Proving the lawful source of funds

In an entrepreneur application, showing how much money you have isn't enough; you must show where it came from and that it was obtained lawfully. This is often the most time-consuming part.

Provincial requirements

• Manitoba: minimum net worth of CAD 500,000 verified by a province-approved third party; the report is due within 120 days of the invitation.
• Alberta (Rural Entrepreneur): minimum net worth of CAD 300,000, personal assets of you or your spouse; CAD 100,000 investment from your or your spouse's own equity.
• Newfoundland and Labrador: at least CAD 600,000 in assets transferable to Canada; a business plan with verified financial documents, at your own cost.

Documents usually needed

• Bank statements and letters: on bank letterhead with contact details, account numbers, opening dates, current balances, 6-month average balances and debts (the format IRCC uses for Express Entry).
• Proof of ownership: land use right certificates, sale contracts, vehicle registrations, shares, bonds.
• Business records: business registration, charter, financial statements, tax finalizations, shareholder register.
• Income sources: employment contracts, payslips, personal income tax records, dividends.
• Gifts and inheritances: deeds of gift, inheritance documents, proof of the donor's source.
• Loans: loan agreements and proof of repayment capacity.

Principles

• Make the money traceable: from income, through savings, to current assets.
• Keep figures consistent across documents (names, dates, amounts).
• Have documents translated into English or French by a certified translator, with copies of the originals.
• Use an independent valuer for asset valuations when the province requires it.
• Prepare explanations for unusually large amounts.

Notes

• Assets must belong to you or your spouse; money borrowed temporarily to "dress up" accounts doesn't meet the requirement and may be treated as misrepresentation.
• Check Vietnamese rules on transferring investment capital abroad before moving funds.

Note Navio helps collect, organize, translate and review financial documents. Legal assessment of whether funds are lawful belongs to the competent authorities and licensed representatives.