Settlement funds is not just a show money
Sunday, April 19, 2009
| Share |
|
.
UPDATE: 2011 Settlement Funds requirement
Update (Jan 19, 2010): Settlement Funds Requirement - January 1st to December 31st, 2010
If you are applying under Federal Skilled Worker program, part of the requirement before you will be issued visa is that you must have sufficient settlement funds.
Settlement funds is not just a show money. You must be able to satisfy the Visa Officer that the funds you will declare is unencumbered and that it is available for use on your initial settlement in Canada.
The amount of money you need to support your family is determined by the size of your family. These amounts are updated every year.
| Number of | Funds Required |
|---|---|
| 1 | $10,833 |
| 2 | $13,486 |
| 3 | $16,580 |
| 4 | $20,130 |
| 5 | $22,831 |
| 6 | $25,749 |
| 7 or more | $28,668 |
To establish that you have enough settlement funds, you need to provide original bank certificate. Since the objective is to convince the Visa Officer that the funds you declare is available for use, unencumbered and not just borrowed, it will help if will also submit bank statements, copy of bank passbooks and or Certificate of Time Deposits.
Do not worry if you do not have long banking transaction history showing the accumulation of your funds. What is important is that you be able to explain, if asked, where din your money came from.
For example, you sold one of your properties to come up with the required funds. You then deposited the proceeds in a new bank you have opened. It will of course appear that the account was just newly opened and you have made a one-time deposit of, say, P500,000.00. Will that be a problem? No. That is because you can simply explain where did that money came from supported by the deed of sale.
Now, if you have real properties under your name, it is best that you also declare them in your Personal Net Worth Statement as well. As long as you have enough funds, it will never be a problem even if you do not have real properties. So there's no need to ask your parents to transfer those land titles under your name. :-)
Settlement fund requirement is no longer required if you have an Arranged Employment Opinion (AEO). It is not easy to find an employer who is willing to process an AEO for you but depending on how you are willing to help yourself, it is possible. Start looking for job vacancies using this Canada Jobs Portal. Remember though, that it is always a numbers game. The more applications you send, the higher the chance that an employer will hire you.
Again, settlement funds is not just a show money. You need it to support yourself and your family on your initial settlement in Canada.
10 comments:
Hi!! may be you can give me a sample format of the cover letter to be submitted with the Ielts result. I was asked by the immgration to take the Ielts exam and unfortunatel i got 8 points only. Please help..
thanking you..
Please email me at aapuntar@go2canada.com
hi apol.have a good day.i just to ask how abt if u cant pass the ielts and medical exam.what will happen nxt.mayroon din bang bumabagsak?d na pwede marefund ang binayad mo?
Hi! We are planning to apply under the Saskatchewan Immigrant Nomination Program. I have a question regarding settlement fund. Can we not use our real property as settlement fund?
Hi, These settlement funds to show the immigration officer,when we are applying for the pr? or when we are going to get visa stamping time?
You need to show proof (bank certificate) before visa issuance and you also need to present it at the port-of-entry before you could be accepted in Canada.
Hello Sir!
Does a Bank Certification can be considered as one of our forms of settlement fund? Will the immigration officer can consider it?
Please advice. Thank you!
Jane
Hi Sir,
In the new application form, it is asking me to put assets, liabilities and settlement funds. Regarding the settlement funds, this means what i have now? So if I need 20K CAD but I only have 3K CAD right now, is it ok to put the 3K since I still have to save for the rest?
Thanks!
Are the Statements of the saving accounts of your home country accepted as Proof of Funds by the Immigration officer at the entry port.
Sir, is it alright to present a dollar and a peso account if added together will amount to 500,000?
Post a Comment