What is proof of funds ?
Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money.
Who needs proof of funds ?
– You need proof of funds to meet the minimum requirements of the :
Federal Skilled Worker Program
Federal Skilled Trades Program
Who does not need proof of funds ?
– You don’t need to show that you have enough money to support yourself and your family if
you’re applying under the Canadian Experience Class or
you’re authorized to work in Canada and you have a valid job offer , even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program
Keep your funds up to date in your profile. The system may find that you’re eligible for more than one program . You don’t always know ahead of time which program you’ll be invited under.
How much money do you need ?
The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include:
-your spouse or partner
-your dependent children and
-your spouse’s dependent children
Include your spouse or dependent children even if they’re :
permanent residents or Canadian citizens or even
not coming to Canada with you
This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.
Family members Funds required in CAD
For each additional family member 3,414 CAD
What is accepted as proof ?
– Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.
– You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
– If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.
– The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
– For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
Letter(s) must :
– be printed on the financial institution’s letterhead
– nclude their contact information (address, telephone number and email address)
– include your name
– list outstanding debts such as credit card debts and loans
– include, for each current bank and investment account, the
– account numbers
– date each account was opened
– current balance of each account
– average balance for the past 6 months
Updates to fund requirements :
We update the minimum amount you need every year, based on 50% of the low income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.
How much money you should bring ?
– Research how much it costs to live in the place where you plan to settle in Canada.
– Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. This includes:
– documents that show property or capital payable to you, such as:
– treasury bills
– documents that guarantee payment of a set amount of money, which are payable to you, such as:
– banker’s drafts
– money orders
– travellers’ cheques
Edited by canadadreamer.com team
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