Skilled worker applications: How much money to I need to settle in Canada?

 

Q. I have been approved as a Skilled Worker but need to know how much funds I need to settle in Canada?

________

A.

Under the Skilled Worker category of Immigration, the Canada Immigration Officer assessing an application must be satisfied that you have enough funds for settlement in Canada. The funds must be transferable and must the net amount minus your debts or other financial obligations. The requirement for settlement funds is waived if you have Arranged Employment in Canada.

The required settlement funds must be equal to or greater than the sums listed below for each family size. A current bank statement usually suffices to proof your settlement funds. The bank statement should not be just a print out of your financial transactions but should have your name, name of the bank and your account number to prove it is yours.

Below is a chart* for the settlement fund you would require for a Skilled Worker depending on your family size

Number of family members Funds required
1 11,115
2 13,837
3 17,011
4 20,654
5 23,425
6 26,419
7 or more 29,414

Of course you have to meet the required points under the Skilled Worker category to be approved in the first place.

* This chart is valid as of 2012

 

 

 

Any information provided here does not constitute legal advice and is intended for general information only. Should you require legal advise, you are encouraged to contact a lawyer directly. All blog postings are public and are not subject to solicitor/client confidentially. Case results depend on a variety of factors unique to each case, and case results do not guarantee or predict a similar result in any further case undertaken by the lawyer.

About Michael Niren

Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the American Bar Association. He is frequently called upon to appear in the media to discuss Canadian and US immigration issues effecting North Americans. He has been interviewed by Canada AM, CTV, Canada News Net, the Globe and Mail and the Toronto Star and has given lectures on immigration topics overseas.

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