2008 Financial Crisis – Can it Reoccur

Last Updated: 19th January, 2020

2008 Financial Crisis

2008 Financial Crisis

The Causes, Costs and Implications of the Worst ever Crisis since the Great Depression which was caused by a number of serious weaknesses in the economy. America’s “Great Depression” began with the dramatic crash of the stock market on “Black Thursday”, October 24, 1929 when 16 million shares of stock were quickly sold by panicking investors who had lost faith in the American economy.

Causes of the 2008 Financial Crisis

The first sign that the economy was in trouble occurred in 2006 when housing prices started to fall.

At first, realtors applauded; they thought the overheated housing market would return to a more sustainable level. They didn’t realize there were too many homeowners with questionable credit. Banks had allowed people to take out loans for 100% or more of the value of their new homes. Many blamed the Community Reinvestment Act, which pushed banks to make investments in subprime areas, but that wasn’t the underlying cause.

The Commodity Futures Modernization Act was arguably the real villain. It allowed banks to engage in trading profitable derivatives that they sold to investors. These mortgage-backed securities needed home loans as collateral. The derivatives created an insatiable demand for more and more mortgages.

2008 Financial Crisis Costs

According to the report, entitled “Cost of the Crisis“, the financial and economic crisis cost Americans $12.8 trillion, including: “Estimated actual gross domestic product (“GDP”) loss from 2008 to 2018, of $7.6 trillion.

Can It Happen Again in 2020?

The next financial crisis: Why it is looking like history may repeat itself

  • Too-big-to-fail banks are bigger than ever. 10 banks — including J.P. Morgan, Goldman Sachs and Citigroup — own more than 50 percent of the assets of the top 100 commercial banks.
  • Trump’s attacks on the Fed’s independence could bring back stagflation not seen since the Nixon administration.
  • The revolving door between Wall Street and Washington is spinning faster than ever.

Ever wondered what caused the Banking Crisis in 2008?

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System — and Themselves

In one of the most gripping financial narratives in decades, Andrew Ross Sorkin – a New York Times columnist and one of the country’s most respected financial reporters-delivers the first definitive blow-by-blow account of the economic crisis that brought the world to the brink.

Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world’s economy.

  • Named a Best Book of the Year by:The Economist, The Financial Times, Business Week
  • Winner of the Gerald Loeb Award for Best Business Book
  • Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist
  • “Vigorously reported, superbly organized . . . For those of us who didn’t pursue MBAs—and have the penny-ante salaries to prove it—Sorkin’s book offers a clear, cogent explanation of what happened and why it matters.” —Julia Keller, Chicago Tribune
  • “Sorkin’s prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It’s an entertaining, brisk book.” Paul M. Barrett, The New York Times Book Review
  • “Sorkin’s densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account.” —John Gapper, Financial Times

Top Customer Reviews:

“Too Big to Fail” is an altogether excellent book by financial journalist Andrew Ross Sorkin. It’s a compelling narrative that tells the story of how the nation’s largest and most prestigious financial institutions came to the brink of collapse – and almost took the entire economy with them – in the great economic crisis of 2008.

According to Sorkin, the financial downturn that occurred in the summer of 2008 was actually years in the making. Many of the nation’s greatest investment banks, along with their commercial bank counterparts, had been busily dealing in high-risk subprime mortgages for years. As long as demand for housing remained high, so did housing prices; however, when massive numbers of people began defaulting on mortgages they could no longer afford, the housing market suddenly crashed, credit froze up, and banks began to fail…

…Thus begins the story of America’s economic meltdown in the late summer and early autumn of 2008. With the collapse of the housing markets, many of America’s oldest and greatest investment banks – among them Bear Stearns, Lehman Brothers, and Morgan Stanley – also find themselves threatened by total failure. So do commercial banks like Citigroup, Wachovia, and Bank of America; insurance companies like AIG; and the two government sponsored mortgage guarantors (Fannie Mae and Freddie Mac). Now, U.S. Treasury Secretary Hank Paulson, New York Federal Reserve Bank President Timothy Geithner, Congress, and other government regulators must find a way to save these financial institutions from ruin. If they don’t, America faces the very real possibility that its entire economic system may collapse.

