International students financial roadmap

Congratulations on reaching this significant milestone in your academic journey!

As you step into the next chapter of your life as a recent graduate in Canada, it’s essential to equip yourself with the knowledge and tools necessary to navigate the financial landscape of the Great White North.

To guide you through this exciting period, we’ve curated a comprehensive financial roadmap that covers key aspects of post-graduation life.

1. Apply for Work Permit

Your first crucial step is to secure a Post-Graduation Work Permit (PGWP). Depending on the duration of your study, you may be eligible for up to three years of work permit. Initiate the application process promptly to maximize this opportunity, enabling you to gain valuable work experience in Canada.

2. Build a Strong Resume

Navigating the job market as an international student poses unique challenges. Craft a robust resume and cover letter that highlights your skills, experiences, and adaptability.

Attend networking events, connect with professionals, and build confidence in the job application process. A strong professional presence will set you apart in the competitive job market.

3. Get Your Provincial Health Coverage

Your health is paramount, and securing provincial health coverage is crucial.

In Ontario, the Ontario Health Insurance Plan (OHIP) offers comprehensive coverage. Gather the necessary documents, including a valid work permit, a recent job letter, and proof of identity and address, to apply for your health card. For information on health coverage in other provinces, consult the respective provincial websites.

OHIP covers part or all of the following services:

visits to doctors
hospital visits and stays
laboratory testing in community labs or hospitals
medical or surgical abortions
eligible dental surgery in hospital
eligible optometry (eye-health services)
podiatry (foot-health services)
ambulance services
travel for health services if you live in northern Ontario

4. RRSP and FHSA: Save Your Taxes

Address tax concerns by investing in a Registered Retirement Savings Plan and a First Home Savings Account (FHSA). These tax-deferred solutions not only help grow your income but also reduce taxable income. Secure your present while wisely investing in your future financial stability.

A First Home Savings Account (FHSA) is a tax-exempt savings account specifically created to assist prospective homeowners in Canada in saving for the acquisition of an eligible first home. By merging the benefits of both an RRSP and a TFSA, the FHSA offers a deduction that decreases your yearly taxable income while permitting you to earn returns free from taxation.

RRSP stands for Registered Retirement Savings Plan. It is a Canadian government-sponsored investment account designed to help individuals save for their retirement. RRSPs offer tax advantages to encourage Canadians to save for their long-term financial goals, particularly retirement.

5. Parents Visitor Visa and Their Insurance

Invite your parents to share in your Canadian experience by applying for a Parents Visitor Visa. Ensure their well-being by considering emergency medical insurance for their stay. Visit einsured.ca/visitor-to-canada/ for details on emergency medical insurance, covering hospital services, emergency dental treatment, and more.

Emergency Medical benefits up to the amount purchased per insured person provide the following benefits:

Hospital and physician services
Paramedical services
Ambulance transportation
Emergency dental treatment
Preparation and return of mortal remains
Emergency air transportation home
Additional meals and hotel
Visit to bedside if travelling alone
Return your travel companion

Learn more on our website here.

6. Get Your Critical Illness Insurance

Do you know that according to a recent study by Canada.ca, “More than 200,000 patients get infections every year while receiving healthcare in Canada; more than 8,000 of these patients die as a result ”(para 6)

Prepare for unforeseen health challenges by obtaining critical illness insurance. While your provincial health card covers basic healthcare, critical illness insurance assists with additional costs associated with life-altering illnesses. Safeguard your financial well-being in the face of unexpected health issues.

7. Your Personal Life Insurance

Invest in personal life insurance at a young age for lower rates, better coverage, and improved investment options.

You can get your rates as low as $25 a month which is cheaper than the prices you will get when you turn 35. At that age, you may have some pre-existing conditions or deteriorating health, which may make your company add exclusions and/or higher premiums.

Utilize your life insurance as an investment tool, growing cash values over time and providing financial security for your future.

8. US Visa (Optional) – An Exemplary Advantage

Explore North America outside of Canada through a US Visa.

Although optional, you may wish to avail this service to visit the US through their visitor visa.

Visitor visas are nonimmigrant visas for persons who want to enter the United States temporarily for business (visa category B-1), for tourism (visa category B-2), or for a combination of both purposes (B-1/B-2).

9. Get Your Own LLQP License

Interested in making a positive impact on people’s lives? Consider obtaining your Life License Qualification Program (LLQP) license. Join our team to help families while earning income on the side or pursue a full-time career in personal insurance. Contact us to learn more about this exciting opportunity.

Conclusion

Embark on your Canadian journey with confidence, armed with a solid financial roadmap with einsured.ca to navigate the various aspects of post-graduate life. If you have any questions or need further assistance, feel free to reach out to us. Best of luck on your exciting new chapter in Canada!