Benefits We Received in Canada During the Covid-19 Pandemic

Went to a creek near our rental cottage. Looks awesome!

I have been monitoring the Covid-19 pandemic cases online to know how the virus propagated to other countries. Surprisingly, it has spread so fast that it reaches millions in just few months.

Let's have a breakdown of the highest confirmed cases in the world and rank them.

Top 5 Highest Cases
Total World Cases - 2,622,571 confirmed cases

1. United States - 842,319
2. Spain -208,389
3. Italy - 187,327
4. France - 157,125
5. Germany - 150,062

It's an alarming number in United States that it's 4x than the other four countries.  Remember that we were alarmed by Italy when it was the highest? Now, the number is astronomical in USA, a great challenge on their health care.

Meanwhile, I'm also surprised about China, where the number of cases has plateaued. As of this posting, there is a city in China that is under lockdown, here's the news.

There are controversy theories spread online saying the country is hiding something from the public.  Unless proven, it will remain as that.

How about the status in Canada? 
I'm residing in Toronto, one of the biggest city in Canada, where the number of Covid-19 confirmed cases had already reached 41k, 41,650 to be exact, and growing. There are already 2,239 death, where Quebec is the highest with 1,243 people died.

Most of the residents are still staying indoors to help flatten the curve. The whole province of Ontario is in partial lockdown, meaning all non-essential businesses are closed down. To find out about the essential business in Ontario, here is the list.

After two weeks off work, I'm now back in the workforce as I'm included in the list of essential worker. I can now travel to visit customers, though some companies are closed for visitors as one of their policy.

Premier Doug Ford said that it won’t be reopening the province on May 24. They will continuously monitor the situation and will have weekly meetings to address the issue.

When going out to buy groceries or a scheduled visit to the doctor, we always wear mask and practice precautions like washing our hands with sanitizers. But, unfortunately, many are still not wearing mask because it was not set as mandatory from the Ministry of Health.

Our kids are still at home. It's been more than a month now that Canada had closed the school gates. Premier Doug Ford says it will be the last to open if everything is cleared up.  That means our budget for food has changed. Kids are constantly nibbling food so the consumption of our household food has increased. 

We are fortunate that the province had provided us benefits for the kids and me.

What are the Benefits We Received in Canada?
Workers Benefit
For us, workers, who have lost jobs or are off work for over 14 days, are grateful that the Federal government provided us the CERB (Canada Emergency Response Benefit).  It provides $2,000 a month, $500 per week, of benefits for a maximum period of 16 weeks.

Since I was off work for two weeks, I have $1,000 to compensate the no-work-no-pay from my employer.

When I applied for the CERB, the options are in batches of months, but the day I started and ended my "off work" are in both months, so I selected both.

For just three days, we received a direct deposit of $4,000 from the Federal Government of Canada.  I have to return the difference because I only need $1,000 or I will be taxed for the whole amount on next tax season.

Kids Benefit 
The government also had provided us benefits for the kids. We received $200 for our 8-year-old, but haven't received for our newborn yet.  Maybe the birth registration has not been processed, so his name is still not in the system.

Two days after processing, we received the $200 from the Support for Families MSP on direct deposit.

One of the Foundations of the Toronto District Catholic School Board had also provided $50 for each kid who is enrolled in that school. We applied for it and we gonna receive it soon. It will be a great help on our budget

Just recently, the Federal government also announced that College students will receive $1,250 monthly from May to August.

We are fortunate to be in this country and grateful for the benefits we received. So, still no regrets migrating to this beautiful country with a good governance.

Where to Listen?
Apple Podcast - Episode EP166
Spotify - Episode EP166
Google Podcast - Episode 166

Shownotes Links:

Join Us - https://www.memovingtocanada.com

Join Us - https://www.facebook.com/memovingtocanada

Job and Business Options in Ontario Canada

Having a job right after landing is an immigrant primary goal.  It will provide constant cash flow to the family.  Incoming bills like groceries, telephone, apartment rentals, and etc. It’ll be taken care of.

Unfortunately, some newcomers can't find jobs immediately and may result in anxiety and depression.  This is unhealthy for the whole family.  It will cause chaos and eventually leads to the couple's breakup.

This post is to give you insights on how to begin your healthy financial life in Canada.  Here are the options to do that.

