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MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip
Ontarians love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Club Group. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA South Central Ontario (CAA SCO) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.
New approach to help ease poor countries’ debt burden Many face having national credit rating downgraded Aston University expert coins the term the ‘credit rating impasse’ in new book. An Aston University financial regulation expert has suggested a new approach to help ease poor countries’ debt burden. Currently many poorer countries face having their credit rating downgraded if they ask private investors for loans. Dr Daniel Cash, senior lecturer in law and founder of the Credit Rating Research Initiative, has suggested that a temporary change to the way ratings are decided could help these countries avoid a damaging credit rating, which would prevent them borrowing money in the future. His theory is explored in his new book Sovereign Debt Sustainability: Multilateral Debt Treatment and the Credit Rating Impasse. The study details the history of multilateral debt treatment in Africa, whilst also looking at the impact of the pandemic. When vulnerable countries try to negotiate new lending terms with their lenders their credit rating is immediately downgraded, in some cases they could be labelled as in default - failing to repay a loan. Dr Cash calls this situation the ‘credit rating impasse’. To avoid this happening, he argues that other factors should be temporarily taken into account, making it easier for them to borrow money in the future to spend on improvements such as healthcare or infrastructure. The UN has identified 54 developing economies with severe debt problems. While accounting for little more than 3% of the global economy, they represent 18% of the world’s population, and more than 50% of people living in extreme poverty. The book sets out a new framework which could be used to overlie the existing credit rating system. The book suggests considering factors such as ESG (Environmental, Social and Governance) – which indicates a country’s impact on society, the environment, and how transparent and accountable it is. Taking ESG and sustainability factors into account indicates if a nation has the potential to grow while benefiting the environment and communities. Dr Cash said: “The credit rating impasse is a systemic problem, and a cure is needed to prevent the bankruptcy of countries around the world. “Lower-income states are being forced to prioritise debt payments over public spending on healthcare or access to food. “Instead, they should be offered help to enable borrowing to make vital improvements.” The book is free to read via Open Access Book and was funded by the Open Society Foundations (OSF).
MEDIA RELEASE: Ten travel tips Manitobans should consider before flying this summer
Winnipeg MB, July 13, 2022 – CAA Manitoba (CAA MB) has compiled a list of ten things that Manitobans should be aware of if they are considering travelling this summer – both inside and outside the country. “Those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Susan Postma, regional manager, CAA Manitoba. “The checklist for planning a trip has changed and we want to help people navigate this new environment. “Airports are experiencing delays with varying degrees of impact, and Manitobans should be prepared.” Through consultation with its top travel agents, CAA MB has identified ten key considerations that potential travelers may not be aware of. Anyone who is considering travel in the current environment should remember that travel requirements and regulations are continually changing. Expect itinerary changes. CAA Manitoba travel agents say our Members are experiencing schedule changes for flights. Subscribe to the airline’s text message service to be immediately notified of any changes, and book connecting flights with more time in between than you normally would if available. A travel agent is also a valuable resource if this happens. Consider packing a carryon instead of checking luggage. Potential baggage delays mean that your luggage may not arrive with you, or take extra time to be unloaded off the plane. If you bring a carryon, make sure it fits the size requirements for all the airlines you are flying on, and with any tour operators. When using a carryon to travel, you still need to follow the 3-1-1 rule: three ounces of liquid, gel, aerosol, cream or paste that fit in one quart-sized resealable bag. If you are checking luggage, make sure your carryon has your hygiene essentials, any medications and perhaps a change of clothing. It will take longer to get through airport security. The old standby of being at the airport one hour before takeoff for domestic flights and two hours before international flights no longer apply. CAA Manitoba currently recommends a minimum of two hours before domestic flight departures and three hours for international flights. While waiting in line, take off your jacket, belt, and empty your pockets so you’re ready to quickly place your belongings in the scanner. Make sure all your documentation is in order before you book. Your passport should still be valid six months after your travel date, as this is required in several countries. Passports themselves are taking longer than usual to renew, so it should be done several months before you travel. Each destination has varying documentation requirements, so make sure you fully understand what information you need to have ready and in what format. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for situations like denied boarding in the event of a positive test, trip cancellation or delays, what luggage is covered and what isn’t. Car rentals need to be booked months in advance. High demand as well as a shortage of vehicles means a shortage of rental cars. Some rental agencies, particularly on the east and west coasts, are not allowing vehicles to be rented in one city and left in another. A travel agent can help you navigate this. Be patient, be kind. Around the globe, airlines are dealing with staff shortages and luggage handling back-ups. Keep in mind that the staff at the airports are there to help you, and that things may take longer than usual. COVID-19 is still a major consideration. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. Individual travel advisories remain on a country-by-country basis. It is important that Manitobans understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. Stay connected. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans. Find these and more information at caamanitoba.com/travel. Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking.
