Funds Required for Canada PR
Canada is a dream destination for any expat, it provides everything, job and study opportunities, an excellent lifestyle, and other amenities which will make your life more satisfactory. If you intend to move to Canada, you will need to ensure that you have enough settlement funds.
What are Settlement Funds?
The settlement fund is the minimum amount of money to have on hand to support yourself and your family as you arrive and adjust your life in Canada. The majority of immigration programs require you to have a minimum amount of money in the bank or as an investment to live in Canada.
Why is it compulsory for applicants to show the funds?
Financial funds are very essential for applying for Canada Permanent Residency. These aren’t just meant to help you survive in a new country, but also to help you thrive. Canada’s Immigration, Refugee and Citizenship Canada (IRCC) have set out some minimum requirements of funds for immigrants for two very vital reasons:
- The government of Canada requires applicants to demonstrate funds to gather information on their financial stability in their native countries and their ability to support their native country dependents.
- It prevents you from relying on social assistance and placing pressure on the Canadian government & system until you find a job there.
- To prevent you from having to return to your home country due to financial constraints.
How can applicants show their funds to the IRCC?
Immigration, Refugee and Citizenship Canada (IRCC) permit visa applicants to show funds in the form of:
- Bonds – bond is a loan from an investor to a borrower such as an organization or government. Bond details include the end date when the principal of the loan is due to be paid to the bond owner and usually include the terms for variable or fixed interest payments made by the borrower.
- Stocks – A stock is a security that represents a fractional ownership in a company. If you have invested in stocks you can show it as proof of funds.
- Bankers’ drafts – A bank draft is a type of check that guarantees payment by the issuing bank after verifying the requesting customer has enough funds to cover it.
- Treasury bills – T-bills, which are money market instruments, are short-term debt instruments issued by the Government of India. It is acceptable by IRCC as proof of funds.
- Bank Statement – It is a document that is sent by the bank to the account holder, summarizing all the transactions of an account during the month. Applicants may show their bank statements or their spouse’s bank statements in order to prove their funds.
- Mutual Funds Statement- It provides you with all the information related to your investments made in different mutual fund schemes. It is similar to a bank account statement. Same as a bank statement you can use it to prove your funds to the immigration department.
- Provident Funds – It is an investment fund that is voluntarily established by Employers and employees to serve as long-term savings to support an employee’s retirement. Applicants can submit their PF statement as proof of funds.
- Fixed Deposits – In a Fixed Deposit, you put a lump sum in your bank for a fixed period at an agreed rate of interest. You can submit your own or your spouse’s FD documents to the IRCC as proof of funds.
- Cheques Bank Account – It is also known as a checking account. These accounts are primarily for accessing your money when and where you need it.
- Saving Bank Account – It is a type of account offered by banks or credit unions that gives you a safe place to store your money while earning interest on your deposits.
- Travelers Cheque – It is a fixed denomination note issued by non-banking financial institutions for facilitating international travelers to carry and pay traveling costs safely in their travel.
- Money Orders – It is a certificate, usually issued by a government or banking institution, that allows the stated payee to receive cash on demand.
- Cash Value Life Insurance – It is a type of permanent life insurance that has an investment feature. Cash value is the portion of your policy that earns interest and may be available for you to withdraw or borrow against in case of a need.
- Registered Retirement Savings Plans – RRSPs is a retirement saving and investing vehicle for employees and the self-employed in Canada. Pre-tax money is placed into an RRSP and grows tax-free until withdrawal and with that, you receive interest on your investment or savings.
- Certificates of Deposit – CD is a savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest.
- Term or Time Deposits – A term deposit is a fixed-term investment that includes the deposit of money into an account at a financial institution.
All proof of financial funds must be in the name of the principal applicant and/or their spouse or common-law partner. You should know that funds cannot be borrowed from anyone else. In order to be eligible for permanent residency, you must have the funds available at the time of your application and throughout the application process. Government reserves the right to request updated financial records at any time during the application process. Applicants have to submit letters from the financial institutions where they keep their money.
Why trust BOI Services with your visa process?
- Authorized and licensed Immigration Consultancy.
- Check eligibility based on the latest immigration rules & regulations
- Ensure a safe and transparent online process.
- Complaint resolution system to provide excellent customer support
- Profiles are evaluated with specially designed services
- Cases are assessed & rectified multiple times before submission
BOI Services is one of the best Immigration Consultancy in New Delhi, widely regarded as one of the most reputed and trusted Immigration Consultancy in India by its customers. We have helped hundreds of visionary people to successfully immigrate to Canada. Our trained, well-versed, and experienced Immigration Experts are dedicated to support you with your immigration process.