Choosing the Right Bank: Ensuring Your Financial Security

Choosing the Right Bank: Ensuring Your Financial Security Posted onDecember 30, 2023 ByYulin Wang InBlog When embarking on your financial journey in Canada as a new immigrant, selecting the right bank goes beyond just the array of services they offer—it’s about safeguarding your hard-earned money. Fortunately, Canada boasts a highly regulated and insured banking system, providing a robust framework to protect your deposits. The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that provides deposit insurance against the loss of eligible deposits at member institutions in case of a bank failure. Here’s what you need to know about how these banks are insured: CDIC Coverage: Coverage Limit: CDIC covers eligible deposits up to a limit of $100,000 per insured category per depositor. This includes savings accounts, chequing accounts, GICs (Guaranteed Investment Certificates), and more. Member Institutions: Most major banks in Canada, including RBC, TD, Scotiabank, BMO, and CIBC, are members of the CDIC. This means that your deposits with these banks are protected up to the specified limit. Understanding Insured Categories: It’s essential to be aware of how CDIC categorizes accounts. Common categories include single accounts, joint accounts, and certain types of registered accounts. Make sure to diversify your deposits across different categories if you have substantial savings to ensure maximum coverage. Foreign Banks and Deposit Insurance: If you choose to bank with a foreign bank operating in Canada, be aware that not all are CDIC members. Ensure the bank is a member or inquire about alternative insurance arrangements for your deposits. Research and Informed Decision-Making: Before finalizing your decision, check the CDIC website for the most up-to-date information on member institutions and coverage limits. Take the time to understand how your accounts are categorized and insured. Choosing a bank that is a member of the CDIC ensures that your deposits are protected, providing peace of mind as you navigate the Canadian financial landscape. While it’s unlikely for major banks to face financial difficulties, having CDIC coverage adds an extra layer of security for your financial well-being. Remember, information on CDIC coverage is subject to change, so it’s advisable to stay informed about any updates to the regulations. Always consult with your chosen bank or financial advisor if you have specific questions about deposit insurance or need clarification on any banking services. Choosing the Right Bank: Exploring Your Options Canada offers a diverse banking landscape, catering to a range of preferences and needs. While major banks like RBC, TD, Scotiabank, BMO, and CIBC are prominent and widely accessible, it’s essential to consider alternative options that might better suit your individual requirements. Major Banks: RBC, TD, Scotiabank, BMO, and CIBC are among the most well-known and established banks in Canada. They provide extensive branch networks, a multitude of ATMs, and a broad range of financial services. This can be particularly beneficial if you prefer in-person interactions or need easy access to physical branches. Credit Unions: Credit unions are member-owned financial cooperatives that operate locally or regionally. They often emphasize community involvement and customer service. Credit unions can be a great option for those who prefer a more personalized banking experience. While they may have a smaller branch network, they often compensate with competitive interest rates on savings and loans. Online Banks: With the rise of digital banking, online banks have become increasingly popular in Canada. Institutions like Tangerine, EQ Bank, and Simplii Financial operate exclusively online, providing a streamlined and convenient banking experience. Online banks typically offer competitive interest rates and lower fees due to their reduced overhead costs. They are an excellent choice for those comfortable with online transactions and who prioritize digital accessibility. Considerations When Choosing: Branch Locations: If physical branches are important to you, consider the proximity of branches and ATMs when choosing a bank. Major banks usually have widespread coverage, while credit unions and online banks might have a more limited presence. Fees and Services: Compare account fees, transaction charges, and service offerings. Some banks may provide no-fee accounts for newcomers or students. Assess your banking habits and choose an account that aligns with your needs. Digital Services: Evaluate the online and mobile banking features offered by different banks. Consider the ease of use, availability of mobile apps, and the functionality that matters most to you. Customer Reviews: Research customer reviews and testimonials to get insights into the customer service and satisfaction levels of different banks. This can provide valuable perspectives from actual users. Conclusion: Choosing the right bank involves understanding your financial preferences and needs. Whether you opt for a major bank, credit union, or online bank, each option has its unique advantages. Consider the factors that matter most to you, and explore multiple institutions to find the one that aligns with your financial goals and lifestyle. Remember, staying informed about changes in CDIC coverage is crucial, so regularly check for updates on regulations and consult with your chosen bank or financial advisor for any specific inquiries.  Leave a Reply Cancel reply Logged in as Yulin Wang. Edit your profile. Log out? Required fields are marked * Message*

