Are you a Canadian permanent resident applicant? Oftentimes, certain permanent resident applicants are required to demonstrate sufficient financial resources to support their resettlement to Canada. This is a major requirement for applicants to most economic immigration programs. However, applicants to spousal sponsorship and refugee claimants are exempt from this requirement.
The requirement for demonstrating settlement funds applied to all Express Entry (EE) and Provincial Nominee Program (PNP) applicants. However, applicants to the Canadian Experience Program (CEC) under the Express Entry and the Quebec Immigration system are exempt from this requirement.
What Is the Settlement Funds Requirement for PR?
The settlement fund requirement applies to the applicants to the following programs:
The settlement funds can not be borrowed from another person. The funds must be sufficient to support the cost of living for the applicant and their family members, even if they are not accompanying the primary applicant. Applicants applying with their spouses can meet this requirement together. Meaning that they can submit both their financial records to demonstrate settlement funds.
Note: Applicants are exempted from the settlement fund requirement if they are authorized to work in Canada or have a valid job offer from a Canadian employer.
What Documents Are Required to Demonstrate Sufficient Settlement Funds?
All documents demonstrating the financial resources must be in the name of the principal applicant or their spouse or common-law partner. These funds must be available throughout the immigration process until the applicant receives permanent residence. The government can request the updated financial records from the applicant at any time throughout the processing.
Applicants will be required to submit legitimate letters from financial institutions where the funds have been deposited. These letters must include the following information:
- The letterhead of the financial institution
- Contact information of the financial institution
- Name of the applicant
- Account numbers of all applicants
- Date of opening
- The current balance in each account
- The average balance of each account in the last 6 months