Funds to migrate to Canada –How much should you show?
by XIPHIAS IMMIGRATION migration executiveOne 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.
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Created on Aug 24th 2020 03:55. Viewed 338 times.