Proof of Funds For Canada Immigration
Proof of funds is how you show Canadian government that you have enough money to settle in Canada
Canada welcomes highly qualified individuals worldwide and offers permanent residency (PR) if found credible in skill and efficiency. The Canadian government began an Express Entry program that allows aspiring immigrants to apply for work opportunities and permanent residency.
To get through Express Entry and receive an invite from Canadian authorities, individuals must fit into their set parameters. These parameters include valid identity, medical history, language proficiency, educational background, work experience, and more.
One of the most vital aspects they look into is proof of funds. It ensures if you will sustain a living in Canada while aligning aspects like economic contribution, work experience, knowledge, and more.
Who needs a 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 a 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 1 program. You don’t always know ahead of time which program you’ll be invited under.
How to show proof of funds for Canadian Immigration
You need to keep your funds up to date to present chronological information accurately. The amount of money you will need to have will be more than what you need to support yourself. If you apply with dependent family members, you will have to have that much money to sustain everyone.
To calculate the size of your family, you need first to include yourself, then your partner, dependent children, and dependent children on your spouse.
If your immediate family (spouse and dependent children) do not apply for permanent residency, you will still need to include them in your application. This is because they will be dependent on your income, and your potential provision towards them will be calculated.
The following table gives you an estimated amount of money for moving to Canada. Individuals whose net worth crosses these digits will be eligible for Canadian citizenship
What type of fund is needed for approval?
Financial assets are varied, but for moving to Canada, you need sufficient savings. An individual applying for Canada PR should have funds readily available. You cannot present equities in the form of proof. You cannot take a loan or borrow money and show it as your savings.
The Canadian authorities will consider you credible only when you have the amount of money stated above as your savings. They will also consider your potential career growth in the country as you do not have a job offer already.
The money you show as proof of funds can be used when you move to Canada. Thus, financial stability ensures your likelihood to sustain in Canada.
If your partner is coming with you, the money you both might share in a joint bank account will not count. Money that is present in an account that belongs to you can act as proof only.
Official letters required to share proof
The fund should be with the applicant when sharing proof of funds and if when receiving a permanent resident visa. You need to share the proof with an immigration officer that confirms your accessibility to the funds once you shift.
You also need officials’ letters from financial institutions that have accounts of your money. The letters from your banks must:
- Be printed with the letterhead of the bank
- Have their contact information, including address, email address, and phone number
- Include the applicant’s name
- Include outstanding debt
- Account number
- Date of account opening
- Current balance
- The average balance of past six months
- Updates on funding requirements