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Windsor37

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Jul 9, 2020
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I managed to get an unsecured credit card from TD.. they said its because I never had a credit score in Canada.
I have NO credit score when I landed in Canada, but Scotiabank never asked for any money to "secure" the account. Looking back, I do have a job offer, maybe they considered it? Though they didn't give me a high credit limit, only like $1,000. I had to get an employee verification letter to have that raised.

I thought we need to only buy US ETF otherwise tax would be complicated with CAD ETF?
No, but you do have to deal with exchange rates. Even if you keep a US ETF in RRSP, and move to the US, Canada will still take 25% of it.

Let's say you invested in US ETF, and you want to withdraw 1000 USD (1300 CAD), this means you need to pay Canada 25% so 1300 CAD * 0.25 = 325 CAD. But let's say the bank takes a 1% forex fee 3.25 CAD (2.5 USD), so now you're left with 1000 - 252.5= 747.5 USD. Let's say your tax rate in the US when you did this withdrawal is 26%, so you can take advantage of the Canada-US Tax treaty then 26% - 25% = 1% you need to pay this to the US. So 1000 USD * 0.01 = 10 USD, what you get in the end is 746.2 USD - 10 USD = 736.2 USD.

If you invested in CAD ETF, and you want to withdraw 1300 CAD (1000 USD), this mean you need to pay Canada 1300 CAD * 0.25 = 325 CAD, since it's already in CAD you get 975 CAD. Now you want to convert that that 975 CAD to 750 USD, the bank takes a 1% forex fee (7.5 USD) and you end up with 742.5 USD less 10 USD for the tax paid to the US, so you end up with 732.5 USD.

(Assume 1 USD = 1.3 CAD)

This shows that regardless whether you invest in USD or CAD it doesn't matter since you'll be paying taxes to the US and Canada anyway. From a legal perspective it's just a matter of how much do you have to pay the US in terms of USD, and how much do you have to pay Canada in CAD regardless what's the original currency is. You can see in both scenarios you paid Canada, 325 CAD, and the US, 10 USD.

Now there are multitude of reason why you want a USD ETF or CAD ETF. Maybe you can earn USD right from the go through ESPP or RSUs which makes US ETF more appealing, or maybe you just don't want to deal with having to convert CAD to USD when depositing to an RRSP so you want to keep everything in CAD until you withdraw them.

Full disclosure, I am investing nearly all of my portfolio in USD, but not because I'm avoiding future taxes or whatnot, but simply because the US stock market provide better gains. If tomorrow a Canadian startup went IPO that can convincingly provide returns as NVDA had in the few years, you'll bet I'll be putting some money on it.

Btw, how soon can we get a TN visa after applying for citizenship? We wait for the citizenship test and ceremony, and after the ceremony, we wait to get a Canadian passport and that's all? It takes around 1 year after the AOR of citizenship?
Official IRCC numbers say that on average citizenship applications are completed 14 months after receiving the application, test, ceremony, everything. Once you get your citizenship, you can apply for a passport, which takes 20 business days after application has been received.

Requirements for a TN VISA: (1) Canadian passport, (2) a job employment letter from a US based company in compliance with the NAFTA occupation list, (3) Proof that you are qualified to do the job, i.e. employee verification letters, diplomas, transcript, (4) proof of non-immigrant intent i.e. a house or mortgage, financial accounts with substantial value, family members still living in Canada, etc.

Technically you can get a TN visa on the day you get your passport, but because of item (4) you might want to hold out a few months before trying to apply, otherwise the immigration officer might get suspicious. But if you actually have a mortgage or a spouse living in Canada, then by all means that should be enough to satisfy non-immigrant intent.
 

GandiBaat

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Btw, how soon can we get a TN visa after applying for citizenship? We wait for the citizenship test and ceremony, and after the ceremony, we wait to get a Canadian passport and that's all? It takes around 1 year after the AOR of citizenship?
AFAIK, you need to have canadian passport for TN-1.
 

RSub

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I managed to get an unsecured credit card from TD.. they said its because I never had a credit score in Canada.

I thought we need to only buy US ETF otherwise tax would be complicated with CAD ETF?

Btw, how soon can we get a TN visa after applying for citizenship? We wait for the citizenship test and ceremony, and after the ceremony, we wait to get a Canadian passport and that's all? It takes around 1 year after the AOR of citizenship?
You need Canadian passport to get your TN visa.
 

GandiBaat

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Old Medical
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None
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26th September 2021
IELTS Request
Sent with application
File Transfer...
11-01-2022
Med's Request
Not Applicable, Old Meds
Med's Done....
Old Medical
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Not Applicable
Passport Req..
22-02-2022
VISA ISSUED...
22-02-2022
LANDED..........
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Hello, I’m at TD right now and to open a credit card, I need to lock in $500 since I have no income. Is this the account that I need to open to build my credit card? The secure credit card, is it?
Shop around. Ask Scotia, RBC, BMO. Also consider some credit unions. My first account and credit card was from Vancity. Still most of my banking is with them.
 
