Proof of funds - CDN $0.5 million

[bromac]

The question is simple. Will CDN $0.5 million proof of funds expedite the application in any way? If you provide that kind of bank statement/history, along with all the other necessary documentation (education, work experience, English language proficiency, etc.) will that put you in favorable position among other applicants?

If not what are the other venues that one can pursue with that kind of money in Canada?

 

[gary.bhanot]

In express entry, i dont think so it will expedite anything becaus POF is a mandate and it doesnt mattet how much you show above the threshhold they want you to declare.

You can explore startup visa immigration or something else where money might by you an express lane ticket. Hope this makes sense

 

[mf4361]

No

 

[bromac]

You can explore startup visa immigration or something else where money might by you an express lane ticket. Hope this makes sense

I've already explored the start-up lane. Designated ordinary (free) start-up incubators in Canada will only accept EXTRAORDINARY world-class business ideas so that option goes out of the question, while "costly" incubators require 15% equity of my business and plus $120K to enroll me in their program. I'm not sure if that's worthed.

Other possibility is Manitoba Business Immigration where I think the required investment amount is lowest in Canada. You need only to show minimum $350,000 NET worth, invest $150k in your new business in Manitoba, and have 3 years prior experience in that business.

Anyways, thanks for the answer gary.bhanot. Anyone else, feel free to chime in.

 

[scylla]

No - it won't expedite. You'll be in the same queue as everyone else.

 

[dobes]

No - it won't expedite. You'll be in the same queue as everyone else.

One of the very nice things about Canada!

 

[bromac]

One of the very nice things about Canada!

That might be true about the Express Entry, but not quite true in general, since people with money and lucrative businesses can use other immigration programs and land in Canada without going through all the hustle that "ordinary" folks must go through. In short, in a way, legit money can indeed buy you immigration visa to Canada.

 

[scylla]

That might be true about the Express Entry, but not quite true in general, since people with money and lucrative businesses can use other immigration programs and land in Canada without going through all the hustle that "ordinary" folks must go through. In short, in a way, legit money can indeed buy you immigration visa to Canada.

That's what the Investor category is for (assuming you have a net worth of $10MM or more). $500K unfortunately isn't very much money these days. Barely buys you any decent real estate in Toronto...

 

[mf4361]

That might be true about the Express Entry, but not quite true in general, since people with money and lucrative businesses can use other immigration programs and land in Canada without going through all the hustle that "ordinary" folks must go through. In short, in a way, legit money can indeed buy you immigration visa to Canada.

But at least its bringing in real businesses, and businesses generate income (aka. more Tax) and job opportunity.

Back in the days, you can "buy" PR in investment class province nomination for a low as ~100k CAD. Even the federal's investment class is on sale for about 1M. And the investment can be the house they live in.

It's clear that Canada don't need people who just brings capital, but also skills and workforce.

 

[bromac]

That's what the Investor category is for (assuming you have a net worth of $10MM or more). $500K unfortunately isn't very much money these days. Barely buys you any decent real estate in Toronto...

Not entirely true, or should I say not precise enough. Not to repeat myself, but Manitoba provincial business immigration program requires only $150,000 investment and $350,000 net worth. Some designated accelerators for the federal Start-up immigration program require some percent of the equity of your business plus fee of $100k+. I think, Ontario business provincial program requires $3M investment plus creation of few Canadian jobs since it's more "expensive" and developed province. All these options don't come even close to $10M NET worth/investment as you claim.

 

[haznac]

Dear bromac,

Nice money you have there, but it won't make any difference under EE, since the requirement is just a threshold to be above. By how far you are above it is just not a parameter to be considered under EE. For money to talk, you have got to try other categories you yourself are apparently knowledgeable about.

 

[curious_123]

it wont expedite the process for sure... in fact it may delay the process as they will verify how did you get so much amount of money... if the money is legal or not...i know you will provide all the documents but still they will verify it...

If i was the VO, i would be definitely cautious about large sum of money and would like to verify the source properly... BUT if the money is legal after verification they would be happy to give you PR as you will bring large amount of money in canada..

 

[scylla]

Not entirely true, or should I say not precise enough. Not to repeat myself, but Manitoba provincial business immigration program requires only $150,000 investment and $350,000 net worth. Some designated accelerators for the federal Start-up immigration program require some percent of the equity of your business plus fee of $100k+. I think, Ontario business provincial program requires $3M investment plus creation of few Canadian jobs since it's more "expensive" and developed province. All these options don't come even close to $10M NET worth/investment as you claim.

Agreed these programs exist. But I wouldn't call any of them "expedited". Some of the EE processing times we've seen so far are significantly faster than any of the above.

 

[bromac]

Dear bromac,

Nice money you have there, but it won't make any difference under EE, since the requirement is just a threshold to be above. By how far you are above it is just not a parameter to be considered under EE. For money to talk, you have got to try other categories you yourself are apparently knowledgeable about.

Never said I personally own that kind of money. Only exploring various possible situations.

 

[bromac]

it wont expedite the process for sure... in fact it may delay the process as they will verify how did you get so much amount of money... if the money is legal or not...i know you will provide all the documents but still they will verify it...

If i was the VO, i would be definitely cautious about large sum of money and would like to verify the source properly... BUT if the money is legal after verification they would be happy to give you PR as you will bring large amount of money in canada..

You make an interesting point. It is possible that a very large sum of money will slow down the process significantly since they will have to probably verify each one and every source from which that money came. And that's intensive and time consuming process.

But, if you have that kind of money you have to declare it anyway in the process no matter which immigration program you use, thus you're stuck with increased processing time and scrutiny no matter what.