Settlement Fund Tips2005-06-14
Under the skilled worker category, an applicant has to show sufficient settlement funds in order to be successful. These funds are required so an applicant can support himself or herself (and accompanying family members) between the time of landing and the time the applicant obtains employment. Required funds depend on number of accompanying family members, ranging from $10,000 for a single applicant to over $25,000 for a family of seven or more people.
There are two significant points to keep in mind when determining the amount of settlement funds for skiller worker immigration:
1. If an applicant is awarded points for arranged employment in Canada then the applicant is not required to show any amount of settlement funds. This is based on the fact that the applicant will have employment on arrival in Canada.
2. Settlement funds can initially be held in property (or other assets) that will be liquidated if the applicant is successful, provided that the property or assets are properly valued. CIC officers are required to given an applicant an opportunity to establish that he or she meets the settlement fund requirements, which gives an applicant a relatively short period in which to liquidate assets, if necessary.
If an applicant cannot satisfy a CIC officer that he or she has sufficient settlement funds, the applicant can be refused admission to Canada.