Brexit’s Impact on India in 2020 Opinion Poll

Last Updated: 10th January, 2020

What is Brexit?

Brexit means British exit and refers to the UK leaving the EU.

On June 23, 2016, a referendum was conducted across the United Kingdom over Brexit. In this referendum, 52% of the people voted in favour of Brexit while 48% voted against it. On March 29, 2016, Prime Minister Theresa May triggered a two-year process using Article 50 of the Lisbon Treaty to leave the European Union (EU), even though she was against Brexit before the referendum. As per the Lisbon Treaty, the United Kingdom was to leave the EU on March 29, 2019. But the main opposition party, Labour, opposed May’s decision.

Opposition leader Jeremy Corbyn said that we can’t endorse the Brexit Bill in the parliament as it is against the nation’s fortune. Even Theresa May’s own Conservative party members including its allied Northern Ireland unionists party are opposing the Bill. Consequently, PM Theresa May had to face historical loss in the parliament by a margin of approximately 215 votes on January 15, 2019. Two consecutive defeats in the Lower House compelled and prompted PM May to get down from the chair.

Why is the UK leaving?

A public vote – or referendum – was held on Thursday 23 June 2016, to decide whether the UK should leave or remain.

Leave won by 52% to 48%. The referendum turnout was very high at 72%, with more than 30 million people voting – 17.4 million people opting for Brexit.

Positive Impact Of Brexit On Indian Economy

1. Easy market access:

India is a significant Foreign Direct Investment (FDI) source for the UK because many Indian firms have used it as a gateway to the EU single market. Initially, after divorcing from the EU, the UK wouldn’t like to miss Indian investment. It will attract Indian firms by offering more incentives such as tax break, relaxed regulations and opening up markets.

2. Free trade agreement:

After losing access to the EU single market, the UK would want to develop trade relations with emerging markets around the world. India, with strong economic fundamentals and a large domestic market, is in a better position.

Negative Impact Of Brexit On Indian Economy

1. The UK has always been a gateway for Indian firms to enter the EU single market. After Brexit, this may cause short term distress on Indian firms.

2. The second impact would be visible on currency volatility as there would be devolution of Pound and Euro due to Brexit. Indian companies with sizable presence will have to bear the brunt.

3. With Brexit, there will be a considerable spike in the price of imports, foods and other everyday commodities, which will impact Indian firms.

4. Brexit can affect Indian flagship IT market sector, given that EU accounts for 17 % of the global market and UK accounts for solely 3% out of that 17%. Brexit will increase overhead cost and setting up of new headquarters perhaps, in both EU and UK separately.

Mood of the Nation Poll:

Why British Indians Support Brexit

Total Votes : 143,115*

*(Last Updated: 10th January, 2020)

Vote, your opinion matters…

 

[yop_poll id=1]

 

Saskatchewan Immigrant Nominee Program (SINP) – Newcomers Guide 2018

saskatchewan-flag.jpg

Saskatchewan is home to clean air, pure water, light traffic and most of all, friendly people. It’s a place where people treat one another like a family. 

Hey Guys, welcome to Saskatchewan.

Below is a quick list of priority tasks that you need to complete within the first 10-15 days after landing in Canada. I can assure you that this will help in your smooth settlement in the new province.

  • CoPR

– Make sure that your CoPR is signed / stamped by Canada Border Services Agency. There have been instances in the past when immigrants have reported that their CoPR do not have the Date/Signature.

  • SIN

– Apply for SIN either from the Port of Entry (Toronto, Vancouver, Calgary, Montreal) or from Saskatchewan.

