How to Bring Sufficient Settlement Funds with You to Canada

Last Updated on December 23, 2016

All applicants would need to have sufficient funds available for settlement in Canada, based on the provisions specified in R87.2 (5). In certain situations, the authorities could consider waiving this requirement. It is worth noting that the funds would need to be:

• Available and transferable
• Unencumbered by debts or any other obligations and,
• Sufficient for supporting the initial establishment in Canada

The authorities typically determine funds to be sufficient based on the applicant’s family size. This includes both accompanying and non-accompanying dependents. Typically, they use 50 percent of the current Low Income Cut Off (LICO) for urban areas that have a population of 500,000 or more.

Applicants would typically need to demonstrate that they have sufficient money for supporting themselves and their family after they get to Canada. This is applicable unless the applicant:

• Is currently authorised 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 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 their home countries that they possess sufficient money when they apply to immigrate.

It is worth noting that the amount of money that applicants need for supporting their families typically depends upon the size of their families. The authorities revise these amounts each year. Applicants would need to note the details specified in the table below.

Applicants would not need to show that they possess these funds if:

• They already have a valid offer of arranged employment in Canada and,
• They are currently working or have the relevant authorisation for working in Canada

Before they travel, applicants would need to research the costs of living in the place where they plan to settle in Canada.

It is worth noting that the applicants would need to bring as much money as they can to make it easier for themselves to move and find a home in Canada. However, it is worth noting that applicants would need to declare if they are bringing more than $10,000 Canadian dollars into the country. This is in accordance with the Canadian customs regulations. In case applicants do not inform the authorities that they are bringing more than $10,000 Canadian dollars with them into the country, the authorities could levy a fine on them or even, put them in prison.

Typically, the authorities permit applicants to bring funds in the form of:

• Cash
• Documents that highlight property or capital payable to the applicant such as:
  • Stocks
  • Bonds
  • Debentures or,
  • Treasury bills OR,
• Documents that guarantee payment of a specific amount of money, which is payable to the applicant, such as:
  • Bankers’ drafts
  • Cheques
  • Travellers’ cheques or,
  • Money orders

In case the applicant is unable to demonstrate that they have sufficient funds for meeting the requirements, the officers would need to refuse the application.