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Settlement funds already working in Canada

Settlement funds already working in Canada

Old Feb 14th 2013, 10:33 pm
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Default Re: Settlement funds already working in Canada

Originally Posted by buzzz View Post
Thank you for replying. At which point in the application process must you prove that you have these funds. My daughter and son in law are putting their application in in May and we may have to boost their bank account
The money can't be borrowed I'm afraid. They'll have to prove it when they first apply (although if they're applying via London they can use equity in a property if they don't have enough savings - London is the only visa office to allow this), and then again when they 'land'. At the landing stage it must be liquid funds i.e. cash in their bank account.

General consensus on the forum is that it should be at least double the amount required by CIC, this thread has some figures in that may be useful - http://britishexpats.com/forum/showthread.php?t=735341

Emigration's not cheap unfortunately!

HTH.
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Old May 3rd 2013, 2:24 am
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Default Re: Settlement funds already working in Canada

Originally Posted by christmasoompa View Post
The money can't be borrowed I'm afraid. They'll have to prove it when they first apply (although if they're applying via London they can use equity in a property if they don't have enough savings - London is the only visa office to allow this), and then again when they 'land'. At the landing stage it must be liquid funds i.e. cash in their bank account.

General consensus on the forum is that it should be at least double the amount required by CIC, this thread has some figures in that may be useful - http://britishexpats.com/forum/showthread.php?t=735341

Emigration's not cheap unfortunately!

HTH.
Hi Christmasoompa, i have a doubt, we are a family of 4 and granted with PR.

1) In landing, do i have to show to the officer my total amount of funds required for my settlement?

2) Can i go first to make the landing and months later the rest of my family?

Thank you
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Old May 3rd 2013, 7:29 am
  #18  
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Default Re: Settlement funds already working in Canada

Yes, and yes!

HTH.
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Old May 3rd 2013, 10:53 am
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Default Re: Settlement funds already working in Canada

Originally Posted by christmasoompa View Post
Yes, and yes!

HTH.
In our case is 16,000. Have to be in cash or is enough a bank statement?


Thanks for your answer
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Old May 3rd 2013, 11:26 am
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Default Re: Settlement funds already working in Canada

Originally Posted by lorerodri View Post
In our case is 16,000. Have to be in cash or is enough a bank statement?


Thanks for your answer
As far as I am aware its just proof of funds so a recent bank statement stamped by your bank should be sufficent.
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Old May 3rd 2013, 12:19 pm
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Default Re: Settlement funds already working in Canada

Originally Posted by lorerodri View Post
In our case is 16,000. Have to be in cash or is enough a bank statement?


Thanks for your answer
Bank statement, but it must be a recent one and in your name.

HTH.
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Old May 3rd 2013, 3:09 pm
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Default Re: Settlement funds already working in Canada

Originally Posted by Mikeypm View Post
As far as I am aware its just proof of funds so a recent bank statement stamped by your bank should be sufficent.

Thanks MIkeypm
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Old May 3rd 2013, 3:10 pm
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Default Re: Settlement funds already working in Canada

Originally Posted by christmasoompa View Post
Bank statement, but it must be a recent one and in your name.

HTH.
Thanks christmasoompa
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Old May 3rd 2013, 10:21 pm
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Default Re: Settlement funds already working in Canada

Well before we had PR we opened an account at Scotiabank in Victoria and gradually topped the account up over time during the FSW application waiting process. That way we knew we would have the minimum required amount in Canada on landing. On landing we brought a printout from our Scotiabank account but had our Scotibank card to hand in case we needed to print a balance from an ABM (ATM). It seems that if the money is wired from a UK account in your name to an account in Canada, also in your name, the source seems to becomes less of an issue.

We were not asked for proof of funds on landing. Bit of a shame after going through all that, but there again... you must do it in case you are asked for proof.
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Old May 4th 2013, 12:19 am
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Default Re: Settlement funds already working in Canada

Originally Posted by buzzz View Post
Thank you for replying. At which point in the application process must you prove that you have these funds. My daughter and son in law are putting their application in in May and we may have to boost their bank account
They must show funds at the time they send their initial application.

Also at any point during the application process the visa office can (and occasionally do) ask to once again see proof of funding mid process.

They may also be asked to show funds when they land to validate their visa at the end of the process. They don't always ask, but they can ask, and failure to produce proof of funds can result in rejection.

Please note that if you intend to boost their funds you must gift this money to them (meaning it does not have to be paid back), it cannot be loaned.

The idea is that the settlement funds must be net of any debt on it.

If they are applying through London UK visa office, they can show equity in property as part or all of their proof of funds. However, when landing this must be liquidated and ready to use in Canada.


Best of luck,
Wayne.
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Old May 4th 2013, 12:24 am
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Default Re: Settlement funds already working in Canada

Originally Posted by james.mc View Post
Well before we had PR we opened an account at Scotiabank in Victoria and gradually topped the account up over time during the FSW application waiting process. That way we knew we would have the minimum required amount in Canada on landing. On landing we brought a printout from our Scotiabank account but had our Scotibank card to hand in case we needed to print a balance from an ABM (ATM). It seems that if the money is wired from a UK account in your name to an account in Canada, also in your name, the source seems to becomes less of an issue.

We were not asked for proof of funds on landing. Bit of a shame after going through all that, but there again... you must do it in case you are asked for proof.
We set up a HSBC Canada account, transferred our funds over because the exchange rate was pretty good at the time we were landing, and then had an account statement (online print) with us during the landing process.

We were not asked to show proof, but if they had asked we could have shown them the print, or shown them the balance via online banking (we had our laptop with us and YVR has free wifi), or phoned up telephone banking - so we have a variety of options covered.

Bottom line is that there's probably more chance you won't be asked to show proof of funds than you will, but it really isn't worth falling at the final hurdle so always worth having the proof with you just in case.

Wayne.
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Old May 4th 2013, 12:26 am
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Default Re: Settlement funds already working in Canada

Originally Posted by lorerodri View Post
In our case is 16,000. Have to be in cash or is enough a bank statement?


Thanks for your answer
Yes bank statement is fine.

Please note that if you DO for any reason carry more than 10,000 CAD in cash, you have to explicitly inform the authorities of this at the time you land (this is true for anyone entering Canada, nothing to do with the PR process itself).

But I would think carrying such a large volume of cash would be inadvisable, and unnecessary

Wayne.
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Old May 4th 2013, 2:20 am
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Default Re: Settlement funds already working in Canada

Originally Posted by Waggle View Post
Yes bank statement is fine.

Please note that if you DO for any reason carry more than 10,000 CAD in cash, you have to explicitly inform the authorities of this at the time you land (this is true for anyone entering Canada, nothing to do with the PR process itself).

But I would think carrying such a large volume of cash would be inadvisable, and unnecessary

Wayne.
Waggle, thanks for the information, i know that i have to inform to the authorities.
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