Regina - Service Canada.jpg

Regina Office:

Alvin Hamilton Building
1783 Hamilton Street
Regina, Saskatchewan

Saskatoon Office:

Market Mall, Unit 120
2325 Preston Avenue South
Saskatoon, Saskatchewan

Hours of service: Monday to Friday from 8:30 am to 4:00 pm

Documents Required: Passport , CoPR (SIN is required for everyone in your family, including infants)

Cost: Zero

Duration for applying: 15 to 30 minutes

Once you have a SIN, you will be able to apply for a Mobile Connection, Open a Bank Account and apply for employment.

Please note that your SIN is confidential, so make sure you do not share it with anyone unless required.

  • Apply for a mobile phone connection

The best mobile networks are:

Bell, Rogers, Telus, Koodo, SaskTel, Virgin Mobile, Fido

You can buy a plan from $48 – $55 monthly, which may include the below:

Data included 2GB

Anytime local minutes Unlimited
 

Unlimited text

 

Canada-wide calling

Call waiting and 3-Way Calling
Voicemail & Call Display

Saskatchewan PNP (SINP) – Newcomers Guide 2020

saskatchewan-flag.jpg

Last Updated: 14th July, 2020


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Hey Guys, welcome to Saskatchewan. If you have landed here as part of the Saskatchewan SINP programme, you will find below a detailed list of priority tasks that need to be completed within the first 5-10 days after landing in Saskatchewan.

I can assure you that this article will help in your smooth settlement in the new province.

So, good luck to you and while completing the below tasks, I would also suggest you to appraise yourself on the Process of Getting a Job in Canada.

There’s a Case Study of a couple who managed to secure excellent high paying jobs within a month after landing in Regina. Wanna know more how they did it? Read here…

Me and my husband, Rohit, also came as immigrants this year in May. We got guidance from this article and followed the suggested approach. We used to open LinkedIn in the morning, and sort jobs according to date and started applying like 20 or more jobs in a day, no matter if they matched 100 percent or 50 percent and got a number of interview calls by this approach.

Also the writer suggested to create an account in a site HIRED, which helped me appear for interviews. You just have to create a profile on this, and if they accept you, your profile will be online, so that different employers could see them and contact you for interviews. You don’t have to go and apply jobs on this site, instead employers approach you. You can try this as well. https://hired.com/x/3dgte

There’s also a nice article written specifically for Indians who wish to secure a Job in Canada from their home country. If you are waiting for your PPR, you can find articles related to processing time here. If your PPR application is delayed, you can also request GCMS Notes. Check detailed procedure to request CAIPS Notes.

1. CoPR

– Make sure that your CoPR is signed / stamped by Canada Border Services Agency. There have been instances in the past when immigrants have reported that their CoPR do not have the Date/Signature.

2. SIN

– Apply for SIN either from the Port of Entry (Toronto, Vancouver, Calgary, Montreal) or from Saskatchewan.

Regina - Service Canada.jpg

Regina Office:

Alvin Hamilton Building
1783 Hamilton Street
Regina, Saskatchewan

Saskatoon Office:

Market Mall, Unit 120
2325 Preston Avenue South
Saskatoon, Saskatchewan

http://www.servicecanada.gc.ca/tbsc-fsco/sc-dsp.jsp?rc=4318&lang=eng

Hours of service: Monday to Friday from 8:30 am to 4:00 pm

Documents Required: Passport , CoPR (SIN is required for everyone in your family, including infants)

Cost: Zero

Duration for applying: 15 to 30 minutes

Once you have a SIN, you will be able to apply for a Mobile Connection, Open a Bank Account and apply for employment.

Please note that your SIN is confidential, so make sure you do not share it with anyone unless required.