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abhiram.kumar

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Dec 7, 2018
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Why am I not surprised? A large portion of these international students have come over here to gain a backdoor entry into Canada and now that they cannot stay permanently, they’re behaving like shameless beggars. Public colleges, provincial governments, agents in their home countries, the federal government and these students are equally culpable for this mess. Well, the only good thing is that the gravy train is over and the damage is done. The conservative government has to find a polite way to tell some of these kids that if they’re not qualified for PR, they will have to leave. This is going to be a huge mess.
 
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GandiBaat

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GandiBaat

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Dec 23, 2014
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Old Medical
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Sent with application
File Transfer...
11-01-2022
Med's Request
Not Applicable, Old Meds
Med's Done....
Old Medical
Interview........
Not Applicable
Passport Req..
22-02-2022
VISA ISSUED...
22-02-2022
LANDED..........
24-02-2022
Why am I not surprised? A large portion of these international students have come over here to gain a backdoor entry into Canada and now that they cannot stay permanently, they’re behaving like shameless beggars. Public colleges, provincial governments, agents in their home countries, the federal government and these students are equally culpable for this mess. Well, the only good thing is that the gravy train is over and the damage is done. The conservative government has to find a polite way to tell some of these kids that if they’re not qualified for PR, they will have to leave. This is going to be a huge mess.
o_O

Backdoor entry into Canada????

SP + PGP + CEC is as front door as it gets! At one point, there were CEC only draws for many months! Its the proverbial flagship immigration program. of Canada.
SP + PNP (Provincial graduates) is as front door as it gets! It is the proverbial flagship provincial nomination immigration program of canada!

Canada famously have very very active pathways for Canadian graduated folks to PR.
TR to PR can at worst be thought as a side door because government of Canada only opened it. LOL!

There was no backdoor entry. Canada was admitting students through a WIDE open front door. It was bait and switch. They baited them with shoddy immigration programs like TR to PR and then switched with NoC and french specific draws.

Its quite funny to see how some folks will bend over backwards to absolve main culprit in this sordid affair ie Canadian government! Remember folks, these were not people coming on boats or anything. These were people who were sold dream of PR (fully endrosed by Canadian government by their actions like TR to PR and PR pathways for students) by Canada. Sure as hell those students were suckers and got duped. Canadians were also suckered into accepting literal gangsters due to extremely shoddy vetting and equally shoddy diploma mills.

And no, Conservatives will do damn nothing about it. Canada has a famous policy of leaving their collaborators in sordid affair hanging high and dry. They left their own countrymen so these are just foreign students. They will be stuffed in files and burried in some ottawa office storage and nothing will be done. Its very canadian to not do anything about it and twiddle their thumbs.
 
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RSub

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Its quite evident... Canada was running a diploma mill scam or atleast abetting to it. "Others" "Unspecified" combined is a whooping 700K! Business Commerce and management at 750K? Sure as hell Canada was not training next gen MBA in such droves.
I often take Uber for work, and most of my drivers are immigrants, mainly Indian students. I've talked to many of them, and they all feel disappointed with Canada because it's not what they expected. They struggle to find good jobs, so they end up driving for Uber and doing food pickups. Surprisingly, most of these drivers have studied PGDM in Project Management after their engineering degrees. It's a shame they're not using their Engineering skills. They chose what they thought was the easiest way to move to Canada but now they are in a sorry state.
 
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Lord_Tony

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I often take Uber for work, and most of my drivers are immigrants, mainly Indian students. I've talked to many of them, and they all feel disappointed with Canada because it's not what they expected. They struggle to find good jobs, so they end up driving for Uber and doing food pickups. Surprisingly, most of these drivers have studied PGDM in Project Management after their engineering degrees. It's a shame they're not using their Engineering skills. They chose what they thought was the easiest way to move to Canada but now they are in a sorry state.
Driving Uber doesn't that demand a fairly new car? My educated guess is buying a 4-5-year-old car is not easily affordable to most students at least those from tier3 countries. It will lead to a 25-40k outright cash expense or a 1k a month mortgage not easy for low-income earners.
I apologize in advance for sounding stereotypical, most folks like me who came from tier3 countries had at a young age as these students, all of us had poor driving skills. I feel it is a very bad decision for young students with such poor driving skills to drive cabs.
The worst is vehicle insurance in Canada costs a fortune for most of us, even more for newcomers. This should be another deterrent for any young under 25 newcomer to drive cabs. Somehow in Toronto when I travel to the airport for work I always get African immigrants they are often even older than me when I speak with them. I learn most of these cab drivers have spouses in high-paying niche office jobs (oil and gas, mining..) or healthcare...and these guys drive Uber until they find something better. I am yet to meet young students through.
 
