Want to settle in Canada? Now, show more reserve money

Varinder Singh
Tribune News Service
Jalandhar, January 20

The road to greener pastures in Canada has turned a bit difficult for thousands of Punjabis, for the Government of Canada has slightly enhanced its settlement funds (show money) requirement for them.

To achieve their dream to move to Canada permanently, all Permanent Residence (PR) aspirants will now have to show more reserve funds to the Canadian authorities at the time of filing their applications and at the time of landing in Canada.

Meanwhile, the Government of Canada has also started urging the Express Entry candidates to make sure that their profiles were updated and these must reflect their financial position change vis-a-vis funds requirement.

The newly-introduced change involves increase of the requisite minimum settlement funds — show money as it is called in local parlance — by just over 1.5 per cent for each family.

For example, if a single person lands unaccompanied in Canada, he or she will have to show settlement funds to the tune of Canadian $12,669 instead of earlier requirement of $12,474.

The Canadian immigration norms stipulate that all federal skilled workers and federal skilled trades class aspirants or candidates must show proof of settlement funds. The changed norms will have huge impact on Punjabis as they were migrating in thousands to Canada each year. 

If a family of five was migrating to and landing in Canada, it will have to show an additional Canadian $410 dollars (approximately Rs 22,025.2, as per today's exchange rates), according to new rules. 

*Figures in Canadian dollars

The objective of the practice to show the funds upon landing in Canada was to ensure that the principal applicant and her or his family members were equipped with financial resources to support themselves for the initial period required for their settlement as permanent residents.

The Canadian Experience Class candidates who were working in Canada on an eligible work permit were, however, exempted from showing the requisite settlement funds. But in case they apply for the Permanent Residence via the federal skilled workers' route, they will have to come out with the 'show money'.

Family members include a spouse or a partner, dependent children and the dependent children of a spouse or partner. IRCC considers a dependent child to be any family member under the age of 22.

Interestingly, the Canadian immigration rules stipulate that family members who were not accompanying the principal applicant at the time of landing in Canada should also be counted and included in the documents and their fee should also be deposited.

The Immigration, Refugees and Citizenship Canada (IRCC) requires that small changes, however, should be mentioned by candidates for these could affect a candidate's eligibility. For the same reason, the express entry candidates were required to update their profiles showing that they were having the funds as per new requirements.

The requisite funds, the IRCC norms stipulate, must be readily available with the candidate at the  time he or she files an application for permanent residence and when a permanent resident visa is issued. "Upon landing in Canada, the principal applicant will also have to prove to an immigration officer that they have the required amount and access to it," the IRCC norms say.

The funds could not be borrowed and equity on real estate cannot be counted as proof or funds. However, if accompanied by a spouse or a partner, money held in a joint account could be counted towards the settlement funds requirement. The IRCC norms require procurement of official letters from the banks or financial institutions where the money is kept.