Settlement fund is a mandatory requirement you need to maintain to go in agreement with ‘laid down requirements’ by Canadian authorities. The main aim behind inclusion of settlement fund in the list of criteria is to showcase a valid proof that you are able of financing (mainly sustaining!) yourself and rest of your family members accompanying you in the foreign land of Canada.
The concept is practical as government want you to be in a safe circle of managing your expenses and maintaining a decent standard of living in Canada too as you were living back in your home country. Therefore, the term dedicated to the fund requirement is ‘Settlement Fund’.
Now, what compromise of Settlement Fund?
Canadian authority intakes these as valid Settlement fund proof:
- Cash and cash equivalents
- Stocks, debentures, bonds, treasury bills, etc.
- Banker’s drafts, cheques, money orders, etc.
Note that computation of your total funds are made as:
TOTAL SETTLEMENT FUND = ASSETS – LIABILITIES
Upheld of Settlement Fund:
Settlement Funds to be called ‘valid settlement funds’ must be having a life both before and after document submission to CIC.
Your funds must be maintained three months prior to document submission. Instantly set up funds cannot be taken into consideration.
Moreover, these funds shall remain maintained until your first land in Canada. Do not think that after submission you can easily withdraw these funds.
If you withdraw your funds before your first land in the country, then your PR shall stand cancelled.
If you are yet to start your Canada PR process, then this is the right time to get started!
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