MEDIA RELEASE: Ten things Manitobans need to know prior to booking travel abroad
Winnipeg, MB, October, 26, 2021 – CAA Manitoba (CAA MB) has compiled a list of ten things that Manitobans should be aware of if they are considering travelling abroad. “Now that the Canadian government is no longer advising against non-essential travel due to COVID-19, those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Kaitlynn Furse, director, corporate communications, CAA Club Group. “The checklist for planning a trip has changed and we want to help people navigate this new environment.” Through consultation with its top travel agents, CAA MB has identified ten key considerations that potential travellers may not be aware of. Anyone who is considering travel in the current environment should make sure they have looked into the following and remember that travel requirements and regulations are continually changing. 1. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. While the Global Affairs Canada Level 3 Travel Advisory to avoid all non-essential travel has been lifted, individual travel advisories do remain on a country-by-country basis. It is important that Canadians understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. 2. Understand the type, timing, cost and accessibility of required COVID testing. Every country has different requirements when it comes to the COVID tests that are needed prior to travel, and every country has different testing capacities once you are there. There are also requirements in order to return to Canada. Make sure you understand the difference between molecular PCR and rapid antigen tests, in what time period tests must be taken, the associated costs and locations where these tests are available. 3. Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking. 4. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for things like denied boarding in the event of a positive test and coverage related to isolation expenses. 5. Prepare required travel documentation and the format it must be presented in, for both Canada and your destination. Canadians returning home should have all required documentation loaded onto the ArriveCAN App or website. Each destination has varying requirements, so make sure you fully understand what information you need to have ready and in what format. Make sure you also take into consideration connections and any requirements in the connecting destination due to lay over or delays. 6. Take note of local public health rules prior to departure. Many destinations have measures in place such as curfews and quarantine requirements. You should also understand what the regulations are if you happen to test positive for COVID-19 in the country you are visiting. 7. Be aware of changes between booking and departure. Make sure you reconfirm all the details that were researched prior to booking, to ensure they are still accurate prior to departure. What was true when a trip was booked may not be the case by the time you are ready to travel. 8. Double check all research with the appropriate embassy or consulate. Travel at this time is complex and many factors can change quickly, so ensuring you have the most up to date and accurate information is essential. 9. Plan for extra time. From disembarkment and customs to retrieving luggage and exiting the airport, most things on the travel journey are taking longer than during preCOVID travel times. Also note the check-in and baggage drop off deadline for your flight as it may require you to arrive earlier than anticipated. 10. Stay connected. Fully unplugging while travelling is likely a thing of the past. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans.
MEDIA RELEASE: Ten travel tips Ontarians should consider before flying this summer
CAA South Central Ontario (CAA SCO) has compiled a list of ten things that Ontarians should be aware of if they are considering travelling this summer – both inside and outside the country. “Those who are considering booking a trip should make sure they understand the scope of what travel looks like at the moment,” said Nadia Matos, manager external communications, CAA SCO. “The checklist for planning a trip has changed and we want to help people navigate this new environment. “Airports are experiencing delays with varying degrees of impact, and Ontarians should be prepared.” Through consultation with its top travel agents, CAA SCO has identified ten key considerations that potential travelers may not be aware of. Anyone who is considering travel in the current environment should remember that travel requirements and regulations are continually changing. Expect itinerary changes. CAA SCO travel agents say our members are experiencing schedule changes for flights. Subscribe to the airline’s text message service to be immediately notified of any changes, and book connecting flights with more time in between than you normally would if available. A travel agent is also a valuable resource if this happens. Consider packing a carryon instead of checking luggage. Potential baggage delays mean that your luggage may not arrive with you or take extra time to be unloaded off the plane. If you bring a carryon, make sure it fits the size requirements for all the airlines you are flying on, and with any tour operators. When using a carryon to travel, you still need to follow the 3-1-1 rule: three ounces of liquid, gel, aerosol, cream or paste that fit in one quart-sized resealable bag. If you are checking luggage, make sure your carryon has your hygiene essentials, any medications, and a change of clothing. Expect longer wait times at the airport. The old standby of being at the airport one hour before takeoff for domestic flights and two hours before international flights no longer apply. CAA currently recommends arriving at the airport a minimum of two hours before domestic flight departures and