Settlement Funds
Principal Applicant (P.A.) for Canadian Immigration applications, under Federal Skilled Worker (FSW) category have to prove that they have sufficient settlement funds available, at the time of making an application for Permanent Residence of Canada and also at the time of landing in Canada. These funds should be transferable funds.
The amount of settlement funds, depend on the size of the family, which includes both spouses and accompanying children. For example if you are single and not married the amount needed is only for 1 person. In your case you are married it means , you and your spouse (2 persons). And if you are married with two children it means settlement funds for 4 persons( 2 adults and 2 children).
The following table will show you the total funds needed, depending upon your situation and number of family members in your application. These funds must be your own funds. Property cannot be shown against this fund, unless it has been sold and money available.
The amount of money you need to support your family is set by the size of your family. We update these amounts every year.
Number of Family Members Funds Required (CAD)
1-$ 11,824
2-$ 14,720
3-$ 18,097
4-$ 21,971
5-$ 24,920
6-$ 28,105
7-$ 31,291 or more
You do not have to show that you have these funds if:
you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada
The proof of funds can be in the name of the Principal Applicant or his / her accompanying spouse, in the following forms:
Certified Letters from the bank/s confirming funds available.
Certified Bank Statements mentioning the name, address and account number of applicant and OR accompanying spouse..
Certified Fixed term deposit statements/ en-cashable.
Cash investments / bonds / certificates that are redeemable.
Any funds in individual or joint name with spouse.
Money in provident funds held with current or past employers that can be cashed out.
Life Insurance redeemable policies etc.
VALUE OF PROPERTIES OWNED ARE NOT ACCEPTED AS VALID PROOF OF FUNDS
Some countries also have specific forms to be completed for availability of funds.
How much money should you bring into Canada when you come here?
It is a good idea to research how much it costs to live in the place where you plan to settle in Canada.
Bring as much money as you can to make moving and finding a home in Canada easier.
Note, however, that Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison.
These funds could be in the form of:
cash
documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
documents that guarantee payment of a set amount of money, which are payable to you (such as bankers' drafts, cheques, travellers' cheques or money orders).
The amount of money you need to support your family is set by the size of your family. We update these amounts every year.
