Settlement Funds: 6/12-Month Income?

[SergeSD]

Hi everyone,

Could anyone confirm the unspoken rule on how settlement funds are calculated by Canadian authorities? I think I read somewhere that it is the minimum cash you should have to sustain yourself in Canada during the first 6? or 12? months after your arrival... Provided you won't have found a job by then.

Just trying to figure how much more cash I would have to provide if I have loans that I will continue to pay once I'm there.

Looking forward to your contribution,

Serge

 

[Dexmoody]

Explained here:

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[scylla]

Hi everyone,

Could anyone confirm the unspoken rule on how settlement funds are calculated by Canadian authorities? I think I read somewhere that it is the minimum cash you should have to sustain yourself in Canada during the first 6? or 12? months after your arrival... Provided you won't have found a job by then.

Just trying to figure how much more cash I would have to provide if I have loans that I will continue to pay once I'm there.

It's not that black and white - and you'll need to do additional research to assess how much money you should bring. Cost of living varies greatly from location to location - as well as your expected lifestyle. I would assume best case the proof of funds amount will last six months. However depending on your lifestyles and where you're living - it could be quite a bit less than that.

 

[SergeSD]

Thanks for your replies! My question went in another direction, though.

Cheers,

Serge

 

[Asivad Anac]

Thanks for your replies! My question went in another direction, though.

Cheers,

Serge

Your loans are your concern, they don't bother IRCC unless you take a loan for settlement funds (in which case, your application is refused). Having and/or servicing any other loan is up to you. Settlement funds don't necessarily mean you should have a net positive asset base, your loans and/or corresponding assets aren't included with settlement funds.

 

[SergeSD]

Your loans are your concern, they don't bother IRCC unless you take a loan for settlement funds (in which case, your application is refused). Having and/or servicing any other loan is up to you. Settlement funds don't necessarily mean you should have a net positive asset base, your loans and/or corresponding assets aren't included with settlement funds.

Hi Asivad,

I do understand this and it makes absolute sense now.

But my thinking is: IRCC requires from 1 applicant CAD 12,000. Why? So that s/he can support her/himself during 6? or 12? months without applying for government aid. This amount was calculated under "normal" circumstances, without debt, I presume.

In my case, I also need to repay my student loan (CAD 600 monthly). So IRCC would probably require the 12,000 and expect that I can pay the additional 600. And this is the total amount that they would want to see as unencumbered funds.

But it makes a different if they would expect me to have, at the time of the application, 12,000 + (600x6) = 15,600 OR 12,000 + (600x12) = 19,200.

I am probably overthinking it and trying to anticipate any hiccup in the process.

Thanks,

Serge

 

[Asivad Anac]

Hi Asivad,

I do understand this and it makes absolute sense now.

But my thinking is: IRCC requires from 1 applicant CAD 12,000. Why? So that s/he can support her/himself during 6? or 12? months without applying for government aid. This amount was calculated under "normal" circumstances, without debt, I presume.

That presumption is unfounded. If IRCC would admit only those people with a net positive asset base, many potential immigrants wouldn't qualify. IRCC genuinely doesn't care if you cannot service your loans in any other country while trying to settle down in Canada - they only expect you to have the required amount of settlement funds when they process your application AND when you 'land' in Canada.

In my case, I also need to repay my student loan (CAD 600 monthly). So IRCC would probably require the 12,000 and expect that I can pay the additional 600. And this is the total amount that they would want to see as unencumbered funds.

Not really. Unless you took that loan from IRCC (outlandish example because they aren't a financial services firm but just trying to prove a point here), they wouldn't care about your repayment schedule or the consequences of you not being able to service that loan.

But it makes a different if they would expect me to have, at the time of the application, 12,000 + (600x6) = 15,600 OR 12,000 + (600x12) = 19,200.

I am probably overthinking it and trying to anticipate any hiccup in the process.

Overthinking for sure. All you need to prove is that you have at least $12,134 or whatever that amount is AND that those funds aren't borrowed. Period. /b]

Thanks,

Serge

 

[SergeSD]

Hahahahaha

Even better, Asivad! Thanks for the tough love