Small factories on my way home from work.

Agency Jobs 

Assuming you haven't found any job at the first 3 days.  Go ahead and accept the offer from job agencies.  Even if the pay is minimum, grab it! 

You need to have an employer who will provide you a letter of reference.  It is mostly required in renting an apartment.  Some agencies pay workers in Cash or in Checks, I suggest to get the latter.  Checks come with payslips, which is good as an employment record and can later be used for other purposes.

It’s good to have a salary; minimum is good, while waiting for the perfect job.

Working as an assembler in a faucet company made me confident and motivated in living a new life in Canada.  It somehow removed a bit of my qualms.  Knowing that my family have a constant cash flow, I could sleep well at night.

Part-time jobs are always available in Toronto.  You can work in pizza chains such as this.

Part-time Jobs

If you are now working on a full-time job but the pay is scarce, get a part-time job.  It will provide you an additional income. 

Although part-time jobs help you provide food on the plate, it consumes your quality time with your family.  But with a proper time management with your wife and kids, everything will be in place.

I have a friend who has two jobs working 12 hours a day, one 8-hr full-time job in a factory and 4 hours in Walmart.  Others work for 16 hours per day. Yes, it's unbelievable, but it exists.

I didn’t try to do part time jobs in Walmart or Tim’s.  Time with my kids is limited because I have to take care of them after work.  That’s my part-time job, really.

Business 

How good it is to have your own business in Canada.  You will handle your own time.  You are your own boss. 

Having a business in Canada requires a lot of cash.  There’s an option to borrow money from the bank. For newcomers, no assets or credit history, it’s difficult to get a loan. 

How much do you need? 

Well, depending on the business, you may need a minimum of $50,000 to a million.   You also need to have a feasibility study in order to measure a viable business.  Considering hiring employees? It’s pricy.

If you have the capital as a newcomer, then go ahead build your business.  You can start any business you want.  Start with low initial capital and expand sooner as you get the feel of it.

I was really thinking about it and back when I was in the Philippines.  I have experienced in doing business back then and so was hoping to build one in Canada.  Due to a hefty amount of money involved, I decided to look for other options.

Independent Business in Financial Services

This option is applicable for full-time and part-time workers.  It gives you freedom to do it your way. The reason why it’s called independent is because of doing it without a boss. The opportunity to earn more than the corporate salary is staggering.

Even if you’re working from 9am to 5pm, you still can do the business part-time.  As you grow the business, it will eventually overcome your full-time job salary and eventually quit the job.

Unlike having a business with a high cost of initial capital, this business doesn’t need a lot.  You can start by licensing in the financial regulators and buying office equipments. Being one of the most regulated industry in Canada, which is investments and life protection, it requires you to be licensed in order for you to sell the products.

I was very lucky to have been involved in this business.  It was introduced to me a week after we landed on 2014.  I gained a lot of knowledge regarding financial matters and I‘ve seen the whole picture of Canadian investments.  Net and I are doing this business until now and both are licensed to sell these financial products in Ontario.  

You can email me if you’re interested in this kind of business.

What option to keep?

Whatever you choose in these four types of income opportunity, the most important thing is being happy doing it.  If you’re not, grab another one.

You’re the only one who can control your own destiny wherever you are in Canada. 

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Tax Return Assistance in Mississauga Ontario

Tax Season in Canada is here again. We need to make sure that we pay taxes every year even if you're a new immigrant or doesn't have income for the previous year.

If anyone in Mississauga or near the area needs tax return assistance, this is the place to visit. Even though it is held inside the church, there is no religious activity, it is pure Tax clinic.

Please see the details below.

Please leave questions and clarifications at the comment section below. 

Is this helpful for you? Tick the Like button below.

Why Did I Bring Cash in US Dollar and Not Canadian?

I need to post this subject as it's one of the most important topics for us, new immigrants.

Here's an email sent to me by Ms. S.B.:

"You mentioned in your previous post that you brought cash. Is it in USD or in CAD$? We tried to check with BPI and HSBC but the rate is higher (~php 1 peso)compared to money changer. The only problem with the money changer is that they do not have CAD$ available on hand...

Can you share your experience on this topic? Thanks."

First of all, be careful in exchanging your currency.  If you are not going to a bank, go to a trusted money changer.   Yes, it's true that small-scale money changers have higher exchange rates but the risk is higher.

