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How to Open a Bank Account in Canada for International Students

Opening a bank account in Canada is an essential step for international students. This guide will walk you through the process, the required documents, and some key considerations regarding mortgages and loans. Major Banks in Canada Canada has five major banks: 1- Royal Bank of Canada (RBC) 2- TD Bank 3- Canadian Imperial Bank of Commerce (CIBC) 4- Bank of Montreal (BMO) 5- Scotiabank There are also online banks, but this guide focuses on the major physical banks. Types of Bank Accounts In Canada, there are three main types of bank accounts: 1. Checking Account A checking account comes with a debit card and allows you to deposit and withdraw money. It’s used for daily transactions. 2. Savings Account A savings account is designed for saving money. It typically offers low interest rates, so don’t expect significant earnings from it.  3. Credit Card There are two types of credit cards available for newcomers: – Secured Credit Card: Requires a deposit equal to the credit limit. This helps build your credit history. – Unsecured Credit Card: Available after you establish a credit history and more permanent status. Required Documents for Opening a Bank Account To open a bank account in Canada, you will need: 1- Passport 2- Proof of status in Canada (e.g., study permit) 3- Social Insurance Number (SIN) 4- Proof of address (e.g., utility bill, apartment contract)  Opening a Bank Account  In-Person You must be physically present in Canada to open a bank account. Here’s a step-by-step process: 1. Visit a bank branch with the required documents. 2. Fill out the necessary forms. 3. Deposit money into your new account, if desired. Appointment for Credit Cards If you want to get a credit card, you may need to make an appointment with a bank representative. This is particularly necessary if you have no prior credit history in Canada. Fees and Charges Opening a bank account is free, but there are usually monthly fees. However, if you are an international student, you can get an account without monthly fees by showing proof of your student status. For non-students, monthly fees start at $3 to $4, depending on the bank and account type. Some banks waive these fees if you maintain a minimum balance. Managing Your Account With your bank account, you can: 1- Transfer money 2- Pay bills and set up auto payments 3- Manage transaction limits 4- Apply for mortgages, credit cards, and loans 5- Invest Choosing the Best Bank The best bank for you depends on your needs and preferences. Different banks offer various benefits such as air miles, movie tickets, and cashback. Evaluate these perks and choose the one that aligns with your lifestyle. Mortgages and Loans Mortgages As an international student, getting a mortgage is challenging. You need to establish a credit history and have a steady income, which is difficult with a part-time job. In high-cost cities like Toronto and Vancouver, this is especially tough. Loans Similarly, obtaining personal loans without a stable income is not feasible. Money Transfers Transferring money internationally from Canadian banks can be expensive and slow. Consider using services like Wise, which offer faster and cheaper transfers with the convenience of managing multiple currencies. Opening a bank account in Canada is a straightforward process but requires in-person verification and several documents. While international students can enjoy benefits like no monthly fees, building a credit history is essential for accessing more financial products like mortgages and loans. Choose the bank that best fits your needs and enjoy the various perks offered. Also Read-Benefit of studying in Canada a pathway to permanent Residency Let Worldbridge Immigration Services be your guide to a successful future in Canada  Contact us: Website: Email: Phone/WhatsApp: +1-416-727-7766 Social Media: @worldbridgeHQ

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Ontario Prioritizes International Student Applications to Meet Labour Market Demands

Worldbridge Immigration Services Posted Mar 28, 2024 The Province of Ontario has announced a strategic allocation of international student study permit applications in an effort to bolster its labour market by ensuring international graduates are prepared to fill in-demand jobs. This initiative comes as a direct response to the federal government’s decision to cap the number of study permits for the next two years. Jill Dunlop, the Minister of Colleges and Universities, emphasized the province’s commitment to maintaining the integrity of Ontario’s postsecondary education system. The strategy involves attracting top-tier international students to study in fields that are crucial to the economic vitality of the province. Collaborations with postsecondary institutions are key to aligning international student enrolment with the province’s labour demands. A significant 96% of the study permit applications will be allocated to publicly assisted colleges and universities, leaving 4% for Ontario’s language schools, private universities, and other institutions. Notably, career colleges will not be part of this allocation. The allocation to institutions will be based on several criteria, focusing on programs in high-demand areas such as skilled trades, health human resources, STEM, hospitality, and childcare. Institutions are also required to maintain their permit levels from 2023 and ensure international permits do not exceed 55% of their first-year domestic enrolment, with the exception of those in high-demand fields. Special consideration is being given to French-language enrolment, acknowledging the competitive demand for workers proficient in French. This move is aimed at aligning educational offerings with labour market needs while promoting economic growth within Ontario. To apply for a study permit, international students will need a provincial letter of attestation, confirming their acceptance within the allocated permits. This attestation can be obtained from the admissions office of the Ontario postsecondary institution where the student plans to enroll. The Ontario government is also implementing measures to safeguard the well-being of international students. This includes ensuring housing availability, investing over $32 million in mental health support for the 2023-24 academic year, and introducing legislation aimed at enhancing the student experience through improved mental health support and increased fee transparency. In light of changes announced by the federal government in January 2024, international students starting programs at publicly assisted colleges through private partners after May 15, 2024, will not be eligible for post-graduation work permits. These measures reflect Ontario’s proactive approach to adapting its educational system to meet both the needs of its labour market and the aspirations of international students seeking quality education in Canada. 5 Key Takeaways Ontario is allocating 96% of international student study permit applications to publicly assisted colleges and universities to fill in-demand jobs and support economic growth, with specific emphasis on sectors like skilled trades, health human resources, STEM, hospitality, and child care. The initiative ensures that international students are channeled into programs that directly contribute to the province’s economic needs, maintaining a balance between international and domestic enrolments. Recognizing the demand for French-speaking professionals, Ontario is prioritizing French-language enrolment, aligning educational outcomes with the broader labour market requirements. Ontario is committed to improving the international student experience by requiring guaranteed housing options, investing in mental health, and enhancing accountability and support through new legislative measures. Changes announced by the federal government affect eligibility for post-graduation work permits, particularly for students in programs delivered through private partnerships with publicly assisted colleges, starting May 15, 2024. For international students and their families seeking to navigate the complexities of school admission and the study permit application process in Ontario, Worldbridge Immigration Services offers expert guidance and support. Our experienced team is ready to assist you in making informed decisions about your educational journey in Canada. Contact Us: Website: www.theworldbridge.caEmail: info@theworldbridge.caPhone/WhatsApp: +1-416-727-7766Social media: @theworldbridgeHQ Let Worldbridge Immigration Services be your bridge to a successful academic and professional future in Ontario, Canada.Top of Form

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