Canada has diverse and inclusive society with high-quality educational institutions and potential opportunities to work or immigrate after graduation have made Canada a leading destination for students from different places around the world. Canada has recently announced the termination of the Student Direct Stream (SDS) and Nigeria Student Express (NSE) initiatives, which had expedited study permit processing for international students, particularly benefiting students from India with this drastic change, Indian students will now be required to apply through the regular study permit stream, which could lead to longer processing times. The total number of students currently studying in Canada represents the highest proportion amongst the international student community in the country. We had taken an interview of Aditya Mhatre who co-founded the Beacon, empowering immigrants on their financial journeys in Canada, Beacon is the financial solutions company dedicated to easing the transition for immigrants moving to Canada and became the helping hands for many students including students from India.
1) What is Beacon’s approach to helping immigrant students in Canada?
Beacon’s approach to helping immigrant students in Canada is rooted in practical advice and tailored support. Based in Canada, we understand the real challenges students face, from managing preparations to arrive in Canada to adapting to life in a new country. To simplify the complex process of moving to a new country like Canada, Beacon provides clear guidance, encouraging students to plan early and stay organized. Tools like the ‘My Beacon app’ offer practical checklists for everything from paperwork to settling in Canada. The focus is on making the process stress-free and efficient. The advice is grounded in lived experiences, such as recommending shared accommodations or meal prepping to save money. Beyond logistics, Beacon helps students think ahead about career opportunities, advising on study programs aligned with Canada’s workforce needs.
We also emphasize financial preparedness, reminding students to set up their day-to-day financial needs before they leave India. The goal is to empower students to succeed both academically and professionally while building a fulfilling life in Canada.
2) Which type of financial solution would you suggest to the immigrants?
Financial planning is crucial for immigrants settling in Canada, given the challenges of managing expenses in a new environment. Creating a detailed budget is the first step, helping track income and categorize essential costs like rent, groceries, and transportation. Using budgeting tools or apps can make this process simpler. Immigrants should also plan beyond the minimum financial requirements, especially in cities with high living costs, such as Toronto, where rental deposits can be significant. Many times, students are asked to pay rent for several months in advance so it’s essential to accommodate such unforeseen situations.
We highly recommend using financial services that are ‘digital first’ and can be set up from India. Most Canadian banks allow students to open a bank account but require them to visit their branch to start using the money in the bank account and charge hefty monthly fees after the free period ends. Services like MyBeacon are purpose built keeping in mind the needs of Indian students. Don’t forget to compare remittance services. Transferring money to your Bank account in Canada using services like Beacon could help you save hundreds of Canadian dollars and is faster and more convenient than visiting a Bank branch in India.
Taking advantage of student discounts and free resources can further ease financial burdens. Many public transit systems and cultural attractions offer discounted rates, while universities often organize free events. Shared accommodations and secondhand furniture from thrift stores are practical ways to save on housing and living expenses. Thoughtful financial preparation ensures a smoother transition and sustainable living in Canada.
3) How have Canada’s recent changes in study abroad policies, such as the termination of the SDS program and increased work-hour flexibility, impacted immigrant students from India and other countries?
Canada’s recent changes in study-abroad policies have created both opportunities and challenges for immigrant students from India and other countries. The termination of the fast-track visa program, Student Direct Stream (SDS), has led to longer processing times. However, we believe that it reduces the upfront financial burden on prospective students. Students should counter the longer processing times by applying well ahead of the departure date.
The introduction of increased work-hour flexibility offers significant benefits. This change allows students to support themselves financially while gaining valuable Canadian work experience, which is crucial for building strong post-graduation employment prospects and pathways to permanent residency. However, these opportunities come with heightened competition due to reduced study permit caps and stricter requirements. Overall, while the policies aim to ensure a sustainable international education system, they require students to plan meticulously, adapt to new financial thresholds, and be proactive in navigating their academic and career paths.
4) What steps should immigrant students take to ensure their visa applications are processed efficiently under the new rules?
To ensure your visa application is processed efficiently under Canada’s new rules, start by thoroughly reading government instructions on the Canada.ca website. Missing critical details, such as key dates or specific requirements, can lead to delays or rejections. Opt for online applications, as they are faster and more streamlined than paper submissions. Gather all required documents, including a valid passport, a letter of acceptance from a Designated Learning Institution (DLI), proof of financial support, and any necessary provincial or territorial attestations. Most applicants aged 14-79 must also provide biometrics, which can be submitted at a visa application centre. Stay aware of processing times to plan accordingly and promptly respond to any additional information requests.
Students should be aware of misinformation being spread by bad actors that opening a “Student” GIC doesn’t guarantee faster visa processing. The official website doesn’t mention any priority or higher weightage given to Visa applications with GICs. Once approved, ensure you have all necessary travel documents, including your study permit, to prepare for your arrival. Careful preparation and adherence to guidelines are essential for a smooth application process. Services like Beacon Checklist make it easy for students to prepare for their arrival in Canada.
5) How important is building a sense of community for immigrant students, and how does Beacon Over Canada facilitate this?
Building a sense of community is essential for immigrant students as it helps them adapt to cultural differences, build a network of peers, and feel a sense of belonging. A supportive community can significantly improve their academic performance and overall well-being, making their transition smoother and more rewarding. Beacon understands this and continues to focus on fostering such connections. In the upcoming year, Beacon aims to enhance its efforts by leveraging existing tools and resources to create more opportunities for collaboration and support. By providing accessible communication and regular interaction platforms, Beacon is committed to ensuring immigrant students feel empowered, connected, and better equipped to navigate their new lives in Canada.