Anyway, once you find a good money changer, go ahead a compare their rates with the bank.  It's quite difficult though because rates change everyday.  You have to be at two to three banks and money changers in a day. If you have someone that can send you a message regarding the rates, that would be good.

The Exhange Rate?
On 2014, before we packed up for Canada, C$1.00 (Canadian Dollar) has an equivalent of US$0.90 (US Dollar) .  Philippine Peso (PHP) to Canadian Dollar (C$) was also high on that month.

PHP42.00 = C$1.00
PHP45.00 = US$1.00

For a family of 4, I need to have a Proof of Fund that can satisfy the Canadian Officers more than the amount of C$20, 654.  At that time, I need to have the money worth PHP867, 468.   It is also worth US$19,277.06.

I changed my Philippine and Singapore currency to US$22,000++ and brought it to Canada in Cash.

Why I Brought it in Cash Instead of Draft/Cheque?
I brought cash money in US$ and each in US$100.00 denomination. It can fit in a sling bag with a size of 2" thick x 4" width x 5 width.  I like the idea of the sling because it can be strapped like a necklace.

The sling bag was strapped around me for the whole trip.  If you want to get my money, Kill Me First, LOL!  I gave half of it to my wife to lower the risk of loosing everything.  She placed it in her handbag.

It's simple logic, cash is liquid, you can use it anytime.  Compared to cash, bank draft and cheques need more time to liquidate.  Bank drafts are designed for the risk involved during the travel.  Well, you don't count your dollars in public or speak about it during the travel.  If you can minimize the risk, then cash is really the answer.

My post about Bank Draft (How long is the clearing?)...

You need most of the money upon arrival because you need to pay for the house rent, usually has 1 month downpayment and 1 month deposit.  And not only that, there are other expenses like groceries, opening a phone account, housewares, clothings, etc...

The next time you peep in your sling bag, the money will be half thinner.

US and Not Canadian Dollar?
You need a stable currency.  In fact, I'm still holding my settlement funds in US dollar today and use my salary, in Canadian dollars, for my expenses.

For me, US Dollar is so far the most stable currency in the world and is widely accepted.  Most of the airport money changers accepts US Dollar.  If ever we'll be stranded in an airport along our way to Canada, I still can use the currency.

My Decision Was Right!
If I bought Canadian Dollars for my settlement funds that time, it's now worth only PHP702,236 today.  I should have lost PHP165,232 (C$4,859) because of today's exchange rate of PHP34.00 = C$1.00.

Since my money is in US Dollars, I can now buy more Canadian Dollars for my TFSA.

To learn more about TFSA, email me...

Recommendation
Immigrants who are bound to Canada this year can enjoy the benefit of the low exchange rate.  I suggest that you buy Canadian Dollars instead of the US currency.  Here's why...

For a family of 4, you need a minimum settlement fund of C$22,603 and that is only PHP768,502. Compared to our settlement fund, that was PHP867, 468 (C$20, 654).

Given that the Canadian Dollar will rise soon as the market booms and reaches near the value of US Dollar, you'll be richer.

Do you find this as helpful?  Please tick the LIKE button below to boost my motivation.

Canada Child Benefits (CCTB, UCCB): Our Application Experience as FSW

If you had just landed in Canada, you must be aware that there are benefits for your children under the age of 18.

During our first week in Toronto, we immediately sent the child benefits application.  It was helpful for us, especially when we don't have jobs yet to make our cash flow positive. There were many benefits that our child had received, given that our income was at the minimum.

In order for you to receive the corresponding benefit, you need to send an application to the Canada Revenue Agency (CRA).

Who should apply?
The one who's primarily in charge of upbringing and care of the child.  For us, even though we were not yet working during the application, we agreed that my wife will be the applicant. That is usually the case for new immigrant couples.

For the New Immigrants, let me show you the step by step procedure on how to apply for the child benefits.

STEP 1 (Gather the Documents)
Gather all documents to establish your relationship with your child.

1.  Marriage certificate (copy)
2.  Birth certificate (copy)
3.  Copies of the COPR (copy)

This will not be difficult for newcomers as we had all the documents with us upon landing.

Prepare your bank account details.  If CRA fails to send payment to your bank, the benefit will be paid to you by cheque.

