Payments

Use of cash continues to decline

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anadians continue to increase their use of credit and debit cards to make both large and small payments, according to a 2019 study by the Bank of Canada. In the past ten years, cash transactions of all kinds have declined from more than half of all payments to just more than a third of all transactions.

The Bank of Canada is Canada’s central bank, and sole issuer of Canadian bank notes, The Bank of Canada surveys Canadians every four years to find out how the nation pays for things.

The declining use of cash is not unique to Canada. Other countries worldwide are also seeing a rise in the use of electronic means of making payments large and small. Cash, however, remains easy to use. Cash is seen as secure, and cash is nearly universally accepted in Canada. For small-value purchases like a cup of coffee or a snack, cash is a popular payment method. In general, worldwide, the lower the value of the transaction, the more likely the buyer and seller will exchange value with cash.

Implications for immigrants to Canada

Cash, however, comes with some serious drawbacks. Using cash doesn’t build your credit rating, which you absolutely need to borrow money, qualify for a mortgage, or get a credit card. While cash itself is secure in that Canadians recognize the look and feel of Canadian currency, which is very difficult to counterfeit, carrying large amounts of cash has always been risky. Cash is not a good way for an employer to pay wages, or for an employee to be paid for work. Employers need to deduct income taxes; Canada Pension Plan contributions; health care premiums and other essentials ‘at source,’ which means you pay them as you go, rather than trying to find money you may have spent when you file your income taxes in Canada each spring.

Workers paid in cash may find out the hard way that they have no record if they need to claim workers’ compensation for a work-related injury.

Many of our clients prefer to pay us in cash. That’s fine. We accept cash. There is no advantage or drawback to you in paying us in cash. We also accept an e-transfer or a cheque.

Tips for good Canadian money management

In your country of origin:

  • Have a bank account. Use it, and deposit your cash in your bank account;
  • Build your credit history by showing that you can responsibly use a credit card, and pay the balance in full each month, or that you can manage a debit card;
  • You’ll need to show you have liquid assets (securities or cash) to come to Canada. Set up a savings account, separate from your chequing account, where you can save money.

Once you land in Canada:

  • Move your banking to Canada. Open a bank account with one of the major Canadian banks. Your employer should directly deposit your wages in your main chequing account;
  • Open a Tax-Free Savings Account (TFSA), and use this registered account to save and invest your money tax-free. You can withdraw and re-contribute the money you have in this account as your circumstances change over the years;
  • Open a Registered Retirement Savings Plan (RRSP), and make annual contributions of whatever you can. This account accumulates income tax-free until you use the funds, ideally after you have retired. Plan never to use this money during your working career;
  • Get and use either (or both of) a debit and a credit card for your purchases. You gain an expense record of what you spend money on, which helps you set and manage a personal budget;
  • Pay your income taxes every year. Filing your income tax return automatically makes you eligible for a wide variety of federal and provincial supports and programs.

Retain and file your financial records. Pay regular attention to how you and your household use money. Canadians generate a formidable trail of payments for the things you must purchase (rent or mortgage; utilities; taxes; transportation; food; clothing and so on) and the discretionary things you spend money on (entertainment, eating out, gifts; etc.). Financial success in a country like Canada is a matter of both increasing your income during your working career, and understanding and managing how you spend money. Keep score, have a plan, you’ll know whether you are winning or losing in the game of life in Canada.

Express Entry Pool

Updated Express Entry info

Express Entry Invitation to Apply
Here’s how you’ll feel if you are issued an Invitation to Apply (ITA) for Permanent Residency in Canada. The key to getting that ITA is to work with us to maximize your score.
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e have updated and expanded our Express Entry information page.  Be sure to either read it for the first time, or re-read it once more. Have you created your profile yet? By creating a profile, individuals are ‘visible’ to the Department of Immigration, Refugees and Citizenship Canada (IRCC) for program-specific draws and regular draws. From this pool of applicants, regular draws invite applicants with the best scores to apply for Permanent Residency in Canada.

Canada’s strong economy, particularly in its heartland of Ontario, makes this path especially attractive  to applicants from the trades and professions; to those with language skills in Canada’s official languages; and to those with family ties to Canada.

This is an especially good time for young, qualified, and motivated individuals who are progressive thinkers to consider coming to Canada. Upper Canada Immigration can assist you in getting into the Express Entry system; help you to maximize your chances; and steer you toward a coveted Invitation to Apply for Permanent Residency if your score has reached the threshold to be drawn. Time works against you. This means if you are serious about coming to Canada, don’t wait that extra year or two before you start the process.

 

Contact Info

Keep up to date with us

Upper Canada Immigration e-newsletter
Be sure to subscribe to our periodic e-newsletter to receive updates on immigration to Canada, and find out when and where our consultants may be in your area for a meeting.
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pper Canada Immigration uses a mail list manager called Mailchimp. It is a powerful tool. It helps us keep in touch with you, and helps us get you specific information quickly. For a list and description of the open source software we use in our business, and which you can use too, click here.

If you don’t receive our e-mail newsletters, you may want to subscribe. If you do receive our e-mail newsletters, you should check to be sure the information we have on you is complete. A few notes for people unsure of what to share with us:

  • We assume we are dealing with serious and honest people whose interest in their future is genuine;
  • To help you, we have a genuine need to know where in the world you live, and how to contact you. Let us know who you are, and where you live. Or, if you receive our newsletter, please spend a few moments checking the information you may have given us earlier;
  • We respect your privacy, and don’t share your information in any way with anyone. Should you no longer wish to hear from us, the contact information you supplied is deleted when you unsubscribe to our e-mail newsletter.

Click here to see our latest e-mail bulletin, correct or update your contact information, or join the list.

Remember, other than you and us, the rest of the world will never see your info. We hope you enjoy our occasional (never too frequent) e-mail newsletters.

 

Visa Lottery Scam

No such thing as a Canadian Visa Lottery

Immigration lottery scam
The Government of Canada has no ‘Visa Lottery.’ There is no such program that enables an applicant to ‘win’ a chance at immigration to Canada.
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ate in 2018, we were still receiving inquiries from individuals all over the globe, and particularly from Africa, about something called a new Canadian Visa Lottery Application that purportedly allows applicants a chance to come to Canada on a permanent resident visa.

I have reviewed the posts and links that people have sent me with Canadian Visa Lottery Application Form 2017/2018 and Canadian Visa Lottery Application Form 2018/2019. This is a scam.

This Canadian Visa Lottery scam is a deliberate attempt to mislead you. It is a fraudulent attempt by certain websites to mislead you, and obtain your personal data, obviously with questionable intent.

Please beware of any posts and websites that tell you there is a chance to ‘win’ permanent residency in Canada through a lottery-type system. The Government of Canada has no such program or initiative.

There are more than 60 programs of the Government of Canadian to facilitate access to Canada, whether for temporary residency, or permanent residency. Additionally, there are special programs, initiatives and pilots that are administered by Canada’s 13 provincial and territorial governments that will allow you, based on their own set of criteria, to legitimately come to Canada.

These, along with a solid and reputable consulting firm like Upper Canada Immigration Consultants, are the only authorities that can provide you a chance to come to Canada. Do not be misled by something that sounds too good to be true, because it likely is just that.

For more information on how you can come legitimately to Canada as a skilled professional, a skilled trade, a visitor, a student, a sponsored family member, or to overcome an immigration hurdle: