Sunday, June 29, 2008

AINP Family Stream Settlement Funds Requirement



After the news about Alberta's Immigrant Nominee Program (AINP) Family Stream category was released on June 19, 2008, I received a lot of emails from clients and readers inquiring about the program.

One of the common questions I received was about the settlement funds requirement-

The Candidate or their spouse or common-law partner (if applicable) or the sponsor must be able to demonstrate that they have the following accessible funds in a recognized Canadian financial institution:
  • at least CAD $10,000 for the Candidate

  • CAD $2,000 for each of the Candidate’s dependents (spouse or common-law partner and children)

  • Does that mean that you have to open a bank account in Canada? Can a non-resident open an bank account in Canada?

    I don't think there are other ways to interpret that specific requirement -that the funds must be in a recognized Canadian financial institution. But just the same, I sent an email to AINP clarifying the matter. I'll update this once I received their reply.

    But should that be the case, you can actually open an account with HSBC Bank Canada from another country where there are HSBC operations. Contact HSBC Philippines for information on how to open a bank account in HSBC Canada from within the Philippines.

    There might be other Canadian banks here in the Philippines where you may open a bank account if that is really necessary. I think there is a Bank of Nova Scotia branch in Makati, too. My boss used to have an account there.

    I'll update this entry as soon as I gathered more information.