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The finances of moving...

The finances of moving...

Old Oct 15th 2020, 1:36 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
As for points calculator, we got stopped at the point needing IELTS scores, and since we aren't planning to move for another couple of years we don't want to get the test done, just for it to expire. Do you have any advice for this?
Yes, just guess your IELTS scores for now - assume max points as native speakers. It's only to give you an idea of your score, if you're not scoring enough then you'll need to look at other visa routes. And if you are scoring enough, then I'd recommend you apply sooner rather than later if you can, if you want to move in a couple of years. If you leave it longer then you risk scores increasing, or the immigration system changing completely.

Can't help with the comparable income I'm afraid, the general guide given on the forum is to make sure you'll be earning at least 1.8 times your UK salary in CAD, so if for example you earn £100k in the UK, you'd need at least $180k in Canada to give you a comparable lifestyle. I'd imagine your salaries should be more than enough, but I've no idea what you earn in the UK or how it will compare.

HTH.

Last edited by christmasoompa; Oct 15th 2020 at 2:01 pm.
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Old Oct 19th 2020, 12:11 pm
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Default Re: The finances of moving...

Hi, thanks again for your comments. I ran through the express entry calculator with 9s scores on IELTS for us both, and comes back that we are eligible (yay!). So with your advice to apply sooner rather than later, given that the process takes some time anyway, can you advise on where our money needs to be at the point of putting in an application? We will have a good chunk in equity from selling our home but does this need to be finalized to be included in the details of the application?
Sorry if I'm confusing, obviously this is all very new to us, and I don't want to start the ball rolling and be in too deep too soon. Any information is really appreciated!
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Old Oct 19th 2020, 12:14 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
Hi, thanks again for your comments. I ran through the express entry calculator with 9s scores on IELTS for us both, and comes back that we are eligible (yay!). So with your advice to apply sooner rather than later, given that the process takes some time anyway, can you advise on where our money needs to be at the point of putting in an application? We will have a good chunk in equity from selling our home but does this need to be finalized to be included in the details of the application?
Sorry if I'm confusing, obviously this is all very new to us, and I don't want to start the ball rolling and be in too deep too soon. Any information is really appreciated!
Fab, that means you're eligible to enter the Express Entry pool. But it's a two stage process, once you're in that pool you then need to be scoring enough on the CRS to be in with a chance of being selected and given an Invitation to Apply for PR. So do double check your CRS scores as the next step, you'll need to be scoring approx 460-470 as a minimum as a rough guide. Here's the test (again, just assume max IELTS scores for now etc, it's only to give you an idea of your score) - https://www.cic.gc.ca/english/immigr...d/crs-tool.asp

You would need to show proof of funds when you submit a full application i.e. after you've been selected from the pool and invited to apply. You have 90 days to submit a full application after receiving the invite. So timescales will depend on your score and how quickly you get an invite really.

HTH.
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Old Oct 21st 2020, 2:29 pm
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Default Re: The finances of moving...

So I ran through the CRS with each of us as the lead applicant, I got 445 and the hubby 482, so we would hopefully be eligible to enter the invite pool with his score. We both have basic highschool French, and would happily take on studying it more and taking the French test too for a few extra points if you think this could be helpful?

Am I right in thinking then that we can complete the initial application with just our savings and still have the house, and then when we complete the full application after an invite we need the house to be sold up?
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Old Oct 21st 2020, 2:46 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
So I ran through the CRS with each of us as the lead applicant, I got 445 and the hubby 482, so we would hopefully be eligible to enter the invite pool with his score. We both have basic highschool French, and would happily take on studying it more and taking the French test too for a few extra points if you think this could be helpful?

Am I right in thinking then that we can complete the initial application with just our savings and still have the house, and then when we complete the full application after an invite we need the house to be sold up?
Fab, 482 would be enough to get you an invite so that's good news. I wouldn't bother with French personally if you only have GCSE level, 'basic' French to get you minimum points is about A Level equivalent so it would require quite a lot of extra work, and at 482 it wouldn't be needed anyway.

You don't need to sell the house at all if you don't want to, plenty of people choose to rent it out instead, it's totally your call. There's no requirement to sell it unless you'd need the funds.

Best of luck.
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Old Oct 28th 2020, 1:26 pm
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Default Re: The finances of moving...

