In this post, I want to provide more information about settlement funds, also referred as proof of funds but for most applicants, this is popularly known as “show money.”
The applicant’s settlement funds is part of the factors being evaluated by MPNP in assessing an application, the applicant must prove that he/she has enough money when he/she applies to immigrate. It is expected that a new comer’s adjustment in Canada will take time and this period will require financial resources.
Providing proof of settlement funds, I guess is easy to satisfy if the applicant has the resources. But for some, this requirement is one of the many reasons that causes the delay in submitting their application. The total amount of settlement funds will depend on the family size. I suggest that you check the official Immigrate Manitoba website for the most updated amount.
What is Settlement Fund?
Settlement funds should not be mistaken as program fee because it is not. Settlement funds is the recommended amount of money that the applicant should have on hand in order to provide proof that the applicant has enough money to support himself and his family when they arrive to Canada.
How much is the required settlement fund?
Generally, an applicant is required to have at least $10,000 (Canadian Dollar), an additional $2,000 for the applicant’s spouse and each accompanying dependent. Again, kindly check the official website for the updated settlement funds required, the information indicated herein are as of the time of writing of this post.
How can I demonstrate that I have sufficient settlement funds?
To demonstrate that the applicant has sufficient settlement funds under his/her (applicant) name, MPNP enumerated the following documents that must be included in the applicant’s MPNP Online application:
- copies of bank statements and certificates of deposit demonstrating a clear financial history of sufficient and transferable settlement funds (liquid assets) in the applicant’s name and/or the name of his/her spouse or common-law partner, AND, if applicable:
- copies of securities and other investments
- proof of ownership of real estate including a current market price evaluation, or other assets (not including personal items such as jewelry, furniture or vehicles) owned by the applicant or spouse, with objective fair market value evaluation
- (If there are currency controls in the applicant’s country of residence the MPNP may require proof of transferability of settlement funds.)
If the funds are in a different currency, ensure that together with the above documents, the applicant encloses a print out or a letter showing the prevailing exchange rate at the time of the submission of the application as well as the computation of the funds from the applicant’s home country and it’s equivalent amount to canadian dollar.