The government of Canada increases the minimum funds required by skilled worker applicants, also known as “Settlement Fund.”
These new amounts are required by all skilled worker streams applicants who do not have a valid job offer backed by labour market impact assessment or LMIA.
Skilled workers who would do not have a valid job offer from a Canadian employer with LMIA are required to show that they have sufficient money for supporting themselves and their family after they get to Canada for a minimum of six months.
Is currently authorized for working in Canada and,
Has a valid job offer from an employer in Canada
Applicants would need to note that they would not be able to borrow this money from another individual. They would need to use this money for covering the costs of living for their family. This law is applicable even if the family is not accompanying the applicant to Canada.
Applicants would also need to provide proof to the Canadian visa office in the home countries that they possess sufficient money when they apply to immigrate.
It is important to note that the required settlement funds increase for each family as the number of the family member grows. Also, the needed settlement funds is a bare minimum since it considers just the low-income cutoff and applicants are advised to have considerably more than just settlement funds.
How much money is sufficient for moving to Canada?
The answer would not be the same for everybody. It is highly variable depending on every individual’s style of living and the number of the family members. The best practice for every immigrant would be to do thorough research and study the living costs in Canada, especially in their target place of living.
There is no limit on how much funds an immigrant can bring into Canada when they arrive, Canadian Border Services Agency (CBSA) requires all travellers (Citizens or other nationals, including immigrants) to declare any funds if the amount exceeds C$ 10,000. Typically for new immigrants, it is accepted for them that they bring amounts higher than that limit, as long as they declare it at the port of entry
Settlement funds could be in the form of the following items:
- Debentures or,
- Treasury bills
- Bankers’ drafts
- Travellers’ cheques
- Money orders