Immigration Corner |How much money do I need to immigrate to Canada?

Dear Miss Powell,

I have a bachelor’s degree and five year's 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 50 per cent of the Low Income Cut Off figures. You will be required to show that they have enough funds to cover living expences 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, travellers 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 instituition 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