Settlement Funds: Prepare for FSW Canadian Immigration

When you apply for a Federal Skilled Worker program in Canada, you need to show them that you can survive in their country with a 6-month worth of savings.

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:

cash

documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or

documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).

Source: www.cic.gc.ca

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.

Register to MM2C Community

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Getting NBI Clearance for FSW Applicants In Philippines

One requirement of the Federal Skilled Worker Immigration program is to check whether an applicant and his dependent, 22 years old and above, has a criminal record in any country where he stayed for more than 6 months.

In order for a Canadian Immigration Officer to assess a Filipino, either a citizen or a resident in any other country, that he don't have a criminal record is to request for a clearance from the National Bureau of Investigation (NBI).

If an applicant is residing in the Philippines, this will be easier.  

How to Get a Clearance from the National Bureau of Investigation (NBI) when in Philippines?
Any Filipino citizen can request a copy of their clearance from the National Bureau of Investigation.  There is a new procedure wherein the applicant can now register an appointment with the NBI so that he can easily or should I say make the job easier for the Bureau to issue the copy.

An applicant for the NBI clearance should visit the NBI site, make an appointment and will go to the nearest NBI issuance station in their area.  Below are the links:

1. NBI Appointment website - This is where an applicant can register for an appointment.  Take note that the applicant should fill in all the necessary information and review it thoroughly to avoid spelling mistakes.

2. NBI Regional Offices - This is the site where you can see the list of NBI field offices per region.

3. List of NBI Clearance Issuance Station -  You can visit this site to know the nearest NBI clearance issuance station in your area.  The stations are listed at the website's NBI Clearance Advisory, which is found at the website's left sidebar.

4. NBI Clearance Procedure - Check out this section on the requirements and the process on how to get the NBI clearance.

My Experience Getting an NBI Clearance at the Duty Free Philippines Fiestamall, Manila
The Duty Free Philippines is not only the place for balikbayans who want to buy imported goods.  This is also a place where you can get an NBI clearance.  Where is it?


Duty Free is just beside the NAIA 1 and is along the Ninoy Aquino Avenue.

The NBI Clearance Office opens at 8:30am.  I went there at 4:30am because the guard told me that there will be lots of applicants coming in.  That is why I thought that I should be earlier than them.

To my surprise at 4:30am, as soon as I hit the gates, the guard informed me that they will only open the main gate at 7:00am.  Lucky that there is a Jollibee near the place, which is at the Unioil Gas station. So I went there to take my breakfast and kill the time.

At exactly 7:00am, I went back to the main gate and saw it was already opened.  So I hand-signalled the guard and I went in and walked heading to the left side, facing the Duty Free Entrance.  The office is near the Exit of the Duty Free building.

As soon as I arrived at the main entrance of the NBI office, there were more than 50 people waiting for the door to open.  WOW!  I thought that I was too early.

The man in uniform instructed us to write our names in the paper, which he placed on the table.  Everyone rushed to the table and I was so lucky that I'm near to that paper, so I was the number one.

Tip: The paper is only for those people that do not have an online appointment.

At 8:30am, the guard went out of the door entrance and called all the OEC applicants to submit their application forms.  He then called the NBI clearance online applicants and that includes me. 

He asked us to submit our online application forms and he went inside the office, closing the door tightly.

After a few minutes he went out and called all the OEC applicants and followed by us.  We were called 5 persons at a time.

I went inside the office and was asked to sit down and wait for my name to be called.  For around 5 minutes, the cashier shouted my name and asked me for the P115.00 payment. and she said that I will wait for my turn for my fingerprinting.

At the fingerprinting section, the lady asked me to place each fingers at the fingerprinting device (No Ink) and she asked me to review all my details at the monitor.  She submitted the information and the monitor displayed "WITH HIT"!

What is A WITH HIT or NO HIT?
If an applicant has a HIT, this only means that there is something to verify at the main office and the clearance will not be issued on the spot.  This will take 3 days to get the clearance.

A HIT means that you or someone has a record filed at the NBI and you need to clear this with the Quality Control first before they will issue the clearance.  At most cases, there are persons that has identical names and whose name has cases filed against the person and this will be considered as a HIT.

The officer wrote a date at the back of my receipt and instructed me to come back to their office after 3 days.

For persons that has NO HIT, their clearance will be printed and will be released after the fingerprinting process.

Thanks for reading my post, if you want to know more, please click the links below:

ARHIVE - The list of posts that can help you easily navigate with my site.            

ASK ME - You can ask me any questions related to the FSW Canadian Immigration here.

EXPENSES - How much you need in applying for FSW

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