Hi, now we have a better understanding of timings and the stages of the application, we are trying to book our IELTS for as soon as possible- can anyone confirm which test we would need to take? I'm thinking General Training, though as we are both in sciences would this need Academic to work 'for a professional organization'? And I think USVI is just if you wish to emmigrate to the UK?
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Old Oct 28th 2020, 2:37 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
Hi, now we have a better understanding of timings and the stages of the application, we are trying to book our IELTS for as soon as possible- can anyone confirm which test we would need to take? I'm thinking General Training, though as we are both in sciences would this need Academic to work 'for a professional organization'? And I think USVI is just if you wish to emmigrate to the UK?
General. https://www.cic.gc.ca/english/helpce...num=998&top=29

HTH.
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Old Nov 2nd 2020, 11:29 am
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Default Re: The finances of moving...

Thank you- we're booked in, now fingers crossed we can actually get to the test! I'll ask COVID nicely
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Old Nov 2nd 2020, 12:25 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
Thank you- we're booked in, now fingers crossed we can actually get to the test! I'll ask COVID nicely
Fab. Good luck with it, don't forget to get your ECA applied for too, as that usually takes longer.
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Old Nov 3rd 2020, 12:01 pm
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Default Re: The finances of moving...

Originally Posted by christmasoompa
Fab. Good luck with it, don't forget to get your ECA applied for too, as that usually takes longer.
Thanks! Do you (anyone!) recommend any particular organisation, there seem to be several options!
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Old Nov 3rd 2020, 5:38 pm
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Default Re: The finances of moving...

Originally Posted by jordanleanne
Thanks! Do you (anyone!) recommend any particular organisation, there seem to be several options!
If it's just for a standard qualification like a degree, then there's really no difference, I'd personally just go with whoever is quickest (usually WES, but check current processing times on their websites).

Good luck.

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Old Feb 1st 2021, 5:38 am
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Default Re: The finances of moving...

Welcome to the forum.
There is a lot of good advice on here. Also use the search function.

Did you use an immigration specialist service?
You don't have to. The key part is giving the information they specifically ask for. Also obtaining the information may take time. So dont wait till you apply. Download the forms. Read through them and make a check list of what you need to get together. This is key. A lot of my immigration delays and in many others were due to this.

Is it worth speaking with an accountant or financial advisor about moving and living costs?
No. Depending where you are moving. You can look up costs of rent. One of the best things to do is depending where you want to move to. Ask on here. but be specific in terms of, how big is your family (age etc). People on here will be able to chime in with costs. For example I am a single male in my early 40's with my own place. My costs are very different vs a family

Did you set up a Canadian bank account before the move?
I used to work in a bank here in Canada. You can open a account, but its not essential. You can do it when you get here. Its not that much of a big deal.

Do we sell up for the equity, or let our house out for an additional source of income?
This depends on a number of factors. You may need to sell due to the type of immigration stream you are coming on. Another question to ask is what is your long term plan? Some people tend to live in Canada and retire in the UK. I have friends that still have their homes on rent.

How do wages compare for a similar job in the UK and Canada (you can only find so much generic averages online)
Its hard to compare. It really varies. I have friends in the police service that make waay more money than they would in the UK. I have a friend in pharmaceutical sales that would make more money in the UK (& he is planning to move back to the UK).
I personally make more money here. I do pay more taxes. But I find there is more opportunity here. Higher standard of living. Food is not as great and cheese is expensive.

Is it more cost effective to buy furniture here and move it with a container, or to buy new once we land?
Leave your electronics. You can move with furniture. I would not. Only move things of heirloom and value. You can buy everything here.

What hidden costs did you come across?
I would not say hidden costs. But there were small details people don't tell you. For example you will need to get a credit card asap. Build your credit. Credit is not everything. But people will tell you it is. It is one factor of four (income, savings, debit and credit score). So you need to get all factors of the four.
Don't get tied into buying a $50k vehicle when you get here (I drive a 2002 Honda CRV for example).
Depending where you are, infrastructure is built around the car. So popping down the road to grab a pint of milk is not the norm. I swap my tires twice a year (summer/snow). But you will learn from the Canadians in terms of clothing and habits.
There are other threads on this. So utilise the search function.
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