I understand that I need to provide proof of settlement funds when I submit my application. Please could you clarify for me the amount of settlement funds required for a family of 5 comprising 2 adults and 3 children aged 3, 7 and 9?

I also realise that such funds need to be readily available and could not, therefore, include endowment policies or long-term investments. I wonder if building society savings accounts would be suitable as proof - would I need to just photocopy the page showing the amount deposited?

Your advice is appreciated.

Please could someone answer this question for me?

Hi Kim,
I don't have the figures to hand, but in terms of what you need to show, I know of people who have been to their bank/building society on day of departure to get a statement with that day's date on it, to prove the funds were there at that time.

Hope this helps a bit,

Claire

PS Sorry, I just realised you said 'on application' not 'landing'! In which case building society statements would be fine. Also, if you are selling your house, you can get a written valuation and submit that too.

Claire

Amount of required settlement funds starting June 28 will be 50% of the respective
LICO minimum for the family size and for the areas with population of 500,000 or
more. New LICO table will be published on June 28th as well, but you may assume that
for the family like yours required settlement fund will be about $20,000 or more.

76(1)(b) the skilled worker must

(i) have in the form of transferable and available funds, unencumbered by debts or
other obligations, an amount equal to half the minimum necessary income
applicable in respect of the group of persons consisting of the skilled worker
and their family members, or

(ii) be awarded the number of points referred to in subsection 82(2) for arranged
employment in Canada within the meaning of subsection 82(1).

Please pay attention to words "transferable and available" above. Depending from the
terms of your saving account money there may not be freely available on demand. Also
note that "transferable" means money which may be legally transferred to Canada or
taken by you when leaving your country - so, if you live in the country with currency
transfer restrictions you must provide proper permission (as required by your
country's law) for taking money out of the country. If your saving account can meet
"transferable and available" condition then current statement showing most recent
balance will be the acceptable proof of funds.

--

../..

Andrew Miller Immigration Consultant Vancouver, British Columbia email:
millercicanada.com (delete REMOVE and INVALID from the above address before
sending email)
________________________________

"kim" <[email protected]> wrote in message
news:[email protected]...
    > I understand that I need to provide proof of settlement funds when I submit my
    > application. Please could you clarify for me the amount of settlement funds
    > required for a family of 5 comprising 2 adults and 3 children aged 3, 7 and 9?
    >
    > I also realise that such funds need to be readily available and could not,
    > therefore, include endowment policies or long-term investments. I wonder if
    > building society savings accounts would be suitable as proof - would I need to just
    > photocopy the page showing the amount deposited?
    >
    > Your advice is appreciated.
    >
    >
    >
    > --
    > Kim
    >
    > Posted via http://britishexpats.com

Many thanks to Mr Miller and CN Tower for your replies. Regarding the valuation of our home - we have a letter showing its current value from a local estate agent. Would this potential fund of money currently be taken as 'transferable and available' by a visa officer since we have not, as yet, sold our house?

Our difficulty is that our current building society savings amount to less than $20,000 so we would not meet the settlement funds requirement. However, our home has been valued at $500,000 so this would certainly meet the requirements if this valuation was acceptable as settlement funds.

Please could you advise further? Many thanks.

You still are not telling us what country you are in. A lot depends from it.

Also not the market value of your home is what you have - it is your net equity
there only.

--

../..

Andrew Miller Immigration Consultant Vancouver, British Columbia email:
millercicanada.com (delete REMOVE and INVALID from the above address before
sending email)
________________________________

"kim" <[email protected]> wrote in message
news:[email protected]...
    > Many thanks to Mr Miller and CN Tower for your replies. Regarding the valuation of
    > our home - we have a letter showing its current value from a local estate agent.
    > Would this potential fund of money currently be taken as 'transferable and
    > available' by a visa officer since we have not, as yet, sold our house?
    >
    > Our difficulty is that our current building society savings amount to less than
    > $20,000 so we would not meet the settlement funds requirement. However, our home
    > has been valued at $500,000 so this would certainly meet the requirements if this
    > valuation was acceptable as settlement funds.
    >
    > Please could you advise further? Many thanks.
    >
    >
    >
    > --
    > Kim
    >
    > Posted via http://britishexpats.com

Mr Miller

I am in the UK. My house has been valued at CAD $500,000 and I have an outstanding mortgage of CAD $50,000. Therefore the net equity in my home is CAD $450,000.

Will it be alright for the settlement funds requirement to submit a professional valuation of my home along with my mortgage details? Will this suffice as 'readily available' funds for immigration purposes at the application stage?

I need to know this since I do not have any significant other savings.

Many thanks.

Yes, if property is in UK then it should be OK - as long it was OK under the old law.
We don't have yet new Immigration Manual and new application kits with all
requirements are also not published yet, so I can't confirm for sure that it will
remain the same under new law.

--

../..

Andrew Miller Immigration Consultant Vancouver, British Columbia email:
millercicanada.com (delete REMOVE and INVALID from the above address before
sending email)
________________________________

"kim" <[email protected]> wrote in message
news:[email protected]...
    > Mr Miller
    >
    > I am in the UK. My house has been valued at CAD $500,000 and I have an outstanding
    > mortgage of CAD $50,000. Therefore the net equity in my home is CAD $450,000.
    >
    > Will it be alright for the settlement funds requirement to submit a professional
    > valuation of my home along with my mortgage details? Will this suffice as 'readily
    > available' funds for immigration purposes at the application stage?
    >
    > I need to know this since I do not have any significant other savings.
    >
    > Many thanks.
    >
    >
    >
    > --
    > Kim
    >
    > Posted via http://britishexpats.com

Hi Kim,
We have a Brit Yahoo! Group at the url below if you would care to join us

Claire