An Overview & Q&A regarding the Temporary Foreign Worker Program in Canada

An Overview & Q&A regarding the Temporary Foreign Worker Program in Canada Posted onNovember 30, 2023 ByBrittany Berge InBlog According to a Stats Canada survey published at the end of 2022, shortage of labour force was expected to be an obstacle for 35% of businesses in 2023, and retaining skilled employees is expected to be an obstacle for 27.6% of employers. Last fall 2022, the Minister of Immigration, Refugees and Citizenship announced Canada’s 2023-2025 Immigration Levels Plan, which outlined the goal of welcoming 500,000 immigrants a year by 2025. The Immigration Levels Plan cites increased immigration as a strategy to help businesses find employees to meet labour market shortages.  Because of the labour shortages Canadian employers are experiencing, many employers will look to hire foreign nationals to work temporarily. There are multiple ways that foreign nationals can come and work in Canada, including the Temporary Foreign Workers Program. Often, to hire a foreign worker, a Canadian employer must obtain a positive Labour Market Impact Assessment (LMIA). An LMIA is a document issued by Employment and Social Development Canada, which assesses the impact of hiring a foreign national on Canada’s labour market. A positive LMIA indicates that there is no Canadian citizen or permanent resident to fill the specific position, thus allowing an employer to hire a foreign national. This article aims to provide an overview and answer common questions of Canada’s Temporary Foreign Worker Program. Temporary Foreign Worker Program The Temporary Foreign Worker Program assists employers in filling temporary labour needs. Before an employer can hire a foreign worker through the Temporary Foreign Worker Program, the employer must obtain a positive LMIA. An individual cannot apply for a work permit under this program until they receive a valid job offer from an employer with a positive LMIA. At Sierra Immigration Alliance, we assist both employers in obtaining an LMIA, and employees in obtaining a work permit. Q&A Does the employer or employee apply for an LMIA? An LMIA is a document that must be applied for by the employer, not the employee. Once an employer has a positive LMIA, the prospective employee will then need to apply for a Work Permit. How long is a positive LMIA valid for? A positive LMIA is usually valid for six to twelve months after the date of issue, depending on what LMIA stream the employer has applied for. This means that the employer must hire the foreign worker within this time frame of receiving a positive LMIA as the LMIA will then expire. It is important to note that just because an employer has received a positive LMIA once, this does not mean that they can continue to hire as many foreign workers as they want based off that one approved LMIA. If I have a positive LMIA, can I hire a temporary worker for any position I want? LMIA’s are job specific, meaning that they only approve the employer to hire an employee to fill a particular job. Therefore, the employer must hire for the position they have received an LMIA for. How much are the government fees for an LMIA? If you would like to support your temporary foreign worker with a work permit, then there is an LMIA processing fee of $1000. If the temporary foreign worker does not need a work permit, then there is no LMIA processing fee charged. What documentation is required to obtain a positive LMIA? To obtain a positive LMIA, an employer must follow specific procedures to show that they have made efforts to recruit a Canadian/PR for the position and have not been able to find a suitable candidate. An employer must also show various documents regarding their business status in Canada.  Leave a Reply Cancel reply Logged in as Yulin Wang. Edit your profile. Log out? Required fields are marked * Message*

