Dear
Miss Powell,
I
have a bachelor’s degree and 5 years experience as a manager in a private
company and I’m thinking of trying out the express entry programme for Canada.
I want to sponsor myself, my son and my wife. My wife is also a professional
with a degree so I think we have the required education and work experience to
do well in Canada. I’m just wondering if this is something I can
afford as people say you need to show a lot of money. How much money do I need
to immigrate to Canada? Is there a
maximum? What do I need to show? Can we use our house and cars as collateral? Looking forward to your response. Thanks
PN
Dear PN,
If you are applying under the express entry system
to live permanently in Canada as a Federal Skilled Worker or as a Federal
Skilled Trade Worker, you will need to show the government of Canada that you
have the financial means to support yourself and your family, once you are
granted permanent residence. The required amount is called “settlement funds”.
The purpose of the settlement
fund is to ensure that you have enough money to help you with settling into
Canada and that you can afford to support yourself and your family, without
requiring government assistance. This estimated amount is calculated annually and
a new list is published every year by the Government of Canada.
The
government recently published the 2019 figures that are based on fifty percent
of the Low Income Cut Off (LICO) figures.
You will be required to show that they have enough funds to cover living
expenses for you and all your dependants.
While there are no maximum limits on the
amount of money you can take to Canada, the minimum requirements are based on
the number of persons in your immediate family as outlined in the table below.
Number of Family Members
|
Minimum Amount – 2019 CAD$
|
1
|
12,669
|
2
|
15,772
|
3
|
19,390
|
4
|
23, 542
|
5
|
26,701
|
6
|
30,114
|
7
|
33,528
|
Each additional person
|
Add $3,414
|
It is important you exceed the
minimum savings requirement when you submit your application. Once you receive an invitation to apply for
permanent residence, you will need to submit proof of liquid funds. In your case, you will need to show
approximately CAD $19,500 for a family of three.
There is no maximum that you can bring to Canada as
a new immigrant. The only requirement is
that you declare any amounts over CAD$10,000, when you arrive at the airport.
Acceptable proof
Acceptable proof are
cash, traveller's cheques or letter from your bankers or investment brokers that
demonstrate that you own stocks, bonds, debentures, treasury bills or other
investments. An official letter issued by your
financial institution will be required.
Your financial institution must provide details of your financial
profile. The letter must list of all your accounts (chequing, savings and
investments) the account numbers, dates each account was opened and the balance
of each account over the past six months.
Additionally, the bank should list all your outstanding debts, such as
credit cards and loans. This letter must
be printed on the letterhead of the financial institution and include your name
and the bank’s contact information, including an email address.
You cannot borrow the
funds, nor can you simply show proof of ownership of a car or house. Those are not considered to be “liquid” or
easily accessible funds. Furthermore, a
car is considered to be a depreciating asset and there is no guarantee that you
will be able to sell these assets and have the minimum amount available, when
it is time to move to Canada.
If you chose to sell your
house and car to have the cash for settlement funds, ensure that you have a
strong profile and that your application stands a good chance of being successful.
I recommend that you
contact a Canadian Immigration lawyer to find out if you qualify to come to
Canada and find out if you and your family are strong candidates under the
express entry system. You should also
find out about the application fees, right of permanent residence and biometrics
fees that will need to be paid to IRCC to process your application.
Deidre S.
Powell is a lawyer, mediator, and notary public Submit your questions and
comments to: info@deidrepowell.com Find
her on Facebook: jamaicanlawyer or call 613.695.8777
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