at least three hours for international flights. Make sure all your documentation is in order before you book. Your passport should still be valid six months after your travel date, as this is required in several countries. Passports themselves are taking longer than usual to renew, so it should be done several months before you travel. Each destination has varying documentation requirements, so make sure you fully understand what information you need to have ready and in what format. Buy travel insurance and understand what is covered. Make sure you have $5 million in coverage for emergency medical situations and that illness related to COVID-19 is included. Understand your entitlements for situations like denied boarding in the event of a positive test, trip cancellation or delays, what luggage is covered and what isn’t. Car rentals need to be booked months in advance. High demand as well as a shortage of vehicles means a shortage of rental cars. Some rental agencies, particularly on the east and west coasts, are not allowing vehicles to be rented in one city and left in another. A travel agent can help you navigate this. COVID-19 is still a major consideration. Confirm the COVID-19 situation at destination prior to booking. Understand the risk level associated with travel to a particular destination by checking the Government of Canada Travel Advice and Advisories website. Individual travel advisories remain on a country-by-country basis. It is important that Ontarians understand the ongoing uncertainty associated with international travel, whether that be related to the continued community transmission of COVID-19, or state of health care systems in destinations hit hard by the pandemic. Canadians returning home must have all required documentation loaded onto the ArriveCAN App or website. Stay connected. It is important to have access to trusted, up-to-date information while travelling so you can monitor changing conditions and requirements and adapt accordingly. Bookmark the Global Affairs Canada website prior to departure and check it regularly while abroad. It is also a good idea to sign up for Registration of Canadians Abroad and stay in touch with a family or friend that has knowledge of your travel plans. Find these and more information at www.caasco.com/travel Confirm change and cancellation flexibility with your travel service provider. Many airlines and hotels have been providing more flexibility when it comes to refunds and changes to bookings. Make sure you understand any key dates related to cancellation and changes and whether you are entitled to a refund or a future travel voucher or credit at the time of booking. Be patient, be kind. Around the globe, airlines are dealing with staff shortages and luggage handling back-ups. Keep in mind that the staff at the airports are there to help you, and that things may take longer than usual.
Expert Says Financial Technologies Can Help Address Climate Change
“Financial technologies offer great promise to tackle climate change and provide pathways for developing sustainable economies and lifestyles,” says Aparna Gupta, a professor of quantitative finance at Rensselaer Polytechnic Institute and co-director of the Center for Research toward Advancing Financial Technologies (CRAFT), the first-ever fintech research center backed by the National Science Foundation. CRAFT brings together industry partners and policy makers to conduct research that is relevant for industry and has potential for commercialization. Dr. Gupta says that blockchain technologies combined with smart contracts and Internet of Things (IoT) devices are set to transform property and casualty insurance that is subject to increasing threats from climate change. Similarly, distributed ledger technologies can be utilized for issuing innovative climate finance securities, such as green bonds and climate derivatives, by facilitating traceable, transparent, and standardized transactions. Regulatory readiness to support blockchain-enabled green bonds and other climate finance securities issuance is underway across the globe. Climate fintech is also set to play a pivotal role in increasing renewable power generation and accelerating the transition to clean energy, according to Dr. Gupta. Digital lending platforms use crowdsourcing models to provide debt financing for residential solar energy systems. Climate-conscious consumers can make spending decisions that minimize their carbon footprint through solutions such as using a credit card that allows them to round up their purchases and use the change for planting trees. In the investment management and advisory space, there is a growing recognition of the need for environmentally sustainable investing. Responding to this need, fintech startups are offering platforms for clean energy investments and enabling investors to construct low-carbon-impact financial portfolios. “Financial technologies innovations are poised to transform almost all aspects of financial services, and in doing so, offer great opportunities to address climate change challenges,” Dr. Gupta says. In addition to her leadership in fintech, Dr. Gupta is at the helm of a team of financial and renewable energy experts developing risk management tools to incorporate renewable energy into the energy market. They will set and standardize risk factors to make it easier for this critical industry to be both productive for investors and creators and systematized for users, similar to the rating system created for the bond market. Dr. Gupta also serves on the Climate Risk Working Group of the Financial Risk Manager Advisory Committee for the Global Association of Risk Professionals tasked with identifying the important climate issues for the training of future global risk professionals. Dr. Gupta is among the many experts and researchers at Rensselaer available to speak on this topic.
