Canada’s labour market set a record low unemployment rate
Canada’s labour market set a record low unemployment rate of 5.3% in March 2022, according to Statistics Canada. The improving circumstances of the economy have resulted in average hourly wages going up 3.4 percent year-over-year in March compared with a year-over-year gain of 3.1 percent in February. Canada enjoying one of the world’s top labour recoveries from COVID-19 (by way of comparison, employment in Canada has increased 1.9 percent since February 2020, while in the U.S. it has fallen 1.4 percent). It presents a very exciting opportunity for international students interested in studying in the country. Workers are retiring The more employees retiring, the more job vacancies there will be. People born between 1946 and 1964 are approaching retirement periods within the next decade, and there are approximately 9 million of them in all of Canada. The low birth rate of Canadians means there will not be enough workers to fill these positions and Canada will have to rely on international students. Ambitious decision methods The Canadian Federal Government has adjusted the selection process for immigrants. They recently introduced the Express Entry Comprehensive Ranking System (CRS) which increases the likelihood for international students to fulfill the basic requirements to gain permanent residence and thrive in the Canadian job market. Increase of permanent residents More international students are managing to obtain permanent residence thanks to government efforts; they did reach higher immigration acceptance targets and created more immigration pathways for internationals that are currently in Canada. Canada aims to welcome more than 1.2 million new permanent residents over the next three years. Making it more accessible for immigrants interested in achieving a Canadian residency. Government is more committed to helping newcomers The Canadian government is invested in offering different solutions to attract more immigrants in the future. Immigration, Refugees and Citizenship Canada (IRCC) has spent $2 billion per year on immigration settlement services and language training processes. These processes provide useful information to newcomers in Canada and offer foundational support. These benefits indicate that studying in Canada is proving to be a favourable option for international students. Especially for those who have the financial opportunity to pursue work abroad. Take advantage of the fact that Canada’s labour market set a record low unemployment rate. If you want more detailed information about these developments, check out the article ‘Why immigrants are set to have a bright future in Canada’s labour market’ on the CIC News website. If you have any questions regarding the immigration process, documents needed, how to do to come to Canada, or the access to immigrate by doing a degree, feel free to contact us.
Why should you get a part-time job while studying abroad?
International students are entitled to work part-time jobs (20 hours/week) while studying in Canada. They can work if they want to help pay living expenses and tuition fees. Getting a part-time job even without experience can be hard, but definitely achievable after a few applications in a job search or employment platforms. Sometimes it can be annoying for students to study and work at the same time, and balance it. Even though it takes more of your free time, it is very useful for many reasons depending on the situation. Why should you get a part-time job while studying? Earn extra money As a student, having extra cash is great because it can help you either with your current expenses or with purchases in the future. You can even save money for future investments, emergency funds, or for something better that you need the money for. Learn how to manage money You will learn how much you can spend or save, and how to be more risk-averse with your finances. In the end, is your hard-earn money that we are talking about. Gain work experience Besides getting more money, a part-time job also gives you the chance of getting more first-hand experience. It can help you be ready for the real working world and to get a better-looking resume as well. Just by working, you can acquire all kinds of beneficial skills. If you manage to find a job related to your area of study, you will be ahead of your competition post-graduation, which make help you find a good-paying job faster than others. Build your professional network From the moment you get your first job, you can start building your professional network with all the people you meet daily, your bosses, managers, colleagues, etc. That is a great advantage for your professional career; it can open many doors and even more if you have a great development while working for them. Even though you are not working in an industry that is related to your field of study, you are still gaining some real-world connections for the professional world. Learn to balance your time Having a part-time job while studying, plus doing some extracurricular activities, and enjoying time off for yourself is not easy. But having to deal with many of those things including a job, will teach you how to balance time, be efficient and learn some time management skills along the way. What are the requirements to work part-time as an international student? In Canada, there are certain requirements from the Canadian government that an international student needs to meet before looking for a part-time job. You can work off-campus without a work permit if: Need to be a full-time student at a designated learning institution (DLI) Need to be registered in a post-secondary academic, vocational or professional training program Your study program is at least 6 months long and results in a degree, diploma, or certificate Must already start your studies You have a Social Insurance Number (SIN) If you work part-time, on-campus, or as a co-op student/intern then requirements vary. Please check the Canadian government website for more information. If you want more information on resources and legit websites to find jobs, please go to the article ‘How to find jobs as an international student‘.
How can international students save money while studying abroad?
How can international students save money while studying abroad? That is a hard question for a person in a new country. It is really difficult for an international student to save money and manage finances while being abroad. It takes discipline and control to spend money properly and save it on a monthly basis as well. Living outside of the home country is a big challenge in many aspects for a person; however, many students have gone through the same things and they have proven that is manageable. Saving money is not one of the most fun activities to do as a student, but it is very important to stop worrying about money and live more comfortably. Also, it could help a lot in the long run when you are trying to request loans, student line credits, mortgages, etc. What are the best ways to save money while studying abroad? There are tons of ways that international students can save money but this article will mention the most relevant ones that can help even further students and that might not require as much effort as others. Open a student bank account The best way to start while being in another country is to open a checking and savings account with the bank of your preference. Many banks have great options for students where you do not have to pay a monthly fee to have an account, you can track your expenses through an app, know how much money you are saving monthly, offer reward points that you can accumulate and after a while buy or pay stuff with them. Also, banks make easier the process of having an account and managing throughout online banking and a dedicated app where you can do almost every process, transaction, transfer, etc., that you might have not known of. Besides, if you are interested in opening a credit bank account, banks offer special low-interest rates designed just for students. Look for ways to earn extra income International students have the option to work part-time (24 hours per week) if they want. This is a great way to help the savings you have or money your parents are helping you with. There are many jobs that can help you to earn additional income such as restaurant jobs, babysitting, dog walking, call center jobs, etc. You can apply online on popular websites such as Indeed, Monster, Glassdoor, CareerBuilder, Linkedln jobs, and many more. Also, there are websites where you can complete online surveys that do not affect your 20 hours per week. Not all these websites are verified or that will give you the credit that you earn by answering online surveys. Some of the websites that work are Leger Opinion, Swagbucks, SurveyJunkie and Branded Surveys. Plan a budget Budgeting is a calculated approach that helps to plan and prepare your finances. Working on a monthly budget can help you to understand the bigger picture of your money; in that way, it is easier to make accurate decisions on spending and saving. It can help to make sure that you are not spending more than what you are making, allowing you to plan for current and future goals. For more information about budgeting, please go to the Canadian Government website which provides great information about making a budget, and a budget planner tool where you can calculate and save your budget or you can simply create your own budget manually in a spreadsheet and manage it as you please. Adjust your lifestyle financiallyIf you really need to save money, start organizing the basic necessities and see how to cut off costs. For instance, there are many aspects where you can save money (food, transportation, utilities, study supplies, clothes, etc.). Below you can understand how to save for every one of them. Food – Prepare your own meals without the need of going out and spending money on restaurants Clothing – Buy clothes in a thrift shop or second-hand store at a much lower price Transportation – Start using the buses more often, or use ride-sharing services to decrease rates Utilities – Turn off any unnecessary devices while you are outside of the house or when you are not using them Study supplies – Buy second-hand books online or go to a public library and rent it for free These adjustments go on in many other ways; every time you are doing an activity, check if it is possible to decrease the cost of it. If you want more information about how Acsenda can help you to save money through financial aid or scholarships, please contact us.
