international student question - hoping someone can help...

[canuck09]

Hi, I'm in third year at a Canadian university, expected to graduate in May 2009. As an international student, I can work in Canada for upto 2 years after graduation if I work outside of Toronto, Montreal and Vancouver. I was hoping to use this opportunity and work in Canada for 2 years after graduation to pay off some student loans as well as save for accounting school. After those 2 years, I wish to apply to accounting school here in Canada. After accounting school, I need to article for at least 2 years to qualify as an accountant. My question is will I be able to reside in Canada and work after I get my accounting qualification? I ask as my understanding is that the 2 year work opportunity is a once-in-a-lifetime opportunity and cannot be used again. In that case, would it be better to work outside of Canada after graduation and then apply for PR?
Anybody with advice and knowledge of international student visas and PR is requested for advice. Thank you!

[Yojimbo]

In my opinion...

You should think carefully before applying from outside Canada. Applying from within will:

a. Fulfill your 1 year working experience that is required for applying.
b. Give you more points for having worked in Canada.
c. Build your professional relations in the country where you want to live.
d. Give you the chance to apply from that new "with in Canada" application thing - which I don't know much about. But surely it will be faster than most countries, especially if you're from one of the countries that have long processing times.
e. Avoid having to come up with the $10,000 proof of funds because you will already have a job.
f. Make you pay interests on those loans while you save to gather your $10,000.
g. Allow you to use your tuition tax credits (which should be a lot) to get more money faster and pay the loan.

So unless the job outside Canada is really, REALLY, worth it, I would think hard before applying from outside.

I was an international student and ended up applying from outside Canada. For me it was worth it, working in Japan for some time was more of a "once in a life time chance" than working in Canada.

However,
-I already had (a) and (b).
-Being here for so long is damaging (c).
-(d) didn't exist at the time.
-(e) and (f) have been a pain in the arse.
-And I can't wait to start working in Canada to (g).
-Posted processing times for Venezuela (where I applied) were faster than US offices (where you would apply from Canada).

Lastly, keep ongoing contact with the International Department of your university. They should be up to date with all that is happening and is going to happen. You should get good info from them.

But I'm also curious to see what other people think.

[thaiguy]

My question is will I be able to reside in Canada and work after I get my accounting qualification?

Keep in mind that the companies that provide chartered acountant training usually give priority to Canadian citizens and permanent residents.  You might find it very difficult to find an employer willing to hire you just for training purposes.

[canuck09]

hi yojimbo, what's this tuition tax credits you referred to? Does it mean that you get refunded by any chance on those huge intl fees if you become a PR? hmm..
thaiguy, that's what I thought as well. I'm hoping to become a PR within 2-3 yrs after graduation and then apply for a training firm.
Thanks a lot for the info guys!!

[Yojimbo]

That's right, you can come back with a vengeance for those tuition fees.

If you're studying in Canada you're probably "deemed resident" for tax purposes*. That also means that you should be getting your T-4s and filing your taxes*. If you threw away your T-4s you can ask for a copy to your university.

Tuition, among many other expenses, can be deducted from your taxes*. Because you're paying around $29 trillion in tuiton fees and, if you're working making about $19 a month, you will accumulate unused tax credits from your tuition deductions. Those unused tax credits will rollover to the next fiscal year, and those you don't use then to then next year, and so on.

So when you graduate you will have a lot of tax credits.

Then you graduate, (hopefully) get a decent paying job, and pay lots of taxes, right? Well, not yet.

Lots of tax credits while working means you: (a) either pay little taxes at your workplace - very un-Canadian; or (b) pay taxes and then get a nice tax return after you file - like a yearly savings plan.

The International Student Department at your university should have more information and help you with this!

Also check the Business faculty, some university allow students help out other students with their taxes to get "business" experience.

*Take some time to read about taxes as a student: http://www.cra-arc.gc.ca/tax/individuals/segments/students/menu-e.html