STEP 2 (Print the Forms)
Print the necessary documents at the Canada Revenue Agency website as follows:

1. Canada Child Benefits Application RC66
http://www.cra-arc.gc.ca/E/pbg/tf/rc66/README.html

2. Status in Canada / Statement of Income RC66SCH
http://www.cra-arc.gc.ca/E/pbg/tf/rc66sch/README.html

Fill out the necessary details legibly.

STEP 3 (Sending the Application)
1. Place the documents and forms inside an envelope.
2. Mail the completed forms with the supporting documents to the province where you reside.

Click the province below for the mailing address.
Source: http://www.cra-arc.gc.ca/bnfts/ddrss-eng.html

• Alberta
• British Columbia
• Manitoba
• New Brunswick
• Newfoundland and Labrador
• Northwest Territories
• Nova Scotia
• Nunavut
• Ontario
• Prince Edward Island
• Quebec
• Saskatchewan
• Yukon

Where to Mail the forms?
Go to the nearest Canada Post branch.  Before you click the link below, you must know your Zip Code (ex: J2M H2T)

Canada Post Locator

The mail will be delivered to the CRA within 3 days.

STEP 3 (Wait for the Payment)
Once your application is complete and no additional documents needed from the CRA, you will now receive the Child Benefits through your bank account or by cheque.

CRA uses your application to determine if you are eligible for other child benefits.  So, you will receive payments from different branches of the government.

Note:
Don't forget to contact CRA if your status and personal information had changed.

If you have questions regarding my experience in this application, contact me at benalagnam@yahoo.com.  I'll can help you as fast as I can.

Please tick the LIKE button below if this is helpful and Share to new immigrants as well.

How To Prepare For the University Education of our Children in Canada?

There's a list that I found in my Facebook wall, which states the Top 10 Most Expensive Colleges and Universities in Philippines.  I started browsing it and the top most expensive costs around US$9,435 or C$12,671 (P442,067) per year.

The chance of studying in these universities, when Mom & Dad is working with minimum wage is so thin.  Scholarship or having a student loan is possible though.  These were mostly built for elites.

I remembered the cost of my tuition was around PHP36,000 per year (C$1,000).  Luckily, my sister got me a scholarship plan when I was just 7 years old.  Although I had one, we still needed to pay PHP6,000 (C$200) for the miscellaneous fees, which was not covered by the scholarship plan.

You might think that it's a small amount of money, but for my sister, she worked really hard for that.

That's the reason why my monthly allowance was sacrificed.  Imagine having PHP500 (C$14) per month in your pocket.  It made me thrifty when it comes to food. Clothing and entertainment were not in the budget.

Honestly, writing this post made me realize how lucky we are as a family to be here in Canada.  Here's why...

Education in Canada
When we came here, we already had the idea that the government will give allowances for our children and their education is free, but we are not aware of the details behind it.

We enrolled our eldest son (10 years old) to a nearby school and submitted all the requirements. The school registrar encoded it to their system and that's it! He's enrolled already. No tests. No fuzz. No materials to buy as well. It's all FREE and provided by the school.

Since the education is free from Kindergarten till they reach Grade 12, it's also the time we need to save for their University education.

If you're living in a minimum wage, you and your spouse, this is possible with discipline and budgeting especially if your child/children is/are 10 years below. On the other hand, it can be difficult to those who have older kids. That means you have less TIME to save.

No worries, I'll teach you how to do it as we go further down.

What If We Don't Have Enough Time To Save?
Here in Ontario, the government will not leave our kids behind, they made sure that every kid can gain access to College.  They have an option for a student loan.  It is called the Ontario Student Assistance Program (OSAP). 

The program was mainly designed to give financial support to eligible students who don't have enough budget for College.  The program will pay the tuition fees, books, mandatory fees, living costs, and transportation.

In return, students will pay their OSAP debt to the government once they graduate and find their respective jobs.  It's a Study Now & Pay Later type of program.

More details... Ontario Students Assistance Program (OSAP)

Although it is helpful for students, they are bonded with DEBT once they graduate.  They have to pay the loaned amount 6 months after they cease to be a full-time student.

Based on my estimate, which I mentioned in my previous post, University Education in Toronto Canada, an Engineering degree student will pay a total estimate of C$80,000++ 6 months after graduation on the year 2023.  I made this computation to have a glimpse on my eldest son's tuition fee.

