Net worth is your assets minus your liabilities on a given date, and its lawful origin has to be proven. The calculation looks simple. In practice, the Ministry examines the value declared, the real ownership of each asset and the path by which it was built up.
What the texts say and the thresholds that apply
The thresholds are set by the Quebec Immigration Regulation. Under the immigration procedures guide, net worth is, on a given date, the difference between assets and liabilities (section 3.4). The guide also notes that where there is a conflict, the Act and the Regulation prevail.
| Program | Profile | Minimum net worth |
|---|---|---|
| Entrepreneurs, stream 2 (start a business) | Business start-up | $600,000 |
| Entrepreneurs, stream 2 (start a business) | Business started | $300,000 |
| Entrepreneurs, stream 3 (business takeover) | Business being acquired | $600,000 |
| Entrepreneurs, stream 3 (business takeover) | Business acquired | $300,000 |
| Self-employed workers | Single profile | $100,000 |
| Investors | Single profile | $2,000,000 |
In every program, gifts received in the six months before the application are excluded from the calculation. The threshold may be met with the spouse or common-law partner included in the application. The conditions specific to each route are set out in our pieces on the Start a business stream and on the Investor Program.
The assets that count
The guide lists the assets that may be counted (section 3.5).
- Bank accounts and investments.
- Shares and bonds.
- Insurance policies and pension funds, on proof of their surrender value.
- Interests in businesses.
- Immovable property.
What stays out of the calculation
Some property is excluded. Personal effects such as jewellery, paintings, furniture and vehicles are not counted. Cryptocurrencies must be declared, but they are not included in net worth.
Assets held in your children’s names are not counted, whatever the source of the funds. Assets must also be held permanently, not temporarily in order to reach the threshold.
The liabilities to deduct
Every liability must be deducted. The guide refers in particular to hypothecs, lines of credit, credit cards and loans from individuals or companies. Leaving out a liability distorts the calculation, and false or misleading information can lead to a refusal or a rejection of the application.
Assets held through a company: the value of your shares
An interest in a company is calculated as the share of equity it represents. That equity must appear on the balance sheet of the latest financial statements (section 3.4). For example, 50 % of a company with equity of $400,000 represents $200,000.
Where the company’s documents show no percentage, the Ministry may attribute an equal share to each partner. Your percentage must therefore be clear from the securities register and the share certificates.
Book value may differ from market value. The guide then requires the gap to be justified with supporting documents. For an unincorporated sole proprietorship, a detailed appraisal of assets and liabilities, prepared by a specialized firm, is required.
Immovable property
All immovable property must be declared. The guide calls for official ownership documents and professional appraisal reports for the main buildings or land.
The Ministry may require an updated appraisal during its review. The value retained is net: the corresponding hypothec appears among the liabilities.
Gifts, inheritances and family capital
Gifts received in the six months before the application must be declared and their lawful origin shown. They do not, however, count toward the threshold. A contribution by your spouse to the purchase of an asset in your name is treated as a gift.
An inheritance is considered lawful if it complies with the laws of the country concerned. Any transfer without consideration, other than on death, is treated as a gift (section 3.5). For family capital, the guide distinguishes three situations.
An account in your name
The account is in your name or in that of the spouse included in the application.
The capital may then be treated as yours.
A joint account
The funds are held with one or more other people.
A notarial deed setting out the share freely available to you may be required.
An account in a third party’s name
The funds must be transferred into your name.
Failing that, they must be covered by a deed setting out your share.
Sharing with a spouse
Net worth may be shared with the spouse or common-law partner included in the application. Both must then declare their net worth, even if the spouse’s is not needed to reach the threshold. The included spouse must also show the lawful origin and accumulation of their own assets. Who may be included, and on what conditions, is set out in our piece on the spouse and children in an application.
A spouse who is not included does not have to declare their net worth. If they contributed to an asset in your name, they must nonetheless complete a narrative document on the lawful origin of the funds.
Proving lawful origin and accumulation
Verification of lawful origin is mandatory. It rests on the narrative document, for which the Ministry publishes drafting guidance. That document traces your jobs, your annual income, the source of each investment, sales, gifts and loans.
If a significant period is poorly documented, you must provide explanations and convincing evidence. The Ministry takes into account the difficulty of producing old records. It may also require accounting books, invoices or tax statements.
| Item | Usual evidence |
|---|---|
| Accounts and investments | Bank and investment statements for the periods requested. |
| Company shares | Latest financial statements, registers and share certificates. |
| Unincorporated business | Appraisal report prepared by a specialized firm. |
| Immovable property | Title documents, professional appraisal and mortgage statement. |
| Liabilities | Loan, line of credit and credit card statements. |
| Gifts and inheritances | Deed of gift, estate documents and proof of the donor’s means. |
| Source of funds | Narrative document, tax returns and related evidence. |
How MEKA AVOCAT works on this
We start by reviewing how your assets are structured, in particular your interests in Quebec, Canadian or foreign companies. We check that your registers, share certificates and minute book clearly establish your percentage of ownership.
Where the value of your shares depends on financial statements, we coordinate with an accountant from our network. If your file warrants it, that accountant can prepare a report reconciling your assets, your liabilities and your financial statements. We then make sure those figures are consistent with your narrative document.
If your net worth is insufficient or poorly documented, we will tell you plainly. It is better to fix the evidence or postpone the application than to file a weak one.
Texts and sources
This article draws on the Quebec Immigration Regulation, on sections 3.4 and 3.5 of the immigration procedures guide, on the Conditions pages for stream 2, stream 3, the Self-Employed Worker Program and the Investor Program published by Quebec’s immigration ministry, and on the ministry’s drafting guide for the narrative document.
Frequently asked questions
Can I count my principal residence?
Yes, net of the hypothec, on proof of ownership and a professional appraisal.
Are my vehicle and my jewellery counted?
No. Personal effects such as vehicles, jewellery and furniture are excluded from the calculation.
Does a gift received four months ago count?
No. It must be declared and its lawful origin shown, but it does not help reach the threshold.
How is the value of my shares in a company calculated?
As the share of equity they represent on the balance sheet of the latest financial statements. If no percentage is clear from the documents, the Ministry may attribute an equal share to each partner.
Need to establish and document your net worth?
The calculation is prepared before filing, not during the review. A meeting lets us go through your documents, the value of your company shares and the consistency between your figures and your narrative document.
Next: the narrative document and the business plan, the Start a business stream and the Quebec Investor Program.
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Lawyer, member of the Barreau du Québec since 2014, founder of MEKA AVOCAT. This text sets out general legal information: it describes rules that apply broadly, not the answer to a particular case, and does not replace advice on your own situation.
