Work & Business
The Net Worth Verification Process: What Grant Thornton and MNP Actually Check
PEI requires third-party verification of your $600,000 net worth through Grant Thornton or MNP. Loans, gifts, and vehicles don't count, and business equity is capped at just $180,000 of the total.
1. Why This Step Exists
Since August 18, 2022, every applicant invited to apply under the Work Permit Stream must have their $600,000 net worth figure independently verified by one of PEI's Designated Net Worth Verifiers, currently Grant Thornton or MNP, rather than simply submitting documents directly to the Office of Immigration. You typically have 15 days after receiving your invitation to apply (ITA) to engage a verifier.
2. What Counts Toward the $600,000, and What Doesn't
| Asset type | Counts? | Notes |
|---|---|---|
| Cash, term deposits, bank balances | Yes | 12 months of statements required for all accounts held by the applicant and/or spouse |
| Real property | Yes | Requires title deed, tax payment receipt, purchase agreement, and a property appraisal completed within the past year, the appraisal cannot state it was done for immigration purposes |
| Business equity | Yes, but capped | You must own at least 70% of the business (you and spouse combined); only 30% of that equity value counts, capped at a maximum of $180,000 |
| Private loans or gifts | No | Explicitly excluded, regardless of documentation |
| Inherited assets | Conditionally | Considered only with a death certificate and supporting documentation |
| Vehicles | No | Excluded entirely from net worth calculations |
3. The Business Equity Cap, Worked Example
If your business's owners' equity, per third-party-prepared financial statements, is $1,000,000 and you own 100% of it: $1,000,000 × 100% × 30% = $300,000 in theory, but the hard ceiling is $180,000 (30% of the $600,000 requirement), so that's the maximum you can actually claim from this asset, regardless of how large your equity stake is on paper.
4. Documentation That Trips Applicants Up Most
- Large, unexplained transactions in bank statements, be ready to provide supporting documentation for any significant deposit or transfer in the 12-month window
- Appraisals mentioning immigration — a property appraisal that references immigration purposes anywhere in its text will be rejected outright; commission a standard market appraisal instead
- Ownership below 70% on a business, if you hold less than 70% combined with your spouse, that equity cannot be counted at all, not partially
- Missing third-party financial statements — self-prepared business financials aren't accepted; you need statements from an independent accounting firm
5. Practical Prep Before You Get Your ITA
- Start assembling 12 months of clean bank statements well before you submit your Expression of Interest, don't wait for an invitation to start gathering paperwork
- Get a business valuation or property appraisal done early if either will factor into your net worth claim, appraisals need to be current (within the past year) at the time of verification
- Consult your chosen verifier's specific document checklist directly, Grant Thornton and MNP may request slightly different supporting formats