Navigating Canada’s ‘Foreign Buyers’ Ban’: Impact and Implications

Navigating Canada’s ‘Foreign Buyers’ Ban’: Impact and Implications Posted onNovember 30, 2023 ByYulin Wang InBlog Introduction of the ‘Foreign Buyers’ Ban’ and its Amendment In December 2022, the Privy Council approved regulations for the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Published on December 21, 2022, in the Canada Gazette, these regulations became effective on January 1, 2023, alongside the Act. The Act and the Regulations, in place from January 1, 2023, to December 31, 2024, restrict non-Canadians from purchasing residential property in Canada. This legislation has stirred debates due to its far-reaching implications. They prohibit not only non-Canadian individuals but also foreign-controlled entities from buying vacant or developed residential-zoned land, affecting commercial development and Real Estate Investment Trusts (REITs). Leases, mortgages, and shares are also classified as purchases, impacting contracts for builders and suppliers. In response, Minister Ahmed Hussen introduced four amendments on March 27, aimed at striking a balance. Effective since March 27, 2023, these revisions expand exceptions, enabling non-Canadians to purchase homes under specific circumstances. They emphasize the importance of Canadian housing for those seeking to establish roots in the country and discourage speculative foreign investments. Definitions Understanding Non-Canadian Status and Exceptions The Act applies to non-Canadians, including corporations and entities not listed on a Canadian stock exchange, and controlled by non-Canadians. It does not apply to Canadian citizens, permanent residents, or temporary residents who meet the exception criteria outlined in the Regulations. Non-Canadians are individuals who do not fall into one of the following categories: Canadian citizens, Permanent residents of Canada, Persons registered under the Indian Act. Non-Canadians also include corporations and entities that: Are formed under Canadian federal or provincial laws, Are not listed on a Canadian stock exchange, Are controlled by non-Canadians. Certain exceptions allow non-Canadians to purchase residential properties in specific circumstances. It’s important to be aware that in some regions, such as in parts of British Columbia and Ontario, additional property transfer taxes may apply to foreign buyers. Notably, property transfer taxes fall under provincial legislation, while the Purchase of Residential Property by Non-Canadians Act and Regulations are federal laws. Consequently, these regulations are distinct and do not share the same exemptions. Regarding the prohibition on the purchase of residential properties, the following groups of individuals are exempt: Non-Canadian individuals who purchase residential property jointly with their spouse or common-law partner, provided that the spouse or common-law partner is a Canadian citizen, a person registered under the Indian Act, a permanent resident, or a non-Canadian for whom the prohibition does not apply. Temporary residents under the Immigration and Refugee Protection Act, who meet specified conditions, including: 1. Temporary residents studying in Canada, if: They are currently enrolled in an authorized study program at a designated learning institution, as defined in the Immigration and Refugee Protection Regulations. They have submitted income tax returns for each of the five taxation years preceding the year in which the property purchase is made. They have been physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made. They have not previously purchased a residential property in Canada while the prohibition is in effect. They purchase a property for a price not exceeding $500,000. 2. Temporary residents working in Canada, if: They hold a valid work permit or are authorized to work in Canada. They have 183 days or more of validity remaining on their work permit or work authorization at time of purchase. They have not previously purchased a residential property in Canada while the prohibition is in effect. 3. Protected persons under subsection 95(2) of the Immigration and Refugee Protection Act, including individuals who have been granted refugee protection or are protected persons under the Immigration and Refugee Protection Act. 4. Individuals who have made an eligible claim for refugee protection under subsection 99(3) of the Immigration and Refugee Protection Act, if: They have submitted a claim for refugee protection in accordance with the Immigration and Refugee Protection Act, and this claim has been determined as eligible and referred to the Refugee Protection Division; or They have been granted temporary resident status under the Immigration and Refugee Protection Act based on humanitarian public policy considerations to provide a safe haven to those fleeing conflict. 5. Foreign nationals holding passports with valid diplomatic, consular, official, or special representative acceptance issued by the Chief of Protocol of Canada.’ 6. Foreign nationals with valid temporary resident status, whose temporary resident visa was issued, or their temporary resident status was granted by a justified exemption under section 25.2 of the Immigration and Refugee Protection Act. 7. Section 35 Rights – Indigenous People and Communities: Section 35 recognizes and confirms the existing Indigenous and treaty rights of Indigenous peoples in Canada. These rights may include ownership of land, rights to occupy and use land and resources, land reserved for First Nation use, self-government rights, and cultural and social rights. The Regulations make it clear that the prohibition does not apply when it conflicts with the rights recognized and affirmed by Section 35 of the Constitution Act, 1982.” 2. Understanding ‘Residential Property’ and Exceptions The Prohibition on the Purchase of Residential Property by Non-Canadians Act defines residential property as structures containing up to three dwelling units or parts of buildings, such as semi-detached houses or condominium units. Larger buildings with four or more dwelling units are not subject to this prohibition. The Regulations specify that the prohibition applies to residential properties located in Census Metropolitan Areas (CMA) or Census Agglomerations (CA) as identified in Statistics Canada’s Standard Geographical Classification 2021. Non-Canadians can freely purchase residential properties situated outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). Both CMAs and CAs are composed of one or more adjacent municipalities centered around a population center or core. A CMA must have a total population of at least 100,000, with 50,000 or more residing in the core, while a CA must have a core population

Canada’s Immigration Strategies to Increase Healthcare Workers in Canada with a Spotlight on British Columbia and Saskatchewan 