One of my friends told me that some students can't bear the burden of paying such amount, they ended up taking their own lives.  I hope it's not always the case and sure there are other reasons for such behavior.

What is RESP in Canada?
Most parents don't want their kids to be burdened by the DEBT from OSAP.  Although it's a great help for our special ones, but we want our kids to have a better future and debt free after graduation.

This way, they will earn money for themselves, save earlier for their future.  It is also advantageous for us parents, we will be complacent when that time comes.

A savings plan was designed by the government to help parents save for the post-secondary education of their kids.  This plan is called the Registered Education Savings Plan or RESP.

Parents can save a certain amount on the RESP every month and the Canadian Government will match-up an additional percentage amount on to it and some grants as well.   As it matures, it grows interest because it's invested.

This is how RESP works:
"

1. A subscriber enters into an RESP contract with the promoter and names one or more beneficiaries under the plan.
2. The subscriber makes contributions to the RESP. Government grants (if applicable) will be paid to the RESP. These grants can be the Canada Education Savings Grant (CESG), Canada Learning Bond (CLB), or any designated provincial education savings program.
3. The promoter of the RESP administers all amounts paid into the RESP. As long as the income stays in the RESP, it is not taxable. The promoter also makes sure payments from the RESP are made according to the terms of the RESP.
4. The promoter can return the subscriber's contributions tax-free.
5. The promoter can make payments to the beneficiary to help finance his or her post-secondary education.
6. The promoter can make accumulated income payments. " Source: http://www.cra-arc.gc.ca

Learn more about RESP, talk to a Licensed Financial Advisor in Ontario...

Where do I get the money for the RESP of my sons?
As promised, I'll teach you how to save and invest the money "I do not own" to my sons' RESP.

We received monthly allowances from the government that was covered by the CCTB and UCCB.  These were:

CCTB - Canada Child Tax Benefit
UCCB - Universal Child Care Benefit

The money that goes into our household were FREE from the government.  It will be used for our kids monthly expenses.  We can now save and invest in the RESP.

A quick summary...

Remember that the benefits were free money from the government. When I invest in the RESP, the government will again, add a percentage of it with some grants.

Isn't it great?  What do you think?

Ask a Licensed Ontario Financial Advisor..

Is this helpful to you? Please LIKE the button below.

University Education For Your Children in Toronto, Canada

Yup, children have free education here in Canada.  But, not all of it are FREE, it's only for the Primary School and Secondary students (4-18 years old).

This is a system that was provided by the government, which they gave ample time for parents to save money for the University education of their children.

The next question is, how much do we need to save and when do we start?

In this post, I'll give you an idea about 
* What you need to know about University tuition?
* How much to save for our children's University education?

How Much are the Tuition Fees for Universities Degrees (2013)
I have done some research about the average tuition fees in Canada and here's the data that I've found from the Statistics Canada as of the year 2013.

Source: http://www.statcan.gc.ca/daily-quotidien/120912/dq120912a-eng.pdf

The data was taken from the school year 2011 to 2013.  It shows the percent change of tuition fees between the school year 2011/2012 and 2012/2013.

As you can see, at the table for Undergraduates, Dentistry (C$16,910 with a rate increase of 5.4%) has the most expensive tuition, while Education has the cheapest (C$4,006 with a rate increase of 5.3%).

With this yearly increase of tuition, with a maximum of 6.8% annually,  we can predict how much would it cost for the tuition fees after 5 or 10 years.

How Much Should I Save?
I always ask my son on what course should he take when he'll be in college. He's still 10 years old now, but he is very serious on getting an Engineering degree.  Well, what I can do is to support him the best that I can.

So, I computed the cost of an Engineering degree 8 years from now, when he turns 18,  with a rate of 6.8% or let's say the worst and the easiest to compute is 10%.

Engineering Tuition 2013 - C$6,552 per year
Rate Increase - 10% per year
Tuition on the year 2023 (my son turns 18) - C$16,994 per year

We also need to consider the miscellaneous fees like books, dorm, etc...

I asked a mother with a son in college.  She explained that the miscellaneous fees would cost her another C$3,000.  There are books that cost about C$800 each.

So, in order for my son to be in the University on 2023, we need an estimate of C$19,994 on the first year.  That would be about C$80, 000++ for the whole Engineering degree.