It Works on TV - Do Property Rehabs Drive Up Prices in Surrounding Neighborhoods?
When a house is distressed, the negative impact tends to ricochet around its surrounding neighborhood. Distressed homes (e.g. foreclosures) can significantly bring down the value of other homes in the area, as these properties are often poorly maintained and then typically sold at discounted prices In the past, and particularly in the wake of the 2008 subprime crisis, federal and local governments sought to mitigate this negative effect by incentivizing the rehabilitation of distressed properties through programs like the Neighborhood Stabilization Program (NSP). Until now, there has been some skepticism as to whether or not these kinds of initiatives actually work. New research by Goizueta Foundation Term Associate Professor of Finance Gonzalo Maturana and Goizueta’s Assistant Professor of Finance Rohan Ganduri might change the narrative definitively. They have analyzed new data that shows that rehabilitation projects not only help to stabilize housing prices in affected neighborhoods but can also actually increase the value of neighboring properties by as much as four percentage points. Using highly robust, non-parametric statistical analysis methods, Maturana and Ganduri parsed more than 10 years of information on rehabilitated property transactions and real estate prices across the United States. The effect of renovating dilapidated or derelict houses in these areas pushes prices up between 2.3 and four percentage points in their surrounding blocks, they find. And that’s not all. While the average amount spent by authorities on these renovations comes in at roughly $36,000, their study estimates a societal welfare gain of $134,000 per rehabilitated property—almost four times the cost of the rehabilitation. These insights should provide interesting food for thought for the U.S. Congress and local governments, Maturana notes. After the housing crash in 2008, Congress allocated $6.9 billion in funding to the NSP to help stabilize communities affected by high vacancy and foreclosure rates, but the Department of Housing and Urban Development didn’t find any positive impact on local housing markets at the time. “Our findings suggest that rehabilitation projects do drive a positive uptick in prices that can help revitalize distressed neighborhoods,” says Maturana. “And they provide very timely support for policy interventions, such as President Biden’s infrastructure spending program which proposes an allocation of $20 billion to rehabilitate 500,000 single-family homes in low-income neighborhoods in the United States.” With the current economy facing some uncertain times - this is a topic that is important for everyone. And if you're a reporter looking to know more then let us help. Gonzalo Maturana is an associate professor of finance at the Goizueta Business School. He is an expert in the areas of corporate, household and real estate finance. Rohan Ganduri's research interests include banking, credit risk, real estate, household finance, and corporate finance. Both Gonzalo and Rohan are available to speak to media regarding this topic – simply click on either icon now to arrange an interview today.
Photo Credit: Sandy Nicholson / FUZE Reps Longing for your next adventure? Look no further because CAA South Central Ontario (CAA SCO) has unveiled a new set of luxurious travel packages designed for travellers who are ready to embark on an iconic Canadian adventure. As part of each package, travellers will be flying on a CAA chartered jet with all business class seating, offered in partnership with Air Canada. They will be joined only by those travelling on a Premier Collection tour. Itineraries are curated with affordable luxury in mind. “Our research has shown us that Canadians are looking to experience travel in a more intimate setting and at this time, are still looking to stay closer to home,” said Susan Postma, Regional Manager, CAA. “By coupling the best of Canadian culture, food and heritage, with the safety and luxury of travelling on a CAA chartered plane, we are confident that these packages will give travellers a delightful option to start exploring again.” Travellers will rediscover the nation’s greatest sights, sounds and smells on one of five journeys showcasing Canada’s unforgettable wonders and hidden gems. “For many of us, travelling again for the first time is a momentous occasion and we wanted to make that extra special by cultivating a premium experience with the utmost attention to health and safety,” said Postma. “Each destination encourages travellers to immerse themselves in every moment and create lasting memories.” Packages feature everything from stargazing to whale watching; enjoying a pancake brunch on a maple farm to World Famous “Digby Scallops” in Nova Scotia; witnessing the highest tides in the world in New Brunswick to taking in Quebec’s most breathtaking waterfall and many more unique experiences in between. “We are very pleased that CAA is recognizing our superior customer service in choosing Air Canada for its unique, luxury travel packages. Our private charter service, Air Canada Jetz, is specially designed for ultra-premium customers, such as pro athletes, celebrities and music stars, ensuring CAA’s explorers will travel in extraordinary style wherever their adventure takes them,” said Eric Bordeleau, senior director, Network Scheduling and Charters at Air Canada. Tours and dates include: Glorious Lakes and Glaciers: Banff, Jasper and Beyond (August 13-20, 2022) – 8 Days Savour Quebec: A Culinary Journey Through Quebec City, Charlevoix and Montreal (August 15 – 24, 2022) – 10 Days Rich and Enticing Quebec: Explore the Spectacular Gaspé Peninsula (August 15 – 24, 2022) – 10 Days Magical Maritimes: Acadian Culture, Delicious Flavours and Historic Charms (September 10-19, 2022) – 10 Days Platinum Journey - Mountains and Memories: Wonders of the West and Rocky Mountaineer (September 13-21, 2022) – 9 Days CAA Travel has over 50 years of experience in helping members plan and book unforgettable travel excursions around the world. CAA’s new Premier Tours Collection packages are part of CAA’s Extraordinary Explorations collection and range in price starting at $6,300 CDN. Extraordinary Explorations is CAA’s collection of unique travel adventures designed for adventurous travellers looking to embark on a luxe vacation for an affordable price. Experience one-of-a-kind destinations, intriguing itineraries and exceptional excursions. Available as escorted and hosted packages, every exploration is guaranteed to create lasting memories. The 2022 Premier Collection packages can be purchased at all CAA stores or by phone at 1-844-202-8045. Click here for more information.
