Canada has become one of the highest choices on the wish list of people who wish to migrate abroad. The reasons for this are the highly sophisticated people of this country and the extraordinary living environment. It had a no. 9 rank on the scale of human development index rankings. It also has a high score on the parameters of civil liberties, economic freedom and education.
As far as education is concerned, Canada also has the most educated of population. Almost 51% of Canada’s adult population has gained a degree from a university. 89% adults have high school/senior-secondary school degrees here, which is quite high as against the average for the rest of the countries as calculated by OECD at 75%.
There are some considerations that any Indian requires to take care of after migrating to Canada which are as follows:
- The first issue before any citizen before he comes to Canada is to find an appropriate place for his accommodation. He can choose between renting a house or an apartment. There are some requirements that have to be followed while renting a property in Canada. These obligations are listed with the Canada migration and housing corporation (CMHC). For example, a prospective landlord will assess your credit worthiness before renting out any property. This way he will be assured that you will be able to pay your rent on time.
- It is a big decision to buy your house and that too in a foreign land. You will have to take a loan while buying a property. For this, it is imperative that you follow some simple steps before taking a loan.
- There are other restrictions on ownership of property for foreign citizens also. It’s important that if you desire for immigration Canada in provinces like British Columbia, New Brunswick, Ontario, Newfoundland, Quebec and Nova Scotia, you spend greater than half a year here, otherwise there are some limitations for holding property in these provinces/territories. Once you have selected a property, you can pick a realtor for yourself. After that an Offer of purchase with a refundable deposit will be drafted on your behalf, and the rest of the payment is made once the sales procedure gets completed.
- Once you have completed the purchase, the transaction costs in this country are quite minimal at 4.7-11% and have to be paid to the buyer’s realtor once the sales procedure is completed. Other costs are a goods and a services tax at 7% and PST (Provincial Sales Tax) of 10%. There are also other taxes like provincial retail sales tax of 8% levied in provinces like New Brunswick, Nova Scotia and Newfoundland. Purchase taxes at the rate of 0.5 to 2% calculated on the property price are also levied.
It’s important to know that a down-payment of 20% is required if you plan to purchase a condominium. But if you plan to declare it as a divided property, that is to be shared by other people apart from you, a down payment of 5% is required.
There are two ways to finance your house in Canada, one is through purchase and the other is through mortgage. It depends on you whether you want to go through the cash route, because it would involve binding a lot of cash. You can arrange for a mortgage loan, which will finance your EMIs.
After migrating to Canada, you will also require a social security number. This number allows you to be a part of several government benefits in this country. This number can be easily accessed once you go to the office of Service Canada. You can also log on to their website, http://www.servicecanada.gc.ca/tbsc-fsco/sc-hme.jsp?lang=fra and locate a Service Canada office near your region.
Gain a driving license in Canada
A valid driving license is required in all the territories of Canada and there are different rules which apply to all of them. For example, there are different learning license classes from Class 7 to a class 1 professional license in the province of Alberta. In the same province, the drivers can also join a graduate driver license (GDL) program once they have cleared the license 5 level.
It’s also necessary to buy a car. You can either purchase a car or get it on lease. The car can also be purchased on a loan if you have the borrowing capacity for it.
Apply for a car loan in Canada
In Canada, when the personal loan is granted for the purchase of a car, there are special provisions in loans for people belonging to different professions. Also, the bank will keep a copy of the loan contract with itself.
Apart from that, the check by the bank is also drawn in the name of the dealer, so that it can be ensured that the loan is used for the purpose of car purchase only and not anything else. Its required because the rate on auto loans in Canada is lower than on personal loans, so they are bound to be used for expenses other than that required for car purchase.
The credit score of an individual is quite an important score in deciding what the interest rate is, which he will receive from the market. It’s also advisable that you opt for a loan from a single dealer. Going for an auto loan to several dealers is reflected on your credit report and hence can damage your credit reputation.
There’s also the concept of open and closed loans in Canada. In the case of open loans, the borrower can pay the loan as early as possible if he wishes to, and any prepayment penalties won’t be levied on him. The borrower can also meet the repayment in lump sum if he decides to do so. So, the borrower has complete flexibility regarding his payments. Borrowers can choose to repay their loan earlier as against the pre-decided repayment terms to receive a tax refund. However, in the case of closed the repayment has to be made as per the terms decided between the borrower and the lender at the time the loan was given.
In Canada, you can get car loans upto the amount of 20,000 to 50,000 dollars. Apart from that car loans are also available on used cars which are as old as seven years.
The variable and fixed rate loans also exist in Canada. The fixed rate interest have a fixed rate of interest associated with them whereas the variable rate interest loans have varying interest rates as per the market rates of interest. Under the latter, the borrower can benefit when the market rates of interest go down because his rates of interest will also decrease accordingly. This will lead to the amortization period (which is the repayment period for a loan) getting decreased accordingly.
Apply for health insurance
The Canadian health insurance is a useful policy for citizens as it helps them in paying for their health care through taxes. But it’s important that the citizens who avail this facility show their health card to whichever clinic they go to. Every province in Canada has a diverse health care plan, so you need to be aware of it. You can get more information from this link, http://www.cic.gc.ca/english/newcomers/after-health.asp about the health insurance plan for which you are eligible.
Registration at an Indian high commission in Canada
Its important to register yourself with the Indian high commission in Canada. This is quite important once you want to hold your existing voting rights in your native country. There are two Indian high commissions in Canada, one in Ottawa and the other in Vancouver, the links of which are given below:
So, these are some of the helpful steps you can follow after getting a citizenship Canada.
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