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For the growing number of international students who study in Canada each year, this country’s financial system is one more thing they need to learn.

Navigating a new country’s financial system can be intimidating and potentially dangerous for those without a safety net since the limits on working hours make it difficult to make money in Canada. But experts say help – with opening a bank account, filing taxes or applying for government support – is available if you know where to look.

Shreya Vohra, a student at the University of Toronto who works at the Centre for International Experience, says it’s normal for newcomers to struggle with money management upon arrival. “If you’re confused and you don’t know what’s happening – you’re not alone. Everybody has those same questions.”

Whether it be questions about how to open a bank account or how to pay taxes, Ms. Vohra says she’s heard it all. Besides the comfort of realizing they’re not alone, she says international students should also know that there are resources out there for them.

The number of international students studying in Canada has been climbing steadily in the past decade. In the 2019-20 academic year, international students accounted for about 18.5 per cent of the more than two million enrolled in Canadian colleges and universities, according to Statistics Canada.

International students pay, on average, four times more in tuition fees than the average Canadian undergraduate student. This year, international undergraduate students paid $33,623 compared with the $6,693 of their Canadian counterparts. The majority of Canada’s international students come from two countries: India and China.

International students are in a precarious position because of their temporary immigration status, which makes it harder to access government support programs such as the Canadian Emergency Student Benefit or the Canada Emergency Response Fund. Government programs from early in the pandemic were either not available for most international students, like the Canadian Emergency Student Benefit, or had requirements that may be difficult to meet, such as a minimum income of $5,000 for the Canada Emergency Response Fund. Benefits like these can be a financial lifeline for students, who can only work a maximum of 20 hours a week.

Additional help is available, if you know where to look. Ms. Vohra suggests contacting your school’s student service office for help with financial questions, including how to open a bank account.

Anyone in Canada can open a bank account as long as they have the proper identification. This can include a passport, study permit or, at certain branches, student identification. Contact the banks directly to see if they allow applications from abroad and the specific requirements for each financial institution.

But before making a final decision, Cara Piperni, director of scholarships and student aid at McGill University, stresses that it’s important to shop around for any financial product, including bank accounts.

When choosing a bank, consider whether the institution accepts money transfers from your home country, fees charged for opening and maintaining an account, and the number of transactions allowed per month. Most banks should have a student account plan that has no fees and unlimited transactions.

However, if banks do have fees, Ms. Piperni advises students to negotiate with banks. “It’s better to have money in your pockets than in their pockets,” she says.

Many international students might not know that they may be eligible to receive tax refunds, if they file, Ms. Piperni says. That applies even if they’re not earning money in Canada, she says.

Whether or not you are required to file taxes will depend on your residency status. The common measurement of residency status is whether you have stayed in Canada for 183 days or more. Those who have will likely be expected to file a regular tax return, while those who haven’t may still be expected to file a return on certain sources of income, such as such as dividends.

To file taxes, you will need a social insurance number or an individual tax number, as well as any tax forms you may have received for tuition and income, including scholarships and bursaries.

The deadline to file taxes online or by mail is April 30. International students in Quebec may need to file a second provincial tax return to Revenue Québec.

While it’s free and possible to file taxes yourself, some international students may want to seek professional help for tax returns or other personal finance advice.

“A lot of people think that financial planners are only there to help you if you are rich and wealthy and that’s completely untrue,” says Clement Chung, a certified financial planner based in Burnaby, B.C.

Mr. Chung recommends verifying the credentials of potential advisers through the FP Canada website.

Financial planners usually charge a flat fee or are paid by commissions. Their services can run anywhere from $2,000 to $5,000 a year, according to Mr. Chung.

Since this is a large sum of money that’s out of reach for many students, some schools also have their own financial advisers for students to access for free, and Ms. Vohra highly encourages seeking out these resources. Knowing where to access help is especially important in times of financial distress.

Student service centres can potentially help students find scholarships and bursaries, delay tuition payments, if needed, or help find other resources.

What’s important to know, Ms. Vohra says, is that help is available – and it’s best to reach out for help before reaching a crisis point.

“Always reach out for resources, because they do exist.”

Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.

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