Scholarship opportunities for international students in Canada
Pursuing a university or college education in Canada can open many career doors, but unfortunately tuition usually doesn’t come cheap. Tuition fees alone can cost tens of thousands of dollars per year, depending on your school and program of choice. In addition, international students in Canada spend anywhere between $27,000 CAD and $64,000 CAD per year on living expenses. Luckily, there are many fully-funded scholarships available to help international students manage the costs of a post-secondary education in Canada. To get you started, we’ve compiled a list of some of the top scholarships for newcomers that can help you achieve your academic goals in 2022 and beyond. It’s important to note that the application process and deadlines for the various scholarship options vary. For scholarships that are offered by universities or colleges, you’ll usually only be able to apply after you’ve been accepted into a study program. In some cases, you may be automatically considered for scholarships based on your academic or extracurricular achievements, without having to submit a separate application. For graduate-level scholarships awarded by schools, you may also need to be recommended or selected by your department. Be sure to keep track of the scholarships you’re planning to apply for, so you don’t miss out on application deadlines. Undergraduate scholarships for international students Lester B. Pearson International Scholarships This scholarship program at the University of Toronto assists international students who’ve demonstrated significant academic potential, creativity, and leadership. Around 37 international students receive this scholarship each year. Eligibility: You must be an international student (a non-Canadian who requires a study permit), currently in your final year of secondary school or have graduated no earlier than June 2021, and begin your studies at the University of Toronto in September 2022. What it covers: Tuition, books, incidental fees, and full residence support for four years. Deadline to apply: January 17, 2022 Other criteria: To become a Lester B. Pearson Scholar, you must be nominated by your school and apply to undergraduate studies at the University of Toronto. For more information on the application process, visit the Lester B. Pearson International Scholarships webpage. University of British Columbia International Scholars Program These scholarships are distributed based on both merit and need. UBC offers fifty scholarships each academic year, spread across four categories: the Karen McKellin International Leader of Tomorrow Award, the Donald A. Wehrung International Student Award, the International Impact Award, and the Vantage One Excellence Award. Eligibility: You must be an international student on a Canadian study permit entering UBC from a recognized secondary school or transferring from your first year at another college or university. You must have graduated from high school no earlier than June 2021 and be applying for your first undergraduate degree. In addition, you must demonstrate a level of financial need that would otherwise prevent you from pursuing a degree at UBC. What it covers: Awards are based on need, with the university dedicating approximately $10 million CAD a year to the fifty recipients in the program. Recipients also gain access to unique learning opportunities, annual retreats, dedicated advisors, and more. Deadline to apply: December 1, 2021 Other criteria: You only submit one application and don’t choose which award you’d like to receive. Rather, UBC will automatically consider you for all awards you’re eligible for. For more information on the application process, visit the UBC’s International Scholars Program webpage. Carleton Entrance Awards for International Students This program awards international students entering their first year of study at Carleton University with a record of high academic achievement. Eligibility: You must be admitted to Carleton with an average of 80 per cent or higher in high school, as well as meet the university’s language requirements. What it covers: Award amounts vary based on your grade average, but begin at a total of $4,000 CAD ($1,000 x four years) and go up to $16,000 CAD ($4,000 x four years) for the 2022 academic year. Deadline to apply: No separate application required. If you’ve been admitted to Carleton, you’ll automatically be considered for a scholarship. Other criteria: Scholarship value is calculated on your grade average at time of admission and won’t be recalculated based on your final marks. For more information, visit the Carleton’s Entrance Awards for International Students webpage. University of Calgary International Entrance Scholarship This program