All You Need to Know About Good Faith Deposit

An applicant is required to submit CAD $75,000 as a Good Faith Deposit as part of their application. Once they’ve met the terms and a condition of the deposit agreement, the money is refunded without interest.
About the deposit
  • When will I be needed to submit my Good Faith Deposit?

You do not have to submit this $75,000 CAD as part of your initial application package. You will only need to submit this Good Faith Deposit after the SINP has reviewed your application package and further nominated it for permanent residence to CIC (Citizenship and Immigration Canada).

About the deposit, you will have the SINP Entrepreneur Unit contact you in writing with clear instructions on when and how you’ll have to submit it.

  • What is the process of submitting this Good Faith Deposit?

Once the SINP has reviewed your application package, conducted a review and assessment of the file and approved the file for nomination for permanent residence, you will be contacted by the SINP Entrepreneur Unit in writing with instructions on how to submit this deposit.

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What are the circumstances under which I could
submit a Deposit Return Request?

You may submit an application to have your Good Faith Deposit returned:

  • Within 2 years of reaching Saskatchewan;
  • Once you have established or acquired a business in Saskatchewan, invested the minimum amount as stated in the Performance Agreement, and be involved in the daily management and operation of the business – hence having satisfied the terms of the Performance Agreement;
  • When you can show at least 6 months of active investment in such business.

If you find any of these criteria apply to you, then you are to submit a Deposit Return Request and all supporting documentation to the effect that you have met all the terms of your Performance Agreement.

After the SINP finds all the conditions pertaining to deposit return are met, it will further instruct Scotia bank to have your deposit as well as any accumulated interest, returned to you.

In case the SINP determines that you have not met the conditions pertaining to deposit return, you will be accordingly advised of the pending criteria which you will need to meet so as to have your deposit back.

What are the circumstances under which I could have my $75,000 CAD deposit forfeited?

You will have your total deposit of $75,000 CAD as well as any interest earned forfeit, in case:

  • There’s evidence that either you or your chosen representative submitted an application which constitutes fraud or misrepresentation on any required CIC (Citizenship and Immigration Canada) or SINP form or a supporting document.
  • Your PR application is denied by the CIC for reasons of misrepresentation or fraud and, therefore, you are not able to land in Canada and further meet the terms and conditions of your Performance Agreement.
  • You, through the fault of your own, have not been able to complete the PR process, land in Saskatchewan, and thereafter meet the terms of your Performance Agreement.

Contact us to see how we can help you about the deposit

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