Canada’s Immigration Strategies to Increase Healthcare Workers in Canada with a Spotlight on British Columbia and Saskatchewan  Posted onSeptember 30, 2023 ByBrittany Berge InBlog Government of Canada Immigration Initiatives for Healthcare Workers In Canada, immigrants account for approximately 1 in 4 healthcare workers. Immigrants make up 23% of registered nurses, 37% of pharmacists, 36% of physicians, and 39% of dentists. The healthcare sector across Canada is experiencing unprecedented worker shortages. With a total of 96,000 unfilled healthcare positions in Canada at the end of 2022, the Government of Canada has sought to increase immigration of healthcare workers. To do so, Immigration Refugee Citizenship Canada has made changes to the Express Entry program, Canada’s major economic immigration program for permanent residency. The Government of Canada can now issue specific invitations to apply for permanent residency to health workers, including doctors, nurses, dentists, physiotherapists, and optometrists. Since the end of June 2023, two rounds of invitations have been issued, with a total of 2,000 healthcare workers being invited to apply for permanent residency.  Provincial Immigration Initiatives for Healthcare Workers British Columbia  The British Columbia Provincial Nominee Program enables the province to select and nominate foreign workers, international students, and entrepreneurs to help meet BC’s labour needs. If you are nominated by the Province, you and your family can apply to IRCC to become a permanent resident of Canada. Healthcare workers are a priority occupation in British Columbia for the Provincial Nominee Program. Priority occupations are specified occupations that have been identified by the Province of BC that may be invited to apply in periodic targeted draws. In August 2023, the Province nominated 127 healthcare workers for permanent residency through the BCPNP category draws. Saskatchewan In Saskatchewan, there are three different immigration categories that may allow foreign health care professionals to immigrate and obtain permanent residency. These categories are: Saskatchewan Experience: Healthcare Professional International Skilled Worker: Employment Offer Hard-to-Fill Skills Pilots A worker based in Saskatchewan with six months of full-time work experience in the province as a physician, nurse, or other healthcare professional can be nominated through the SINP Saskatchewan Experience Healthcare Professional category. If you are an international healthcare worker looking to immigrate to Saskatchewan, you can create an expression of interest profile (EOI) to be contacted about job opportunities relevant to your skill set by the Saskatchewan Immigrant Nominee Program (SINP) or Health employers. If you are selected and receive a job offer, you may be eligible to apply in the SINP International Skilled Worker: Employment Offer stream, or the Hard-to-fill Skills Pilot stream. This EOI profile provides the opportunity to link foreign trained healthcare professions with Saskatchewan healthcare employers. However, you are not required to use the EOI profile if you are able to independently get a valid job offer from a Saskatchewan employer. The International Healthcare Workers EOI system is open to many occupations including pharmacy technicians, dental assistants, therapists, occupational therapists, pharmacists, nurses, public health professionals, chiropractors, midwives, psychologists, physiotherapists, nurse’s aids, and more. Sierra Immigration Alliance Services If you are a healthcare worker looking to immigrate to Canada and obtain permanent residency, please do not hesitate to reach out to Sierra Immigration Alliance. Our immigration lawyers and consultants would be happy to assist you on your journey through the provincial nominee programs and Canada’s express entry program. Obtaining permanent residency in Canada is highly sought after and is a competitive process with many specific requirements to be met. If you are an international healthcare worker, you may be able to take advantage of the increase in immigration options for such workers during this Canada-wide industry shortage. Leave a Reply Cancel reply Logged in as Yulin Wang. Edit your profile. Log out? Required fields are marked * Message*

Canada Announces Tech Talent Strategy to Attract Tech Workers from All Over the World