awards international students beginning their studies at the University of Calgary who have a track record of stellar accomplishments inside and outside the classroom. Currently, this scholarship is awarded two students each year, based on merit. Eligibility: You must be an international student registered full-time in an undergraduate degree program at the University of Calgary that commences in the Fall 2022 term. You must be a new student and present a minimum GPA of 3.20. You also must meet the university’s English Language Proficiency requirement. What it covers: The scholarship is $15,000 CAD, renewable annually in the second, third and fourth years at the University of Calgary, provided you achieve a GPA of 2.60 or more over a minimum of 24.00 units in the previous fall and winter terms. The total award amount is $60,000 CAD. Deadline to apply: December 1, 2021. You can apply for scholarships directly through the UCalgary portal. For more information, visit the University of Calgary’s International Entrance Scholarship webpage. Humber International Entrance Scholarships This program helps new international students enrolled in Graduate Certificate, Diploma, and Advanced Diploma programs at Humber College achieve their academic goals. This scholarship is awarded to ten undergraduate and ten graduate students each year. Eligibility: You must be enrolling at Humber College directly from a recognized secondary school, be a non-transfer student, and have a minimum final admission average of 85 per cent. In addition, you’ll need a 6.5+ score in IELTS (or equivalent) to qualify. What it covers: $2,000 CAD, over the first two semesters of your study Deadline to apply: September intake: the last day of May prior to Fall semester. January intake: the last day of September prior to Winter semester. May intake: the last day of January prior to Spring/Summer semester Other criteria: Even if you receive this scholarship, you’ll still have to pay the full tuition amount up front. The scholarship amount will be credited to your account after the tenth day of classes. In order to be eligible, you’ll need to provide the following: Your Humber Student ID number Confirmed Letter of Acceptance from Humber College for full-time program commencing in the appropriate Semester Personal statement of interest, including your Grade Point Average 2 reference letters Humber College also offers Bachelor’s Degree scholarships to all meritorious international students coming directly from high school with a grade of 75 per cent and above. If you qualify, you’ll automatically be awarded the scholarship without filing a separate application. For more information, visit the Humber International Entrance Scholarships webpage. Graduate scholarships for international students University of Manitoba Graduate Fellowship This program awards more than $2 million each year to full-time masters and PhD students at the University of Manitoba who have a history of academic excellence. Eligibility: All students accepted into these programs without provisions are welcome to apply, regardless of citizenship, given they have a minimum GPA of 3.0 at the time of admission. What it covers: UMGF master’s awards are valued at $14,000 CAD per year for 12 or 24 months, for up to a total of $28,000 CAD. UMGF doctoral awards are valued at $18,000 CAD per year for 12, 24, 36, or 48 months, for up to a total of $72,000 CAD. Deadline to apply: Students must be recommended by their department or unit to the Faculty of Graduate Studies for a UMGF. Consult your department for information on the application process and deadline. For more information, visit the University of Manitoba Graduate Fellowships webpage. Waterloo International Master’s Award of Excellence This scholarship recognizes international students who wish to undertake research-based Masters degree programs at the University of Waterloo. Eligibility: Applicants must be international students with a valid Canadian study permit who are registered full time. The scholarship is awarded to Masters degree students in research-based programs, and only students entering the first term of their program are eligible. Additional academic criteria will be decided upon by the faculty and you must not have any outstanding academic or probation issues. What it covers: The scholarship award is valued at $2,500 CAD per term for a maximum of five terms. Deadline to apply: You’ll be automatically considered for this scholarship with the submission of your regular application. The application deadline for most Masters programs commencing September 2022 fall within January to February 2022. For more information, visit the Waterloo International Master’s Award of Excellence webpage. Pierre Elliott Trudeau Leadership Scholarships This