Every year, the Immigration Refugee and Citizenship Canada updates the minimum settlement funds required based on family size for Federal Skilled immigration programs
Proof of funds is required for the following applicants:
Immigrants applying for Permanent Residence under the
· Federal Skilled Worker Program.
· Federal Skilled Trades Program.
Proof of funds is not required for the following applicants:
Immigrants applying for permanent Residence under the
· Canadian Experience Class or
· Those authorized to work in Canada and have a valid job offer, even if they apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Amount of Money Needed to Satisfy the Proof of Funds Requirement:
The amount of money needed to satisfy the proof of funds requirement depends on the size of the family, which includes:
· the applicant,
· the spouse or partner,
· dependent children and spouse’s dependent children.
The spouse or dependent children have to be included even if they are permanent residents or Canadian citizens or not accompanying the principal applicant to Canada.
The table below shows the minimum amount needed to satisfy this requirement. This does not necessarily mean that applicants cannot show more than indicated.
To Satisfy the Proof of Funds requirement the following conditions must be met:
· Funds must be readily available to the applicant. For instance, equity on real property cannot be used as proof of settlement funds.
· Also, the money cannot be borrowed from another person. The applicant must be able to use this money to cover their family’s living expenses (even if they aren’t accompanying them to Canada).
. Gift deeds are acceptable with supporting documents from the gifter.
· Applicants are allowed to include money in a joint account if accompanied by the spouse.
· Applicants may also be able to count money in an account under the spouses’ name only, but they must provide a notorised letter stating that they have access to the money.
· The funds must be available both parties when applying and when (if) a permanent resident visa is issued. The immigration officer will need proof that the money intended for settlement can be legally accessed upon arrival in Canada.
· Official letters from any banks or financial institutions where the applicant maintains accounts must be obtained.
be printed on the financial institution’s letterhead and include the following
contact information (address, telephone number and email address)
List outstanding debts such as credit card debts and loans
or 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
Bank Statements for the duration of time required are also acceptable.
Please note, these funds are required to be held through the application process and available at the time of your settlement in Canada. Sometimes before your application is finalised, an updated bank statement may be required by the immigration officer.
How Much Money is Allowed?
You can bring as much money as possible as you relocate to Canada. However, please ensure to disclose to to disclose to the border officer if they have more than CAN$10,000 with them. Failure to do so may lead to fines of seizure of funds.
This includes cash documents that show property or capital payable to you, such as:
Documents that guarantee payment of a set amount of money, which are payable to you, such as:
If you still have more questions, regarding your proof of Funds, you can speak with a consultant by booking our "Ask InfoPlace" Service for further assistance.