Thursday, February 2, 2023

How much does it cost to move to Canada?

Emigration is one of the motivations of Colombians and other citizens of countries in the region that has been increasing in recent years. And although the United States is usually the first choice for many people, Canada is a country sought after by students and those seeking a “quiet” life.

Well, there are several programs to manage the live season, or even to obtain permanent residency in Canada, and depending on which way you want to move to the North American country, the cost varies. Because some do not require you a lot of money, and some others if they require a large amount of money.

Toronto, Canada, one of the country’s great cities. – photo: Getty Images

Entry programs into Canada from Job Calls are those that require less investment money, and according to the regulations of the Government of Canada and the different provinces where they want to reach, workers only need some savings to settle during the first . months or weeks in the country.

However, study programs are usually the most expensive, because in addition to the tuition money at the educational center, it is also necessary to demonstrate money, allowing the student to support himself during the duration of the school program. In spite of everything, this is the most plausible route to obtain permanent residency.

In addition to visa and transportation costs, people who have a guaranteed job offer in Canada must have money to support themselves during the first months, the Government of Canada demands a minimum amount in order to accept the applicant national territory does, This depends on the length of time the person will be in Canada, so if they are a student, they will need to show around C$10,000, and if they are accompanying, the amount goes up.

for work permit, The cost of the procedures is a little over 155 Canadian dollars, Temporary Residence Permit about 200 Can$, Study Permit about 150 Can$, Express Entry Program 1,365 Can$; Among other costs which can be found on the Government of Canada website, the Canadian Embassy in Colombia and other official channels.

Toronto Canada
Toronto, Canada, one of the most desired cities by expatriates. – photo: Getty Images

Canada bans foreigners from buying homes

The Canadian government will prohibit non-resident foreigners from acquiring real estate in the country as an investment. The objective of the measure would be to control the prices of the real estate market.

“Through this legislation, we are taking steps to ensure that homes are owned by Canadians for the benefit of everyone who lives in this country,” Housing Minister Ahmed Hussain said in a statement.

Investors seeking to invest in the North American country to gain economic returns would then be unable to do so.

The ban is not permanent; In principle, it is set for a period of two years.

BBC reports that the median home price in Canada is approximately $77,000About 2,800 million pesos, which is equivalent to a figure 11 times higher than the median family income.

Justin Trudeau Campaign Promise

According to many Canadian politicians, the increase in prices in the real estate market in Canada is due to the participation of foreign buyers, who were responsible for introducing housing supply as an investment option. The regulation was actually a campaign promise by Canadian Prime Minister Justin Trudeau.

“The lure of Canadian homes is attracting speculators, wealthy corporations and foreign investors,” the Trudeau party’s Liberal CA campaign website said last year. “This is creating a real problem of unused and vacant housing, rampant speculation and skyrocketing prices. Houses are for people, not investors.

Canadian Flag (Photo By Tim Krochak / Afp)
Canadian flag (Photo by Tim Krochak / AFP) – photo: AFP

According to the site, the purpose of this rule would be to specifically curtail investments, so if it is someone who plans to stay in Canada in the short term, he or she would be exempt from the prohibition.

This would apply to “a non-recreational residential property in Canada for the next two years, unless the purchase is confirmed to be for future employment or immigration within the next two years.” Explain site.

Similarly, the regulation proposes to raise taxes on “non-resident and non-Canadian owners of vacant and unused dwellings”.

Similarly, for the territories to work to develop a framework in which the purchase of homes by foreigners does not prevent Canadians from accessing homes in the country.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news