three-year scholarship program provides funding and other opportunities to twelve full-time doctoral students, and is not tied to one specific learning institution. Eligibility: Non-Canadians can be either permanent residents or foreign nationals enrolled in a doctoral program at a recognized Canadian institution. Field of study should be related to the humanities or human sciences with direct relevance to Canada’s future. You must already be accepted into years one or two of a doctoral program and expected to complete your studies by 2025. What it covers: Up to $40,000 CAD per year for three years to cover tuition and reasonable living expenses to focus on their doctoral studies and the Foundation’s leadership program. Additionally, up to $20,000 CAD per year for three years, for the learning of languages, for travel and accommodations for the Foundation’s leadership program, and for research, networking, and travel related to their doctoral research. There will also be access to opportunities to acquire greater proficiency in Canada’s official languages (French and English) as well as Indigenous languages. Deadline to apply: December 21, 2021 at 5 p.m. EST Other criteria: The selection process is a rigorous one involving multiple rounds of interviews. If successful, you’ll be expected to participate in and organize activities related to the Foundation outside your normal course of study. For more information, visit the Trudeau Leadership Scholarships webpage. Ontario Graduate Scholarship (OGS) This scholarship recognizes students enrolled in graduate studies at 19 publicly-funded Ontario universities, including the University of Toronto, University of Guelph, McMaster University, University of Ottawa, Queen’s University, Ryerson University, University of Waterloo, Western University, and York University. Each award is jointly funded by the Province of Ontario (two thirds) and the school offering the award (one third). Eligibility: International students who are studying or plan to study a full-time graduate program (master’s or doctoral level) at one of the 19 participating universities in Ontario under a valid temporary resident visa (student study permit) are eligible for OGS awards (valid study permits must be effective as of the graduate units’ OGS international application deadline). Currently registered international graduate students who have not yet been able to obtain a study permit due to COVID-19 circumstances are also temporarily eligible to apply. Applications are assessed on merit and must meet the criteria set by the participating schools. What it covers: The value of the OGS is $5,000 CAD per term. Thus, awardees may receive $10,000 CAD for two consecutive terms or $15,000 CAD for three consecutive terms. Deadline to apply: Date will be set by your graduate department or unit, who will then forward selected applications to OGS for final consideration. Other criteria: Applicants must submit an OGS application to their proposed graduate unit using their school’s centralized OGS application portal. If you’re applying to multiple participating schools, you’ll need to submit a different OGS application for each school. For more information, visit the Ontario Graduate Scholarships webpage. Where to find more information about scholarships for international students in Canada This list of scholarships is by no means comprehensive, so make sure to do your own research and see what else is out there! Start by checking if your academic institution offers any international student scholarships that you qualify for. You may also be eligible for program-specific or independent scholarships to fulfill your dream of studying in Canada. Educanada, studentawards.ca and scholarshipscanada.com are great resources to help you get started. Other ways to fund your university or college education in Canada While scholarships are a helpful tool, they’re far from the only way to fund a post-secondary education in Canada. Even if you do receive a scholarship, it may have to be supplemented with other sources. As an international student, you may be able to rely on student loans or lines of credit to fund your education in Canada. You may also qualify for student grants or bursaries that are offered by universities, colleges, and other organizations. Alternatively, many international students choose to work while studying to cover their living expenses in Canada. As an international student, studying in Canada can be expensive. However, the Canadian government and universities offer many scholarships to help international students achieve their academic goals. This resource will provide you with a starting point to research scholarship options to fund your education in Canada. Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now.