Are you interested more about Education for your kids in Ontario, Canada?  Email me at (benalagnam@yahoo.com) to get more information about education loans and education savings plans with the help from the government.  There are ways on how to save now and give yourself and your child a worry-free education.

If my post is helpful, please tick the LIKE button below.

Pursuing My Passion In Canada

For the past 10 years,  the dream to be in Canada was just a part of my fantasy.  Now, I had achieved it with my family.  Though there had been hardships along the way, it is now giving me back what I deserve little by little.

One of the best thing that happened to me here was having a good life with a decent job and intact family relationship.

What I haven't mentioned was that I had a very strong passion.  A passion that started way back 3 years ago when I was looking for something to get hold on to for my future investments.  It was only a few browse online, then I found it instantly.  It lured me during that moment and keeps me haunted until now.

It's been 3 years since and finally I got what I wanted most.

What's My Passion?
Precious Metals Stacking...YES, it's my passion. One of my fulfillment and gives me pleasure is when I get to hold a precious metal on my hand. Others will say their passion is all about collecting lots of jewelry, tons of branded shoes, expensive cars, and/or "golden" mansions.  Some would even say, taking care of high-end chicken for cockfighting.

Yes, I'm not kidding on the cockfighting thing. It's my Dad's passion back then.  Even though I grew up feeding these fighter cocks, I had never been passionate to follow my Dad's footstep.

The precious metals were now my THING.

Why the Precious Metals?
Having an entrepreneurial mindset that I got from my parents, I grew up thinking of having something that I can profit for.

I want to combine entrepreneurship and passion so I can live a better life doing two things at the same time.  This is why I became passionate about precious metals.

There were many options that I wanted to invest my money from and I had few of them in my portfolio.

Ever since I stumbled upon the precious metals, I can't get it out of my mind! I'm stuck with it.

One of the reasons of buying the precious metals is because of the value of the currency and inflation.
 The currency that we are using now is a piece of paper with printed faces of government leaders and coins that are made up of 60% less precious metals and mixed with alloys.  These pieces, when kept for a long time, will devalue with inflation.

As we all know, inflation is the increase of good's price against the currency per year.  That means, a kilo of rice today was worth more than the previous years.  It will not stop climbing.  I remembered back then when a kilo of rice was about P3.00 and now it's around P40.00, a 1,233% inflation rate.

So, do I care?  Yes, I need to have a way that can preserve the value of my money today.  This I found in the precious metals.

The price of GOLD for the last 10 years was US$400/oz, now, you can buy it for US$1100/oz.  The price of SILVER, on the other hand, was US$5.00/oz against the present of US$18.00/oz but was US45.00/oz last 2011.  The best advantage of having these things is that it won't rot.  Gold and Silver will remain Au and Ag for the next centuries and beyond.

Coversion: 1 Troy Ounce (Oz) = 31.1034768 gram

You see how the price of precious metals rises if kept for the past 10 years?

In addition to that, Gold and Silver were the only stuff that I know which we can purchase without a GST tax, in Singapore, and HST/GST in Canada.

What Precious Metals to Choose?
At first, I was thinking of having a GOLD to stack.  Then I thought that it was way too expensive for me to invest for the time being.

Since Silver was found to be an important raw material in the electronics industry because of it's lower resistivity properties against Gold, I think that it will be scarce when the next electronic boom will occur.

When I went to Ottawa, I visited the Royal Canadian Mint, where the precious metals were made.  Canada is the only country that can make 99.999% (five 9's) pure silver and gold. Unfortunately, their souvenir store will only sell numismatic coins and not the investment type ones.

Front Door of the Royal Canadian Mint where I bought
my first Pure Silver numismatic coins.

Anyway, I was really struck with the beauty of the metal and I didn't hesitate to buy the numismatic pure silver coin to ease up my craving.

So I bought one coin of the Exploring Canada: 2014 Gold Rush collection and one of the Exploring Canada: 2014 Arctic Expedition.

Each coin is placed inside a red box with a signed certificate and a serial number indicating the coin's number over the total number of coins made. It was nicely packaged inside a carton box designed with the drawings from the coin.

My first collection of pure Silver coin from the
Royal Canadian Mint

I also bought a vial of gold foils in a clear liquid as a souvenir.  It's my first collection of gold.

