DO YOU NEED TO BE FINANCIALLY SOUND TO IMMIGRATE TO CANADA?

Canada is one of the countries, which welcomes immigrants from across the world. The year 2020 might have been slow, but 2021 looks promising especially for those who are looking at migrating to Canada. Speaking about resettlement, many of the applicants might wonder about how strong they should be financially. A few of the immigration programs do not require anything except their application-processing fee. It is always good to have sufficient funds to take care of the initial expenditure of settling down, even if the program opted for does not require showing financial information.

Business Investor or Business Immigration: An applicant applying under this category should be financially sound and should be an investor in any of the Canadian companies or should be able to make an interest free loan to the provincial or federal government.

Sponsoring a Family: Most often, they might not ask you to provide any financial information while sponsoring your immediate family, which would include your spouse or dependent children. When applying for extended family members like parents or grandparents you might need to furnish your financial information to prove your eligibility to sponsor them.

Economic or skilled worker Immigration program: Under the Economic or skilled worker immigration program when the applicant has a Canadian experience or holds an appointment letter from a Canadian company that itself is a proof that they are a part of the Canadian work force. They need not show funds for resettlement.

Humanitarian or Refugee Sponsorship: This category does not require to furnish any financial information as they would be sponsored by the state or by a private sponsor who will be taking care of their needs. In case a private organization or sponsor is going to take care of the individual then will have to show that they have sufficient funds to sponsor the individual.