Understanding the Proof of Funds
Before You Immigrate to Victoria, BC
So, you want to immigrate to Victoria, BC but afraid that you will have problems with the requirements, particularly the settlement funds? Before you fret, understanding the proof of funds should be your focus.
What is Proof of Funds?
The proof of funds, as it already implies, is a document that you will submit, along with the other required papers, to the Canadian immigration. This must prove that you have an adequate amount of money to settle in Canada. The amount of money you must have varies on the number of family members going with you to Canada. The bigger your family is, the bigger the money you will need.
Is it All Cash?
Knowing how much money is required, you must be having a headache now, thinking about where to find such. Take note that it is not all cash. Aside from your bank account under your name and/or the name of your partner or spouse, proof of funds may also include cash-able investments and fixed deposits. Funds do not necessarily mean that you must have all of the cash when you immigrate to Victoria, BC. What you have to prove is that you can easily convert all of these in cash and that these can be easily transferred to you in Canada.
It may sound simple, but you must bear in mind that the Canadian government is very strict when it comes to requirements. Your proof of funds should be properly represented in the financial institutions’ letterhead, with the complete information about the account or investment.
Is Submitting the Proof of Funds always a Requirement?
Do you have a valid job offer or are you currently legitimate to work in Canada? If yes, then there’s no need to worry about your settlement funds as it is not a requirement.
Are you ready to immigrate to Victoria, BC? Talk to a Canadian immigration consultant to discuss how you can improve your chances.