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Windsor37

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I recently watched this in the news, and I find it ridiculous why would immigration look at what kind of "studies" students are taking? After all students are supposed to be just students right? They just want to learn something which may or may not be tied to Canada's labor market, it just so happens that Canada is offering a really good program.

The government on one hand, wanted foreign student's to come here without considering what "degrees" they're studying because those students are paying for the universities which allow Canadian locals (the voters) to get cheap education, relatively speaking. Heck, if Canada didn't have a housing crisis the government would probably still be handing out student visas like popcorn on a movie night. On the other hand, these students are "studying" to get a PR without even considering what they're studying in the first place, and without a clear understanding of what the Canadian job market is, or worse doesn't even have a full understanding on how a Canadian degree will help them get a PR. Which if you think about it, is essentially them trying to take advantage of the Student VISA/PGWP/Express Entry system, but failing miserably because they didn't think the whole thing through.

Personally I don't feel the government is beholden to these students at all; it was very clear that the government looked at the student's ability to pay, and is expecting them to fully foot the tuition without having to work, and with no expectation to work afterwards. Afterall, Canada took them as student's first and expected them to be just students. If they get PR or a good job in Canada afterwards, then it's a bonus -- not a reward for completing the degree.
 

GandiBaat

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Dec 23, 2014
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App. Filed.......
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Doc's Request.
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AOR Received.
26th September 2021
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Sent with application
File Transfer...
11-01-2022
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Med's Done....
Old Medical
Interview........
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Passport Req..
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VISA ISSUED...
22-02-2022
LANDED..........
24-02-2022
Driving Uber doesn't that demand a fairly new car? My educated guess is buying a 4-5-year-old car is not easily affordable to most students at least those from tier3 countries. It will lead to a 25-40k outright cash expense or a 1k a month mortgage not easy for low-income earners.
I apologize in advance for sounding stereotypical, most folks like me who came from tier3 countries had at a young age as these students, all of us had poor driving skills. I feel it is a very bad decision for young students with such poor driving skills to drive cabs.
The worst is vehicle insurance in Canada costs a fortune for most of us, even more for newcomers. This should be another deterrent for any young under 25 newcomer to drive cabs. Somehow in Toronto when I travel to the airport for work I always get African immigrants they are often even older than me when I speak with them. I learn most of these cab drivers have spouses in high-paying niche office jobs (oil and gas, mining..) or healthcare...and these guys drive Uber until they find something better. I am yet to meet young students through.
Good point!

I actually went and asked this to a taxi driver who came like 1 year back. He drives a Toyota. I was under impression that cars are worthless after 2 hundred thousand km on odometer. He told me that these Toyota run fine till 7 hundred thousand km or so. He bought one with 150 thousand km for 7000 dollars or so and thats how his taxi gig started.
 
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iSaidGoodDay

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Feb 3, 2023
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I recently watched this in the news, and I find it ridiculous why would immigration look at what kind of "studies" students are taking? After all students are supposed to be just students right? They just want to learn something which may or may not be tied to Canada's labor market, it just so happens that Canada is offering a really good program.

The government on one hand, wanted foreign student's to come here without considering what "degrees" they're studying because those students are paying for the universities which allow Canadian locals (the voters) to get cheap education, relatively speaking. Heck, if Canada didn't have a housing crisis the government would probably still be handing out student visas like popcorn on a movie night. On the other hand, these students are "studying" to get a PR without even considering what they're studying in the first place, and without a clear understanding of what the Canadian job market is, or worse doesn't even have a full understanding on how a Canadian degree will help them get a PR. Which if you think about it, is essentially them trying to take advantage of the Student VISA/PGWP/Express Entry system, but failing miserably because they didn't think the whole thing through.

Personally I don't feel the government is beholden to these students at all; it was very clear that the government looked at the student's ability to pay, and is expecting them to fully foot the tuition without having to work, and with no expectation to work afterwards. Afterall, Canada took them as student's first and expected them to be just students. If they get PR or a good job in Canada afterwards, then it's a bonus -- not a reward for completing the degree.
Very respectfully, if an immigration minister goes on record to say that they are "cheap labour", "lucrative assets", etc - it makes it empirical that Canada wanted them to be here for things beyond education. I don't see how Canadian govt took them as "students first" if the minister himself wasn't thinking of them as students. We need to discard this narrative now as it has failed the test of time.
 
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Lord_Tony

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Good point!

I actually went and asked this to a taxi driver who came like 1 year back. He drives a Toyota. I was under impression that cars are worthless after 2 hundred thousand km on odometer. He told me that these Toyota run fine till 7 hundred thousand km or so. He bought one with 150 thousand km for 7000 dollars or so and that's how his taxi gig started.
Your answer gives me a good pathway to my woes about buying a large car without burning 70k odd ;) which has kept me shying from stepping into buying a car before I close a house.