How to choose the best Canadian bank account as a newcomer
During your first few days as a newcomer in Canada, you will need to complete certain tasks to set the foundation for your long-term financial success. Opening a bank account and applying for a credit card should be a top priority on your list. The Canadian banking industry is large and you’ll have many options to choose from. However, newcomers to Canada have distinct financial needs and not all products will be well-suited to your requirements. Typically, you should start researching banking options in Canada several weeks before your arrival to avoid delays in the bank account opening process. This article will give you an overview of banks and banking products in Canada and some essential tips on choosing the best bank account and credit card for you. Banking options in Canada Most newcomers opt for one of the “Big Five” banks, given their size and presence across the country. By market capitalization, these include Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). These banks have both a physical and a digital presence. For instance, RBC has 1,201 branches and 4,240 ATMs across Canada, as well as easy-to-use online, mobile, and phone banking options. In addition to the traditional banks, Canada also has a few digital-only banks, such as Tangerine, EQ Bank, Motusbank, and Simplii Financial. These banks also offer financial products, but may not have the full range of services that larger banks offer. Types of bank accounts There are two main types of bank accounts in Canada that serve distinct purposes: Chequing account: Your chequing account is an essential basic account. This is where you keep money that you’ll use for daily transactions, making purchases, and all of your recurring expenses. Typically, with your chequing account, you’ll earn a low or no yearly interest rate on deposits. You may also get a debit card to access this account. Savings account: A savings account is a high-interest account to help you save money over the longer term. This account is not intended for regular, everyday spending transactions. It’s ideal for money that you won’t need daily access to and can set aside as savings for an emergency fund or longer-term needs. Things to keep in mind while choosing a banking partner With all the choices available to you, selecting a banking partner that’s right for your financial needs can be confusing. As this is a crucial decision to make, there are many factors you’ll need to keep in mind to ensure your bank meets your needs. Does the bank have specialized accounts or offers for newcomers or international students? Whether you’re coming to Canada as a permanent resident or an international student, your financial needs as a newcomer will be different from those of residents who’ve been here longer and don’t have financial ties abroad. Some of the larger banks, like RBC, have distinct newcomer banking products that are specially designed to meet your requirements. Does the bank have branches or ATMs near you? Also, look at the overall presence of the banking partner to determine whether you’ll have easy access to your money. You can use the branch locator on the bank’s website to find branches or ATMs close to your home or workplace. Do they have a good reputation of service and does their mission align with your interests? Be sure to check if the bank you’re choosing has a good reputation, has advisors who are able and willing to explain financial products to you, and answers your questions. As a newcomer, you want a trusted banking partner who understands your needs, so compare customer reviews and ask your friends in Canada about their experience with their banks. Also, look at awards or recognitions the banks may have received. For instance, the Global Finance magazine ranked RBC as the #1 World’s Best Bank in North America in 2021. Does the bank offer a wide range of financial products? As a newcomer, your financial needs may be limited initially, but will likely expand over the next few years. Make sure that your bank can offer you the entire range of products from banking basics like chequing accounts and credit cards to products you’ll need over a longer term like mortgages, RESPs, auto loans, and insurance. Does the bank have staff members who speak your language? Language barriers and cultural differences should not stand in the way of your financial success in Canada. If your first language is not English or French, be sure to check if the bank you’re considering has financial advisors who can answer your questions and explain financial products in a language you’re comfortable with. How to choose the right bank account for you Not all bank accounts are the same. The requirements, fees, and account features may vary based on the financial institution and the banking product you’ve picked. Here are some things you should compare to find a bank account that meets your needs: Minimum balance requirements: Some bank accounts require you to maintain a minimum daily or monthly balance. If your balance dips below this required level, you may be charged a penalty. RBC Day to Day Banking, RBC Signature No Limit, and RBC VIP Banking accounts don’t have any minimum balance requirements, allowing you to access all your money, whenever you need it. Speak to a financial advisor to find the best bank account for your needs. Banking fees: Most chequing accounts have a monthly banking fee, which can range from $0 to $30.95. In some cases, the monthly fee can be waived if you maintain a minimum balance in the account. Statement fees: Some banks charge a small monthly fee for issuing paper bank statements. In most cases, you can opt for paperless, e-statements for no charges. Cheque or draft fees: Some chequing accounts come with free personalized cheques or bank drafts. In others, a chequebook with 50 leaves can cost as much as $50 and a bank draft can cost up to $10. Automated Teller Machine (ATM) or Interac e-Transfer limits and charges: Some accounts may have limits for how many ATM withdrawals or peer-to-peer Interac e-Transfers you can make in a month. You should also check if there’s a fee for withdrawing money from another bank’s ATM or making Interac e-Transfers to an account in a different bank. International remittance fees: As a newcomer in Canada, you may want to continue financially supporting your family back home. If you’re planning to make international money transfers regularly, be sure to check the international remittance fees for the chequing accounts you’re considering. RBC offers newcomers up to two free international remittances per month for their first year with an eligible RBC bank account. Interest rates: The interest you’ll receive in savings accounts in Canada may be much less than what you’re used to in your home country. However, High Interest Savings Accounts (HISA) usually offer a higher rate of interest to help you grow your savings faster. Offers: Some bank accounts offer incentives at the time of account opening. For instance, you may receive cash incentives, higher interest rates, or free services if you open a new account and meet some qualifying criteria. As a newcomer in Canada, choosing a bank account will likely be a top priority for you. The banking system and financial products may be very different from those in your home country, so take the time to understand each product and select a bank account and credit card that best fits your needs. Remember that you are not tied down to the banking products you choose when you first arrive, so you can always upgrade to a higher tier account or credit card later. Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared.