funds required to settle in Canada

[kacyCO]

I have the required funds to settle in Canada but I have a question about the language "the funds shouldn't be burdened by debt." I assume that means that you cannot borrow the funds. I saved the money on my own but I have school loans and credit cards that I have yet to pay off. That doesn't count against the funds I have saved, does it? Thanks in advance for answering!

 

[Eduardo Picazo]

Hi KacyKo

As long as you prove that you have enough founds will be OK, send your Bank statements just like they are

Maybe you have to take some money from the bank for any reason, but you might put it back as soon as possible, I guess all of us are in the same scenario

Keep in mind that the founds are for your own settlement expenses in case you will not find job right quick, that's why you are asked do not borrow money from others. and full prove of founds will be asked per sure when you entry into Canada

Tip: if you have a property you can include it in your prove of founds (while your case is in process).

Good luck my friend
Eduardo

 

[FinPro]

Wat I understand from the discussion here and on other boards, you need to show to required funds to immigration officer at the time of landing as well. This is in addition to if you are asked to give updated bank statement. It is therefore important that you should have the required minimum amount ready to use in your possession.

 

[2moms2bc]

Re: "Tip: if you have a property you can include it in your prove of founds (while your case is in process)."

I was told by my attorney that my house, in which I have considerable equity, would not count as proof of funds. Even though I will sell, I guess it makes sense bc they have no guarantee I will do so. Anyway, thought I'd add that everything I've been told says that property does not count.

 

[Eduardo Picazo]

Hey 2moms2bc

I don't know 2moms2bc, I included my home property as proof of funds and it was accepted, I sent a notarized house's title, of course you have to prove that you own it 100%. Of course I sent a bank statement as well with some available cash, but I don't have the 100% of the required funds @ bank.

Actually I received a letter from the Embassy saying that they recommend do not sale the house until the visa has been issued (by the way my attorney is David Cohen at Canadavisa.com)

Well I guess we can ask to an Expert, what you think about PMM?

Regards
Eduardo

 

[pepitsg]

As long as you can show proof that you have enough funds to settle in Canada, I think you won't have a problem. That is the reason they call it "Settlement Funds Requirement". These are the "funds" you will need to bring to be able to settle in Canada. The person who will check these funds aside from the embassy is the immigration officer when you arrive at your destination in Canada since he will be issuing you your landing papers (as a landed immigrant) and he will literally write on that document the "funds" that you have brought with you. Based on CIC requirements, you must show when you apply that you have the minimum settlement fund requirement, but more funds is better.

These settlement funds you will bring with you will make sure that you will survive in Canada while you look for a job for the next 6 months.

 

[kacyCO]

Thank you everyone!