Funds to migrate to Canada –How much should you show?by XIPHIAS IMMIGRATION migration executive
One of the main factors to migrate to Canada is the proof of funds that one can show. There is a lot of confusion around about the amount of funds that one needs to show when trying to relocate to Canada. Bank statement proving one’s economic credibility is important document to be submitted for clearance. Consultancy firms who provide Canada PR Services will guide the aspirants as much as possible in this program.
Why is it important to provide financial proof? –
The Canadian Government requires that the aspirant immigrant be financially independent. The aspirant should be able to prove that the he can support self and his dependents without the need for public funding.
Who will need to prove their financial standing? –
Every person intending to move to Canada either temporarily or permanently need to prove their financial standing.
i. Immigrants on temporary work visa
ii. Student Immigrants
iii. Skilled professionals who intend to relocate to Canada on a permanent basis
iv. Investors who want to invest in a running business there
v. Skilled traders
vi. Innovators who want to start their own business
What documents produced work as proof for financial standing? –
One who intends to relocate to Canada whether on temporary basis or permanent basis will need to submit substantial proof to prove one’s financial status. If one intends to relocate to Canada either on Canada Experience Class program or through Express Entry program or has a valid job offer, they need to submit proof of their financial standing.
All those students who intend to study in Canada can provide documents of financial support from a third party which includes the school/institute where they intend to study or a family member. Such a third party must provide a support letter which indicates their intention to support the student and are willing to do so. However, skilled professionals who intend to relocate to Canada on permanent residency will be proving their financial strength. The money should be in the bank account of the aspirant. A bank letter should be provided on the letterhead of the bank with information including their address, contact information, any outstanding debts, current balance in each account and average balance in the last 6 months. It is better to work with an immigration consultant who can validate such a document before submitting the same. This document is important for Canada Skilled Immigration Program aspirants.
It would be easier to get these documents done with help of the immigration consultant who is ready to help one relocate to Canada. The bank statement as mentioned earlier should be brought out on the letterhead of the bank. It should clearly show that the amount the immigrant aspirant is maintaining during the past 6-9 months before submission of application. This is true for all programs including Provincial Nominee Program, Canada.
As a single applicant, the immigrant needs to show a minimum of CAD $12,960.
If a family of 4 is applying, then the immigrant needs to show a minimum balance of CAD $24, 083 over a period of 6 months.
Few points that the aspirant needs to remember are that, the amount should be the aspirant’s earnings. He/she cannot borrow the amount from his friends, relatives or from any bank. The source of the funds needs to be proved. The only amount that can be accepted other than the applicant’s pay is the amount gifted to him by his parents or siblings.
There could be many immigration consultancy firms that can help aspirants relocate to Canada. However, the major qualification that one needs to see before choosing the immigration firm is whether they are ICCRC certified Canadian Immigration consultant or otherwise. It is important to work with ICCRC registered firms for a better traction and success rate at the immigrations.
Created on Aug 24th 2020 03:55. Viewed 128 times.