This is a practical approach by the Government in order for an applicant not to be dependent from them once they arrive in Canada.
Although the government can help you while you're in Canada, they make sure that you don't risk yourself and your family for a bad situation while you're in their country.
Due to this reason, they require an applicant to show a proof of fund or what is also known as the "Settlement Fund'.
Note: You do not need this if you have an arranged employment in Canada.
What is a Settlement Fund?
A settlement fund is your personal assets, this will be in the form of:
How to Compute for the Settlement Funds?
This is how to compute for the total settlement fund. You have to subtract all your assets from your liabilities.
ASSETS - LIABILITIES = TOTAL SETTLEMENT FUNDS
You need to show these values at the form Schedule 3: Economic Classes (IMM 0008 SCHEDULE 3) item #11.
It should look like this...
How Did I Showed My Proof of Fund?
Since I applied for an FSW on 2007, which was returned by the way, I had already prepared my bank accounts during that time. My only problem at that time is MONEY, which I needed to accumulate more.
As soon as I went to work in Singapore, I made sure that I have money to put into my bank account every month. When I applied again for an FSW on 2013, I was sure that I'm ready to show my proof of funds.
So, my situation was I had 3 diversified bank accounts in the Philippines and a POSB bank account in Singapore.
I got a house property in the Philippines, which I was paying my mortgage since 2003, I included this as my proof.
This is the summary of what I've submitted to the Canadian Immigration:
1. Three bank certificates in the Philippines
2. One bank certificate from POSB bank in Singapore
3. Two certificate of Policy from my insurance/investment in Singapore and Philippines
4. One copy of my mortgage contract from the house developer stating how much is the total cost of the house and the outstanding balance.
Then I made a summary in a Microsoft Word format, arranged in a tabular form stating my Assets and Liabilities.
I uploaded a sample format for you to download. The description and the amount written there are all fictitious, it's just an example.
How to request a copy and download: Email me at benalagnam@yahoo.com and I will add your email to my google drive and send you a link to the file, so you can access the format.
After you download, you can edit it for your preferences. This is for your reference only .
What I Submitted in the Canadian Immigration as a Proof of Fund?
I listed down all my personal assets and liabilities in a piece of paper.
Info: In Philippines, the bank requires the requestor to fill up the bank certificate request form and some forms had a section where you need to sign and allow the Canadian Immigration to call the bank for verification purpose.
I requested certificates on each of the three banks in the Philippines and one at the POSB Singapore.
For my insurance, I gathered the policy certificates from my Insurance in Singapore and asked for another letter from the Philippines.
The house mortgage contract copy was photocopied and certified by an attorney.
All of these bank certificates are original copies and the bank accounts should not be less than 3 months old. If the copy is not original, asked a lawyer and have it certified as a true copy with their signature in it.
I compiled all of those documents, placed the summary page on top of it and inserted it with my whole application package.
Where to save and invest your Settlement Funds when you arrive in Canada?
Got questions about FSW application to Canada? Register in MM2C Community to download the Proof of Fund Summary. Click the photo below.
I hope that this can help you with your application. If you like this post or appreciate the author, please tick the LIKE button below.