3. Apply for a mobile phone connection

The best mobile networks are:

Bell, Rogers, Telus, Koodo, SaskTel, Virgin Mobile, Fido

You can buy a plan from $48 – $55 monthly, which may include the below:

Data included 2GB

Anytime local minutes Unlimited

Unlimited text

Canada-wide calling

Call waiting and 3-Way Calling

Voicemail & Call Display

4. Rental Agreement

Take the Rental Agreement (on your name and include all the family members), it can be used as address proof for Health Card / Bank / SGI…etc.
Documents Required – Passport , COPR for Digital key
Cost:- Depends on your comfort (Ex:- 1050 monthly rent..means you have to pay one month advance + 1050 = 2100, few will request for 1575 in first month and 1575 for second month..after that 1050 only… )
Note:- Some times Rental could be Monthly or 6 months or 1 year..this depends on House Owner (my advise for newcomers is to better have a Month’s or 6 Month’s rental, which is safe)
Duration for applying :- 30 to 60 minutes

5. Bank Account

Documents Required – Passport / COPR / SGI ID Card / Rental agreement (Address proof is must)
Duration for applying :- 60 to 75 minutes
Note:– My advise would be, if you are married , better take a Joint account (both will get different Debit cards and different Credit cards..For Credit cards ask one for Master and the other for Visa)
(I strongly recommend to have a discussion with banker every 6 months {if you are earning or not, some hidden charges will deduct from your account}, they will advise for benefits and try to avoid the bank monthly / yearly charges.)

6. Transit/Bus Pass

Documents required – Passport / COPR
Cost :-

  1. 92 (monthly unlimited rides) + 5 (First time Card charges) = 97$ (Expiry – 30 days)
  2. You can opt 10 rides with 29$ (no expiry)
  3. You can opt 20 rides with 58$ (no expiry)
    Rules :- If your kid is more than 5 years, need to take bus ticket(Cost – 2.75$) , Adults ticket cost would be – 3.25. (enough Coins should be carry , otherwise you can not travel in Transit)
    (Please do not go for full monthly pass in the winter , if you are a newcomer, you can not explore much, so dont waste money)
    Transit System: http://www.regina.ca/
    Duration for applying :- 5 minutes

7. Health Card

(Visit E-Health office at Downtown Regina / or you can apply online)
Documents Required – Passport / COPR / SGI ID Card / Rental agreement (Address proof is must) – For everyone
Duration for applying :- 15 to 30 minutes

(Visit E-Health office at Downtown)
Health Service Saskatchewan: https://www.ehealthsask.ca
List of doctors who accept new patients can be found here: http://www.rqhealth.ca/

8. Visit Open Door

Register for school admission / Resume & Cover letter / Few Trainings / Child benefit forms)
Duration for applying :- 15 to 30 minutes (for schools we need to visit RODS , minimum 3 times – First time for appointment , Second time for Test for 5+ years and Third time for school visit)

9. SGI Card

(This is Saskatchewan Identity Card and not a Driving License)
Documents Required – Passport / COPR / SGI ID Card / Rental Agreement (Address proof is must) (no need to go to SGI office , any ISSUER will do ..Verify in google maps for nearby ISSUER)
Cost :- 15$
Note:- If you are going to take Driving license exam & road test with in one month means do not apply for SGI card. (SGI Card is very basic and address proof card)

10. Driving License

Documents Required – Passport / COPR / SGI ID Card / Rental Agreement (Address proof is must)
Cost :- 25$ (Eye test + Computer exam with multiple options) + 55$ for Road test.
If you need the driver’s license, here is where you can start: https://www.sgi.sk.ca/

Saskatchewan is home to clean air, pure water, light traffic and most of all, friendly people. It’s a place where people treat one another like a family. 

Please comment and share if you like this article and feel free to add in case I have missed out any point.

RELATED POSTS:

Canada Immigration – Express Entry – The Golden Mail

(Last Updated: 28th October, 2020)

For Urgent Queries or Estimating your PPR, please reach us at millionairetrek@gmail.com

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1. Stages from eAOR to PPR in Express Entry for PPR in Canada

2. How to find the stages in Express Entry Online Application

3. Landing Documents

4. Notable Job Markets in Canada

5. Mistakes to avoid so that Canada PR Application is not Rejected

6. What to do if you have no money for Proof Of Funds – Gift Deed

7. SINP Newcomer’s Guide 2020

8. How to secure a Job in Canada from your Home Country

9. How To Pass The CPA Exam In The First Attempt – 2020

1. Stages from eAOR to PPR in Express Entry

Congratulations on filing your Express Entry application!!! It’s time now to track your CIC application status and understand the various stages from eAOR to PPR. 

The next step is the long wait to finally receive your PPR. As per CIC Website, the current Processing Time is 6 months.

CIC_Processing_Time

However, these days due to the number of applications, many of them are being processed within the 7th month mark.

Also due to the impacts of Coronavirus disease (COVID-19), CIC is unable to

  • process applications normally
  • provide accurate processing times

If your application is delayed, you can also request GCMS Notes. Check detailed procedure to request CAIPS Notes.

Average time to a PPR based on the stream

So, good luck to you and while awaiting, I would suggest to appraise yourself on the Process of Getting a Job in Canada.
There’s also a nice article written specifically for Indians who wish to secure a Job in Canada from their home country.

While I completely understand that it’s a daunting task of waiting impatiently for your PR, so why not utilize this time and be prepared for the upcoming challenges, like landing procedures, finding a Job without Canadian Experience and settlement services in your dream country.

Anyways, first let’s talk about the various stages from eAOR to PPR in Express Entry for PR in Canada. Although timelines may vary based on Country and Stream, below is a basic summary:

1. eAOR

– Electronic Acknowledgement of Receipt- A letter saying that your application is submitted with the application number mentioned;

2. Medicals Passed

– Medicals Pass and file is initially opened to check for R10 satisfaction at the CIO (Central Intake Office);

3. BG IP (1)

– Background Check In Progress for the 1st time – This usually happens on the same day your Medicals are Passed. At this stage, immigration officials check for all documents and also whether the applicant is missing any documents. They do not scrutinize the documents at this stage, except for Police Clearance Certificate. Additional documents like Schedule A, Travel History, Family Info, Proof of Something, etc.) may be requested at this stage.

4. BG NA – Not Applicable

– This usually happens between 1-3 months from eAOR. This is when applicants’ first phase of A11.1, Eligibility and Documents are checked by the CIO. At this stage, the agent checks the following:

  • if the points match are above the round’s ITA points,
  • eligibility under the stream is met,
  • points are claimed genuinely and if there are no irregularities in the documents or work experience, NOC, etc.

After this, the application is sent to the Local Visa Office (LVO) for finalization and second checks.

5. BG IP (2)

– Back Ground Check In Progress for the 2nd time – This is the stage wherein the LVO opens the file and check’s your entire application and also confirms the notes and insights written by the CIO agent.

This usually happens after all the security, criminality and eligibility is passed and most likely around the 4-5 month mark from the e-AOR.

6. PPR

– Passport Request mail – Ready for Visa – This is the mail which every applicant anxiously waits for, and is often referred to as The Golden Email. This means that the officer is satisfied and has approved your application and has requested your passport (if needed) or photocopy of passport (if it is from visa-exempt country) along with 2 photos and annex A form to stamp the Immigrant Visa and Issue the CoPR – Confirmation of Permanent Residency (a letter serving proof that you are a PR). This letter is used for “landing” at the border and in officially becoming a Permanent Resident. This letter may later on be used for Citizenship Application (if applicable).

If your PPR is delayed and you reach the 7th month mark, learn how to get more information regarding your application by Requesting GCMS Notes.

2. How to find the stages in Express Entry Online Application

Generally messages will be like below in IP1 status:
 
Example of application status in Express Entry Canada

[testimonial_view id=”1″]


3. What documents should I bring with me when landing in Canada as a New Immigrant?

When you come to Canada, you must show your Confirmation of Permanent Residence (COPR) and Canadian immigrant visa to a Immigration, Refugees and Citizenship Canada (IRCC) officer at the Port of Entry.

The IRCC officer will check that your documents have not expired. You cannot use expired documents. Canadian immigrant visas cannot be extended, so make sure you arrive in Canada before it expires.

You must bring a valid passport with you.

You need to have 2 copies of a detailed list of your belongings that you are bringing with you and their value in Canadian funds. You also need a list of the items that are arriving later and their value in Canadian funds.

You may be asked to show proof of funds. If you are carrying more than C$10,000, you must tell a border official.

What other documents should I bring with me?

Make sure that you have the following documents:

  • Birth certificate or adoption papers
  • Family records (such as, marriage certificate or divorce papers)
  • Medical records (such as immunization records)
  • Dental records
  • Official school records for children
  • Diplomas, degrees and transcripts
  • Academic credentials evaluation report (if you had your education assessed before coming to Canada)
  • Reference letters from previous and current employers
  • Professional or trade licences or qualification certificates
  • Up-to-date résumé or summary of work experience
  • Valid driver’s licence or other identification documents
  • Vehicle registration documents (if you are importing a vehicle into Canada)

For More Information

Q: How to find my visa office?

Send E-mail to: CPC-CTD-Ottawa@cic.gc.ca Subject: E000xxxx – Visa Office Body of the mail:
Hello,
I am trying to find out in which Visa office my application is being processed?
Application number: E000xxxx Date of Birth: 19xx-xx-xx Last Name: xxx First Name: xxxx UCI: – Category of Immigration: Federal Skilled Worker

4. Notable JOB MARKETS in Canada:

Canada is a prosperous job market and suitable for shifting for professionals of different fields. The job avenues are based and allocated on the basis of qualifications and work experience. It is important that you dwell into research and basis ground work before applying for a job position so that employment can be achieved positively based on your credentials.

  • Job opportunities for Nurses: The job market for this profile is highly in demand in  Nova Scotia. 
  • Employment for Immigrant Dentist: It is a highly lucrative position in four provinces: – Alberta, British Columbia, Ontario and Manitoba.
  • Position for Chartered Accountants: The Job Market for this profile is highly in demand for provinces like British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Check out How you can Pass CPA in First Attempt in 2020.
  • Work availability for Software Engineers: The Job Market for this profile is highly in demand in Nova Scotia, Saskatchewan, British Columbia and Ontario.
  • Hiring for Doctors : Employment opportunities for Doctors are prolifically present in  Alberta, Saskatchewan, Newfoundland and Ontario.
  • Jobs for Immigrant lawyers: The Job market for this profile is highly in demand in Provinces like Saskatchewan, Alberta and Manitoba. 
  • CANADA PR for Teachers: The Job Market for this profile is highly in demand in Nova Scotia and Saskatchewan. 
  • Commissioning of Architecture: Due to the favorable market opportunities  they are highly in demand in Ontario, Saskatchewan and Manitoba. 
  • Listings for Web Developer: The Job Market for this profile is highly in demand in Saskatchewan, Manitoba and Nova Scotia.

5. Mistakes to avoid so that Canada PR is not rejected:

Some of the mistakes that a candidate makes while submitting their application for Canada PR are as follows:

  • Improper Signing of the documents – It is the most commonly occurring mistake in the application submission process. Candidates miss the places where signatures needed to be put. For example in case of Additional family application/form, a single page needs to be signed in 3 places. In most of the cases candidate signs in the bottom of the page and miss the other 2 places where signatures are also required, it depends whether the candidate is accompanied by a spouse or dependent child. Taking another example, there is a form where the signature is only required only in case if a translator is used and mostly candidates sign in that place also.
    These mistakes can get the candidate’s application returned and the candidate has to start all over again.
  • Incorrect fees paid – Every immigration program requires a certain amount of fees to be paid and each program have a different amount to be paid. This funds also need to be submitted via different modes of payment like demand draft, certified cheque etc as asked by the immigration program candidate have applied under. For example, if the Right of Permanent Residence Fee (RPRF) fees is paid by bank draft to the foreign visa office then it will be returned back to the candidate and it will delay your application as the mode of fee payment for RPRF is to be paid online. Immigration office around the world can accept the fees in the local currency of the country candidate is residing in but for that candidate first have to check online and confirm the exchange rate for the currency there only. Candidate needs to be extra careful when paying the fees and the specific amount that has to be paid.
  • Photo Dimensions – Candidates needs to upload or submit their photo in exact dimensions as provided by the Immigration, Refugees & Citizenship Canada (IRCC) in their instructions for specific type of immigration application such as medical forms for PR applications etc. If candidate is not able to submit the application with the proper size of the photograph, then the application will be returned to the candidate.
  • Submitting only the documents mentioned on the IRCC checklist – Sometimes candidates need to provide some additional documents other than mentioned by the IRCC. For example, if the candidate is moving to Canada with their common-law partner, then they have to provide with an affidavit from their friends and family members attesting to their relationship and stating that it is exclusive, committed and marriage-like. The candidate has to provide with some additional documents it all depend on the type of case, but phone records, bank records, lease records, correspondence, text messages etc. can be a very big help in moving the candidate’s application forward.
  • Supplemental Forms – In cases of certain countries, the candidate needs to provide with some additional forms and information that is not mentioned/obvious on the initial immigration applicant forms. For example Residency Questionnaire for people living in Abu Dhabi, United Arab Emirates. And Work Experience Questionnaire required by people living in Islamabad, Pakistan. Candidate needs to make sure that they submit their application with these supplemental forms as submitting them without these can get the application rejected and returned.
  • Providing with missing or wrong information – If a candidate has submitted their application with improper information or missing information, the whole application can be rejected as the IRCC depends on the information provided for selecting the application for Canada PR. The main consequence for providing the wrong information is the exclusion from Canada for at least 2 years or more. If the candidate’s application is missing any information than IRCC needs to know the reason why the information is missing and when it will be provided. Failing to do the same will get the application returned to the candidate.
  • Illegible handwriting – All the applications can be filled online and with the help of Adobe Reader – that is free software. But mostly candidates prefer to fill the applications by hand and that is never advisable. Handwritten forms cannot be verified. Verified forms, using Adobe Reader, creates a series of barcodes that can easily be recorded by IRCC in their computer systems. The hand-written form will take time to process as it requires the tedious transfer of information thus delaying the whole process.
  • Cover Letter not provided – Cover letter can help the immigration officer to process your application with less time as it establishes who is applying for what, and the main reason why the applicant qualifies for immigration.
  • Waiting for the criminal record checks – Mostly the candidates wait for the criminal record check before submitting their application which is not advisable. If the candidate is not applying for Temporary Resident Permit or Criminal Rehabilitation – criminal record check is not required. Waiting for too long for the application submission in wait for the criminal record, may get the rules to change and suddenly the candidate can no longer qualify for programs like Federal Skilled Category etc.
  • Application Mailing – If the candidate is asked by the IRCC to mail the application to appropriate office for processing, then it is best to use registered mail or in some cases it is even better to use a courier service. Doing so helps the candidate to track the application and have proof that it has arrived at its destination.

6. No Money for Proof of Funds? Gift Deed is the solution:

GIFT DEED Format

I, Your Father Name, S/o Your Grandfather Name , R/o ADDRESS, do hereby on dated 00/10/2016 make a gift-deed for a gift made on dated of 00/10/2016, Rs. 000000/-

(Rupees Only) out of love and affection to my Son (Your Name), S/o Father Name, ADDRESS. I confirm that I am a resident of India. I, further confirm that this gift is

being made out of my own funds standing to the credit of my A/c No.- 000000000 in ABC Bank, Bank Address. I, further confirm that the consideration for this gift is

the love and affection for my Son (Your Name) and no other consideration.
I further confirm that the gift has been made by Cheque No. 000000 dated 00/10/2016 drawn on ABC Bank, BANK ADDRESS. This gift is irrevocable and I have no claim left

whatsoever on the said gifted amount and he is free to utilise it in any manner.

PLACE:

DATED:
(Your Father Name)

Witness:
The gift as stated above is accepted

(Your Name)

AFFIDAVIT

I, Your Father Name S/o Your Grandfather Name R/o ADDRESS, do hereby state as under:
That I have gifted a sum INR Rs. 000000 (Rupees Only) through Cheque No. 00000 dated 00-10-2016 drawn on ABC Bank, BANK ADDRESS to my son Your Name R/o ADDRESS.
That I am an Income Tax assessee having PAN No. XXXXXXXX and this gift is being made from my own past savings.
That this gift is irrevocable and I have no claim left whatsoever on the said gifted amount and he is free to utilize it in any manner.

(DEPONENT)

VERIFICATION
I, Your Father Name S/o Your Grandfather Name do hereby verify and confirm that contents of above deposition are true and correct and nothing material has been

concealed therefrom.

(DEPONENT)
PLACE: –
DATE: –

LETTER OF EXPLANATION

To,

Citizenship and Immigration Canada

Subject: Funds Proof- Source of Funds

Application No. 0000000000

Dear Sir/Madam,

This is with regards the source of funds in my account. Please be informed that I hold savings account in following Indian Bank:

Bank Name Branch Account Number IFSC Code MICR Code
XYZ Bank bank address 00000000000000 000000000000 00000000

I received INR 00000 (Lac Only) as a result of my Father’s volition and a mark of his natural love and affection towards me. This deed is reflecting in transaction

dated 00/10/2016 via Cheque No. 00000 dated 000/10/2016 in my XYZ Bank account statement enclosed with this letter. I have also enclosed a Gift Deed letter, an

affidavit and a scanned copy of Cheque No. 00000 (drawn on ABC Bank, Account No. 0000000) signed by my father for your reference. If you have any further

clarifications, please call me on: +91-000000000 or email me at: 000000@00000

Thanks and Regards,

What exactly is Right of Permanent Residence Fee?

The Right of Permanent Residence Fee (RPRF) is paid by permanent resident applicants when their applications are approved. Permanent residence status is not granted until the RPRF is paid. The RPRF can be paid at the same time as your application fees to help reduce delays during processing. If you don’t pay the RPRF up front, we will contact you with instructions on how to pay. If you paid the RPRF up front and your application is not approved, it will be refunded.

Any Questions related to PPR Estimate, Jobs, Immigration or Settlement?

Please fill in the details or comment below and we will be happy to assist to the best of our knowledge !!!


The Journey Begins… Landing in Canada as an Immigrant

Thanks for joining me!

First of all, congratulations !!!

It’s a bold decision that you have taken in shaping your career. Relocating to a new country takes courage and I’m sure that the fear of unknown must be haunting. Don’t worry as this happens to every new immigrant, including me when I landed here last year in October 2017.

Believe me, the doors of exciting opportunities and a beautiful future is what’s ahead of you. The purpose of this blog is to help you in your preparation to adapt to a new culture, environment and life style of your dream country.

You must start afresh with no inhibitions as this will facilitate acceptance and realization of your goals.

The first year in Canada is normally full of emotions due to a mix of success and disappointments. Just after you land, you maybe looking for:

(1) a place to rent out for living !

(2) a “survival” job till you land up in a job in your own field !

(3) school for your kid(s).

You may also face challenges in terms of your degree not being recognized, skills do not match up to Canadian standards and may have to brush up your communication skills, mainly English and/or French if you plan to work in Quebec. Perhaps you will have to accept your first job that is much below your expectations and you may feel really really frustrated. Combined with this, you will also feel homesick !

In my view these emotions are normal and even healthy if accepted as a challenge in the fulfillment of your bigger dreams.

In the weeks, months and years ahead, you will have ample opportunities to participate fully in Canadian life. Take them ! You and your family can grow together, side by side with other Canadians and make a better life for everyone. This is your new home.

Welcome to Canada and be part of the responsible community.