My next action plan is to buy the investment coins and I'll inform you on my next blog posts.

If you need to know more about Silver and Gold, email me at benalagnam@yahoo.com.  Share your thoughts of physical Silver and Gold investing here.

Settlement Funds: Prepare for FSW Canadian Immigration

When you apply for a Federal Skilled Worker program in Canada, you need to show them that you can survive in their country with a 6-month worth of savings.

This is a practical approach by the Government in order for an applicant not to be dependent from them once they arrive in Canada.

Although the government can help you while you're in Canada, they make sure that you don't risk yourself and your family for a bad situation while you're in their country.

Due to this reason, they require an applicant to show a proof of fund or what is also known as the "Settlement Fund'.

Note: You do not need this if you have an arranged employment in Canada.

What is a Settlement Fund?
A settlement fund is your personal assets, this will be in the form of:

cash

documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or

documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

Source: www.cic.gc.ca

How to Compute for the Settlement Funds?
This is how to compute for the total settlement fund.  You have to subtract all your assets from your liabilities.

ASSETS - LIABILITIES =  TOTAL SETTLEMENT FUNDS

You need to show these values at the form Schedule 3: Economic Classes (IMM 0008 SCHEDULE 3) item #11. 

It should look like this...

How Did I Showed My Proof of Fund?
Since I applied for an FSW on 2007, which was returned by the way, I had already prepared my bank accounts during that time.  My only problem at that time is MONEY, which I needed to accumulate more.

As soon as I went to work in Singapore, I made sure that I have money to put into my bank account every month. When I applied again for an FSW on 2013, I was sure that I'm ready to show my proof of funds.

So, my situation was I had 3 diversified bank accounts in the Philippines and a POSB bank account in Singapore.

I got a house property in the Philippines, which I was paying my mortgage since 2003, I included this as my proof.

This is the summary of what I've submitted to the Canadian Immigration:

1. Three bank certificates in the Philippines
2. One bank certificate from POSB bank in Singapore
3. Two certificate of Policy from my insurance/investment in Singapore and Philippines
4. One copy of my mortgage contract from the house developer stating how much is the total cost of the house and the outstanding balance.

Then I made a summary in a Microsoft Word format, arranged in a tabular form stating my Assets and Liabilities.

I uploaded a sample format for you to download. The description and the amount written there are all fictitious, it's just an example.

How to request a copy and download: Email me at benalagnam@yahoo.com and I will add your email to my google drive and send you a link to the file, so you can access the format.

After you download, you can edit it for your preferences.  This is for your reference only .

What I Submitted in the Canadian Immigration as a Proof of Fund?
I listed down all my personal assets and liabilities in a piece of paper.

Info: In Philippines, the bank requires the requestor to fill up the bank certificate request form and some forms had a section where you need to sign and allow the Canadian Immigration to call the bank for verification purpose.

I requested certificates on each of the three banks in the Philippines and one at the POSB Singapore.

For my insurance,  I gathered the policy certificates from my Insurance in Singapore and asked for another letter from the Philippines.

The house mortgage contract copy was photocopied and certified by an attorney.

All of these bank certificates are original copies and the bank accounts should not be less than 3 months old.  If the copy is not original, asked a lawyer and have it certified as a true copy with their signature in it.

I compiled all of those documents, placed the summary page on top of it and inserted it with my whole application package.

Where to save and invest your Settlement Funds when you arrive in Canada?

Got questions about FSW application to Canada? Register in MM2C Community to download the Proof of Fund Summary. Click the photo below.

Register to MM2C Community

I hope that this can help you with your application.  If you like this post or appreciate the author, please tick the LIKE button below.

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How Much is the Cost of Moving To Canada

Before you apply to migrate to Canada, you have to think not once but ten times.  This is not a decision that you can reset at anytime.  This is a decision not only for YOUR lifetime but your wife and children's lifetime.

Money is the first concern as this is your weapon to survive and be successful in Canada.  This is what I'll be focusing on for this post topic.

Agent's Processing and Do It Yourself Fees
From the day that you decide to apply for the Federal Skilled Worker, the money clock starts to tick.  Whether you avail a service from an immigration agent or do it by yourself, money is still in the picture. 

