Settlement funds requirements for Canada immigration
Applicants who are seeking immigration to Canada under the skilled worker program must have sufficient funds to ensure smooth and easy settlement there. Some bars have been set by the Canada Immigration Department for the minimum funds that they must have, before landing in Canada. This money would be helpful to provide the required financial support to them and their dependants in Canada, especially until they get a suitable job there.
This amount of fund required varies according to the number of dependants accompanying the principal applicant. According to the current list, a single immigrant must have at least C$10,833, while a family of five must have a minimum of C$22,831, which keeps on increasing with the number of family members or dependents that the applicant has. This required funds amount is updated frequently and the applicants should check with their immigration specialist for the latest settlement funds requirement list.
The applicant must be able to provide a proof of the funds to Canadian Visa office, located in the home country of the applicant, while submitting their immigration application. Funds that can be included for evaluation as a part of settlement funds are savings bank accounts, and liquid investments, such as retirement funds and shares that are traded publicly. Basically any funds that are legitimately earned and are movable can form a part of the evidence that is submitted with the application.
Assets like vehicles and jewelry cannot be taken into account, until you sell them off and have their cash value in hand. However, it is essential that there should not be any debt on these assets. As supporting documents you can offer property evaluations, brokerage statements and bank statements. History of funds may also be requested in some cases. While the settlement funds requirement do not appear as a part of the point based system for
skilled professional immigrants, but they are an integral and critical part of the immigration approval process. The immigrants must transfer these funds to Canada or take them along when they land as a permanent resident there.
Normally, the landing immigrant should inform the Immigration officer about the settlement funds that they are carrying with them and also funds that will follow them at a later date. This can include movable Funds consisting of savings in bank accounts, and liquid investments, such as retirement funds and shared that are traded publicly and that the immigrant has left behind in their originating country. Non-liquid assets like property may also be counted, if you will liquidate it after shifting to Canada. Giving such information on landing will mean that transfer of such funds at a later stage may not be taxed.