What does a 9 SIN mean?

For immigrants to Canada, there are many responsibilities that must be fulfilled before officially becoming a Canadian citizen. First and foremost, you must be over the age of 18, you must not be under a removal order and you must not be a security risk. Along with having acceptable knowledge of the English or French language, you must take the official oath of citizenship in a ceremony. In addition to these and more, you must apply for permanent residency, then citizenship. Once you have been a permanent resident for 1,095 days, then you may apply for citizenship. These are certain circumstances that you would have to fall under in order to apply to become a citizen. Then, you must take a citizenship test. This whole process can take years to become finalized. Once someone has officially become a Canadian citizen, it is important to start making a life in a new country. This means finding a stable job, and a place to live. Creating a new life in a new country can be extremely difficult.  One of the best ways to start a secure new life in a new country is to set up a stable financial profile. This means building your credit. For immigrants to Canada, building a credit and applying for loans can be a difficult process due to their 9 SIN.

A SIN is a Social Insurance Number. This number is yours and yours alone for the rest of your life. Created in 1964, SIN numbers are now used for the purpose of tax reporting. In order to work in Canada, you must have a Social Insurance Number. For new immigrants to Canada, their SIN’s will begin with the letter 9, distinguishing them as a temporary worker. These cards have an expiry date on them, which typically prevents loaners from accepting their loan application. Why? Because there is the possibility that they could leave Canada, either voluntarily or by force, once their SIN has expired, then you as the loaner no longer have the money. This does not happen as often as people fear, because it is possible to renew your SIN and have a permanent number. The problem is, new immigrants are still being denied their loans because of a 9 SIN.

There are companies available that approve new immigrants in Calgary for a used car loan. Immigrants are still very capable of creating a credit score, all it takes is the purchase of a credit card, like Visa or MasterCard. From here, you start to build your credit history. With other financial institutions, it can take up to 18 months of perfect credit history before being approved for a loan.