If you sign up for an immigration agent, like in Singapore, my friend availed their services  and cashed out P60,000 - P98,000 for their processing fee. 

For me, back on 2003, I signed up for an immigration agent and paid 50% (~P25,000) of the total US$1,000 (~P50,0000) processing fee.  The rest is payable upon the receipt of the Canadian Visa.

After paying the agent or just a plain Do It Yourself scheme, you need to start gathering all the required documents as listed in the Canadian Website or from the list that is upfront given to you by the agent.

These documents are not free, so you need to prepare the necessary expenses for it including the transportation and food.  Remember, this will be done by you whether you have an agent or not.

Check my post here about the estimated expenses.

Proof of Funds That You Need To Show
One of the documents that you need to focus are the Bank Certificates and Proof of Assets.  Imagine how dizzy am I collecting four bank certificates because I believe that we should not put all our eggs in one basket.

On my next post, I will tackle this bank certificate issue and proof of assets because this is the most important and difficult to have.

Canada is strict regarding the welfare of their immigrants, they don't want them to enter Canada without having enough money to support themselves within the six months of no job.

To make sure that they have the money, also known as Proof of Funds, Canada requires the applicant to submit their bank certificate and proof of assets with a minimum amount as listed below. 

The amount needed depends on the size of the family.

 It is not necessary that all the amount are in cash,  it also includes the following:

• cash
• documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
• documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

You don't need to show the Proof of Fund if you have an arranged employment in Canada.

How Much is the Processing Fee
You have now the Proof of Funds and is ready to submit the application.  But, the next budget you need to prepare is the Canadian processing fee.

The processing fee, in Canadian Dollar, depends on the quantity and age of the family member.  The table below shows the amount of the fee for each family member according to their age.

Ex:

For me, I'm the principal applicant ($550), my spouse ($550) and my two kids ($150 + $150).  I paid a total of $1,400.00.  It was credited from my credit card as soon as the Canadian Intake Office approves my application for further processing.


You Need to Pay for the Rights of Residency
Now, all documents have been sent to the Central Intake Office at the Nova Scotia, then what's the next budget that you need to prepare?

This is called the Right of Permanent Residence Fee (RPRF), which is asked by the visa officer as soon as your application is approved.  But the good thing here is that you don't need to pay RPRF for your children. 

It's only you and your spouse/common-law partner who will pay ($490 + $490), total of $980.

Medical Check Up for You and Your Family
This is an estimate for your reference only.  Based on one of the hospital in Manila, the following are the rates.

age 0-10yrs - P 2,000 ($47)
age 11-14yrs - P 2,500 ($59)
age 15 up/ Adults - P 5,000 ($117)

Ex: For me, Me and my wife is P 10,000 and for my kids (P2,000 x 2), a total of P14,000 ($326).

Ready to Go To Canada?  How Much is the Plane Ticket?
Good news to Filipinos, Philippines has a direct flight from Manila to Toronto Canada.  This is good because for other airlines, you need to have a transfer flight either Hongkong, Singapore or Korea.

The flight ticket that I've checked with the Philippine airlines was on April 2014.  By the way, as a disclaimer, I don't have any Canadian Visa yet.  I just want to research if ever I have it and is good to share it to you as well.

The estimated price for a one way flight ticket for each person is  $739.  This is direct flight from Manila to Toronto, Canada.  You can also check for rates on other airlines. 

How Much You Need to Spend for Basic Needs in Canada
My sister is in Canada now and she said that the cost of living in Canada is not that expensive as compared with Singapore.

The one bedroom flat will cost around $800 per month, fully furnished.  For the two bedroom flat will cost her $1,100 per month.

The food is also cheap.  For two persons, it will cost them around $200 per month.  I'm not sure of what type of food they eat but at least we have the estimate.

Summarized Cost of Moving to Canada
For a family of 4, Me, my wife and 2 kids... This will be our estimate cost to move to Canada.  I need to prepare more of this starting now. 

The more money you bring to Canada, the higher chance for you and your family to have a good life and to survive the new environment.

A Complete Mind Set
Now we all know the cost of moving to Canada,  its is time to save money starting today.  This is not a decision that you will just take for granted.

This will change your life, may it be better or worse , you need to stick on to your dream and experience it by yourself.

Good Luck!

Please share if you have any other information regarding this post.  Kindly write in the comment section below.