Canada Announces Tech Talent Strategy to Attract Tech Workers from All Over the World Posted onSeptember 30, 2023 ByNaseeb Kahlon InBlog In light of the labour shortages being experienced by Canadian employers, Immigration Canada has enhanced some of their current immigration programs and is creating or has created some new pathways dedicated to attracting the best tech talent in the world. There are six main ways that Immigration Canada is prioritizing tech workers right now. CHANGES MADE TO EXISTING PROGRAMS: 1. New and dedicated PR pathway for STEM sector: If you are a tech worker in Canada working in Science, Technology, Engineering, and Mathematics or “STEM”, Immigration Canada has created a STEM pathway for the PR Express Entry program, which is the main way obtain permanent residence in via your education and work experience. This means that if you are working in an occupation that is included in the STEM category, your PR application will be prioritized by the PR Express Entry program and you will be invited to apply for PR sooner than you would have before. 2. Global Skills Strategy program: This program was launched 5 years ago. However, this program was obstructed due to processing delays resulting from the Covid-19 situation. Immigration Canada has announced in July 2023 that it has now rectified this situation and Canadian employers can expect work permit applications to be processed within approximately 2 weeks of submission. As such, Canadian employers now have access to talent they need when they need it. In order to be eligible for this program, the worker must be applying from outside of Canada. In addition, if workers are exempt from an LMIA, the job offer must be in a TEER 0 or TEER 1 position. For workers who require an LMIA, only the following NOC codes are eligible: 3. Start-Up Visa Program: This program creates pathways for PR for entrepreneurs who create companies in Canada that hire Canadians/PRs. This program initially suffered from a flaw in program design, but Immigration Canada has now rectified this situation by increasing the number quota from 1000 to 3500 applicants per year and is prioritizing applications that have capital committed and are endorsed by trusted Canadian partners. This program gives open work permits for 3 years for the applicant and their families while they wait for permanent residence in Canada.   4. NEW WAYS TO ATTRACT TECH TALENT: Specific Stream for World’s Most Talented People: Immigration Canada announced in July 2023 that it will be creating a specific stream for some of the world’s most talented people to come to Canada to work for Canadian tech employers whether they have a job offer or not. No other announcement has been made to date, so we are still waiting to hear more about this upcoming pathway. 5. Digital Nomad Strategy: This will allow people who have foreign employers to work in Canada for up to 6 months at a time. This will allow the digital nomad to live in Canada and spend money in Canada as a visitor, while working for their foreign employer. Should the digital nomad receive a job offer in Canada, Immigration Canada will allow them to stay and work in Canada. 6. USA H-1B Visa Holders: As of July 16, 2023, Immigration Canada opened 10,000 spots for H-1B visa holders and their families in the USA to come and work in Canada with an open work permit for up to three years. This program was to stay open for one year or until the 10,000 spots were filled. Unfortunately, the cap of 10,000 applicants was reached within 48 hours of the program opening on July 17, 2023. Thus, this program is no longer accepting applications and is closed. Leave a Reply Cancel reply Logged in as Yulin Wang. Edit your profile. Log out? Required fields are marked * Message*

Revamped Quebec Immigrant Investor Program (QIIP) Set to Re-Open in January 2024

Revamped Quebec Immigrant Investor Program (QIIP) Set to Re-Open in January 2024 Posted onSeptember 30, 2023 ByNaseeb Kahlon InBlog Canada’s only (passive) investor immigration program has been closed since 2019. However, the Quebec government recently accounted that the QIIP is set to re-open in January 2024 with significant updates to the program. One of the biggest changes will be that candidates will require strong oral French skills and a one-year residency in Quebec in order to be eligible for the program.It is the government’s intention that these requirements will allow immigrants to integrate into the province’s business community and make it easier for them to contribute to Quebec’s economy. The program will still require the candidate to have a net worth of 2 million and at least 2 years of management experience in the last 5 years. The updated requirements of the program include the following: Demonstrate minimum proficiency in spoken French, which corresponds to level 7 on the Échelle québécoise des niveaux de compétence en français des personnes immigrantes adultes; Have a diploma obtained before the date of submission of the application and corresponding at least, in Quebec, to a secondary school diploma; Have been issued a work permit following the Ministère de l’Immigration, de la Francisation et de l’Intégration (MIFI’s) notice of intent to issue a selection certificate (PCSQ); Within 2 years of the date of this work permit issuance, the principal applicant must have resided in Quebec for a period of at least 6 months and he or his spouse or de facto spouse included in the application has resided in Quebec for another period of at least 6 months; Make a 5-year term risk-free investment, at 0% interest of C$1 million with IQ Immigrants Investisseurs Inc. and a non-refundable financial contribution of $200,000 to this company, through a financial intermediary, within 120 days of the acceptance decision As such investor immigration in Canada will now be restricted to those candidates with good French speaking abilities as well as those that have an interest in living in Quebec (at least temporarily). Leave a Reply Cancel reply Logged in as Yulin Wang. Edit your profile. Log out? Required fields are marked * Message*