Financial condition of Immigrants to Canada - risk factors
A) Student immigration below age 25:Highly Recommended
1) best option is to come on student visa, single status
2) learn Canadian ways, language / accent and easily integrate in the Canadian society
3) easy to get your first job with Canadian degree, licenses, certificates
B) Skilled immigrants category: Not Recommended at all
1) foreign degree, experience not recognised, of no value at all
2) without any Canadian experience very difficult to get job in your professional field
3) language and cultural barriers difficult to overcome as very less opportunity to interact with Canadians on personal levels
4) skilled immigrants normally come to Canada in late 30s and they come under tremendous financial stress as their savings, money they bring to Canada drains out very fast. On an average it takes anywhere between 2-5 years to get job in your own professional field depending upon how the economy , market performing when you first landed in Canada.
5) employability goes down significantly after the age of 45 years, and there are fair enough chances of losing job in mid age. Also, increasing rates of short term disability (due to accidents etc) or critical illness can't be ruled out.
6) many immigrants fall into the trap of huge debt, mortgage when they lose job, and are forced to take survival jobs, which lowers their self esteem and self worth. Often this leads to deterioration in relationships, particularly when the demands of teenage children are not met, they start earning and becoming independent, creating lots of stress in families.
7) Skilled workers coming to Canada in late 30s are having only about 25 years before retirement at age of 65years (as opposed to 40years of work life) and they are most likely would not have sufficient money to lead healthy, stress free retirement life, often they are not debt free at the time of retirement.
In view of above, it is not worth taking risks for the skilled workers who are suitably placed and doing well in their own country or outside country such as Middle East or Africa.
C) Case Study: young family in late 20s or early 30s without children
1) both working at minimum wages, full time (40hours / week), earning 2000 dollars / month each - financially it would be pretty tight unlike what was discussed in the video below
2) accommodation, including utility would not be less than 1400 CAD , groceries 600-700 CAD, transportation -400 CAD , clothing, mobiles, internet, furnishing etc 400 CAD min, no entertainment, no savings, lots of stress at work
3) no progress, no time, no work - life balance, lots of frustration
4) no financial goals realised - home, car, travel, children education
1) best option is to come on student visa, single status
2) learn Canadian ways, language / accent and easily integrate in the Canadian society
3) easy to get your first job with Canadian degree, licenses, certificates
B) Skilled immigrants category: Not Recommended at all
1) foreign degree, experience not recognised, of no value at all
2) without any Canadian experience very difficult to get job in your professional field
3) language and cultural barriers difficult to overcome as very less opportunity to interact with Canadians on personal levels
4) skilled immigrants normally come to Canada in late 30s and they come under tremendous financial stress as their savings, money they bring to Canada drains out very fast. On an average it takes anywhere between 2-5 years to get job in your own professional field depending upon how the economy , market performing when you first landed in Canada.
5) employability goes down significantly after the age of 45 years, and there are fair enough chances of losing job in mid age. Also, increasing rates of short term disability (due to accidents etc) or critical illness can't be ruled out.
6) many immigrants fall into the trap of huge debt, mortgage when they lose job, and are forced to take survival jobs, which lowers their self esteem and self worth. Often this leads to deterioration in relationships, particularly when the demands of teenage children are not met, they start earning and becoming independent, creating lots of stress in families.
7) Skilled workers coming to Canada in late 30s are having only about 25 years before retirement at age of 65years (as opposed to 40years of work life) and they are most likely would not have sufficient money to lead healthy, stress free retirement life, often they are not debt free at the time of retirement.
In view of above, it is not worth taking risks for the skilled workers who are suitably placed and doing well in their own country or outside country such as Middle East or Africa.
C) Case Study: young family in late 20s or early 30s without children
1) both working at minimum wages, full time (40hours / week), earning 2000 dollars / month each - financially it would be pretty tight unlike what was discussed in the video below
2) accommodation, including utility would not be less than 1400 CAD , groceries 600-700 CAD, transportation -400 CAD , clothing, mobiles, internet, furnishing etc 400 CAD min, no entertainment, no savings, lots of stress at work
3) no progress, no time, no work - life balance, lots of frustration
4) no financial goals realised - home, car, travel, children education
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