Proof of funds is how you show the Canadian Government that you have enough money to settle in Canada. This blog post will help to answer all your queries with this process.
How to Show Proof of Funds for Canada Immigration?
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 to show proof of funds for Canadian immigration?
Express Entry allows skilled individuals to apply through the Federal Skilled Worker Program or the Federal Skilled Trades Program. For both these applications, sharing proof of funds is a must.
If an individual receives a job opportunity from Canada that is valid for at least one year, Canada allows immigration. In this case, you do not have to show proof of funds, but you have to show the job offer.
Individuals who have a job offer to show as proof can apply through the Canadian Experience Class instead of the Federal Skilled Worker Program or Federal Skilled Trades Program.
All three are valid depending upon the type of job offer you achieved. The Express Entry system will indicate which program is eligible for you. You might also receive eligibility for more than one program. Thus, you would not know under which program they would invite you.
If you already have a job in Canada but have not applied for PR before, you do not need to share proof of funds. The Canadian authorities will need proof of work experience, current CTC, and other job-related documents. There might be exceptions when planning to acquire permanent residency for yourself and dependent family members.
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 depend 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.
Note that the mentioned family relationships do not have to be as given. The presentation shares a probable example:
|Number of family members||Minimum proof of funds in CAD|
|$12960 to $13213|
|$16135 to $16449|
|$19863 to $20222|
|$24083 to $24553|
|$27315 to $27847|
|$30806 to $31417|
|$34299 to $34967|
|$3492 to $3560|
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
Canadian authorities update the minimum amount of money needed for Express Entry eligibility every year. It is based on 50% of low-income cut-off totals. The amount might not significantly vary, but it can affect an applicant’s eligibility. Thus, it is crucial to know the accurate sum you need and ensure you have more than the minimum required.
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