canada (IRCC) in June 2018, the Student Direct Stream (SDS) is an expedited study permit application stream for international students who want to pursue higher education in Canada. IRCC developed this program to support the rapid growth of international student applications. The main benefit of the SDS for applicants is that it offers more efficient study permit processing times.

Eligible applicants must meet specific criteria, however. These requirements are explained below. Keep reading to see if you qualify for the SDS!

Who Is Eligible for the SDS?

First, applicants must intend to study at a designated post-secondary learning institution (DLI) in Canada. You can find a complete list of Canadian DLIs here.

Second, applicants must meet certain language, medical, and financial criteria. Specifically, applicants must provide documentation upfront showing that they are able to succeed academically and support themselves financially while studying in Canada.

Furthermore, SDS applicants must legally reside in one of the following countries:

• China
• India
• The Philippines
• Vietnam
• Pakistan
• Morocco
• Senegal

If a student is a citizen of one of the seven countries listed above, but they aren’t currently living there, they are not eligible for the SDS. To apply for the program, the student must also be residing in the country.

Does the SDS Replace IRCC’s Regular Study Permit Stream?

The SDS does not replace IRCC’s regular study permit program. It is simply an expedited stream. If a student applies for the SDS, but does not qualify, then their application is processed under regular processing procedures.

How to Apply for the SDS

International students must apply online for the SDS. Alongside their electronic application, students must submit the following documents:

• A copy of their acceptance letter from a post-secondary DLI
• A copy of their upfront medical exam confirmation document (if required)
• A police certificate (if required)
• Proof that they have a Guaranteed Investment Certificate (GIC) of $10,000 CAN
• Proof that they have paid the tuition fees for their first year of study
• A copy of their most recent educational transcript
• Proof that they have completed a language test showing either:
  • A score of at least 6 for English on the International English Language Testing System (IELTS), or
  • A score of at least 7 for French on the Test d’Evaluation de Français (TEF)

More information about the supporting documents necessary for the SDS application can be found on the IRCC website.

What’s Next for the SDS?

Plans are in the works to expand the SDS over the next five years. This expansion will include a new application service that will provide a single, streamlined experience for international students. This means students will be able to apply for a study permit, temporary resident visa, or work permit for a co-op term, all in one place. For more information about the SDS, and to find out whether you qualify, visit the IRCC website.

Source: WES