Should I have my funds in my bank after my PR has been approved

[Laks]

Hello all,

Our Permanent Residency for Canada has been approved and we got our passports stamped today. We are planning to do our landing by end of this year.

I would like to confirm if I have to leave my funds (which has been shown as a proof) in my bank account until the landing is complete.

 

[Dexmoody]

Hello all,

Our Permanent Residency for Canada has been approved and we got our passports stamped today. We are planning to do our landing by end of this year.

I would like to confirm if I have to leave my funds (which has been shown as a proof) in my bank account until the landing is complete.

The immigration officer inspecting you at the point of entry can ask you for proof of the money, and can refuse entry if he is not satisfied you can become economically established.

Having the funds in your account and bringing along a fresh set of bank statements is one way to satisfy them. You can also withdraw the money and bring it along in cash. Just remember that you need to declare any amount over C$10k for customs purposes, whether someone asks you or not.

Why are you asking? Are you planning on spending the money before arriving in Canada?

Just remember that it is expensive to live in Canada and that there is no support available. You can't expect to get a job as soon as you land, so you'll have to dip into your savings. The funds requirement exists for a reason.

 

[Laks]

Thanks for your response Dex!!

I am aware of the need to have sufficient funds to start life in a new country. We are planning to do the landing by the end of this year and we will be migrating for good in the next couple of years. I would rather invest my funds in a different source instead of leaving it mute for the next two years. And hence the question regarding the funds.

From your response I infer that the Immigration officer would be interested to see that we have sufficient backup of funds when we move for good. I hope that they will not question that during landing as we are not migrating while landing.


Thanks

 

[mf4361]

Border officers are not interested in how you are going to use your money. You just need to show them you have it at landing. After landing, you can spend it any way you want.

You can have it in any kind of financial institute and show the statement, or (better way) have it in money order on hand when you arrive.

Remember to declare if you have more than $10000 while presenting yourself at the border.