How Much $$$$ is Needed?

[calvin1998]

How much in stettlement funds are necessary?  We are a gay couple and were wondering about this.  If we own income-generating real estate in the US would that help?  Also, if we own a house in the US and plan to sell it so that when we move to Canada we can buy at least 3 condos, 1 to live in and two to rent out, would that help?  What about bank accounts in the US, Asia, and elsewhere? 

[Libra]

Calvin1998,

Currently, the amount of funds needed is $10,168 CAD for a single applicant and $12,659 CAD for a family of two.

You can show proof of funds with certified/notarized copies (not the original documents) of any or a combination of the following financial documents in your name or with you as a beneficiary:

1.  A Certificate of Deposit /CD

2.  A Savings Account

3.  Bank Statements of checking accounts for 3 months preceeding your application and/or at the time of FBI Clearance request.

4.  401k of IRA Statement

5.  A Trust Account

Yes, any of these financial statements can come from banks from within and out of the U.S.

If you currently have an income generating real estate, income proceeds should be reflected on any checking or trust accounts that you hold for such real estate. 

Also, you can send in a notarized copy of your title to the real estate. 

DO NOT send in your actual title document please; you may find my saying so rhetorical, but applicants have been known to send in original documents, and they never get it back.  So, at the initial and interim stages of the application process, do not send in original copies of your personal documents - send in notarized copies.  However, the original copy of the FBI Clearance and the Medical Report (sent by the doctor anyway) will be sent in.

I am saying this, because I see people make this mistake all the time - strangely enough - they happen to be U.S. citizens.

Check this link also: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Warm regards,
Libra.

[calvin1998]

Once again, thank you sooo much.  If you are a lawyer, please send me your website.  When i am ready to make the move I will call you. 

[Libra]

Calvin1998,

Now, now, you are being funny:-)  No, Calvin, I am not a lawyer.  I am an applicant who is at the final stages of the process, and I have submitted my own proof of funds.  If you have not already done so, feel free to initiate contact with a reputable lawyer by clicking on this link: https://www.canadavisa.com/assess/canada-immigration-assessment-form.htm

If and when you need a lawyer, I highly recommend their services as I have had first-hand experience with them.

Good Luck to you and your partner in all of your endeavors, and yes, I'll stay in touch with the forum.

Warm regards,
Libra.

[calvin1998]

Thank you and God bless. Please let me know how you do in Canada. BTW how long did the process take you and with what passport are you applying?

[Traveler74]

Calvin1998,

Currently, the amount of funds needed is $10,168 CAD for a single applicant and $12,659 CAD for a family of two.

You can show proof of funds with certified/notarized copies (not the original documents) of any or a combination of the following financial documents in your name or with you as a beneficiary:

1.  A Certificate of Deposit /CD

2.  A Savings Account

3.  Bank Statements of checking accounts for 3 months preceeding your application and/or at the time of FBI Clearance request.

4.  401k of IRA Statement

5.  A Trust Account

Yes, any of these financial statements can come from banks from within and out of the U.S.

If you currently have an income generating real estate, income proceeds should be reflected on any checking or trust accounts that you hold for such real estate. 

Also, you can send in a notarized copy of your title to the real estate. 

DO NOT send in your actual title document please; you may find my saying so rhetorical, but applicants have been known to send in original documents, and they never get it back.  So, at the initial and interim stages of the application process, do not send in original copies of your personal documents - send in notarized copies.  However, the original copy of the FBI Clearance and the Medical Report (sent by the doctor anyway) will be sent in.

I am saying this, because I see people make this mistake all the time - strangely enough - they happen to be U.S. citizens.

Check this link also: http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

Warm regards,
Libra.

Hello There!

I am having different opinions about the use of 401K as proof of funds. The "Thaiguy," one of the member of this forum says that I can not use that but the assistant at the canadian immigration law's office of Robinson Sheppard Shapiro says that I can. I hope you can help me. Can I use my 401k statemant  as proof of funds? If yes, What grounds do you have to support your answer?

Thank you so much.

[thaiguy]

Yes, I'm interested to see the reply as well.

This is what the regulation actually says:

(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).

Since monies in a 401(k) are not transferable until they have been withdrawn, I don't see how immigration would accept a 401(k) statement unless they didn't understand what it meant.

[fbf2006]

thaiguy, what do you mean by 401Ks are not transferable? One can easily withdraw from their 401K so I consider it pretty liquid, no? I mean, yes you'd have to pay taxes and most likely, fines, but it's pretty easily to withdraw money from one's 401K. To me this means the money is liquid, accessible and thus transferable.

[thaiguy]

Well then give it a try.  My legal advisor told me it was not acceptable.