Canada Proof of funds requirement increases from 2 Jan, 2020

Proof of Funds for Skilled Immigrants (Express Entry & PNP) :

Applicants would typically need to demonstrate that they have sufficient money for supporting themselves and their family after they get to Canada. This is applicable unless the applicant:

  • Is currently authorized for working in Canada and,
  • Has a valid job offer from an employer in Canada

Applicants would need to note that they would not be able to borrow this money from another individual. They would need to use this money for covering the costs of living for their family. This is applicable even if the family is not accompanying the applicant to Canada.

Applicants would also need to provide proof to the Canadian visa office in their home countries that they possess sufficient money when they apply to immigrate.

It is worth noting that the amount of money that applicants need for supporting their families typically depends upon the size of their families. The authorities revise these amounts each year. Applicants would need to note the details specified in the table below.

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

How much money you’ll 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

  • yourself
  • 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
  • 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.

 

Number of
family members
Funds required
(in Canadian dollars)
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299
For each additional family member $3,492

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:

  • cash
  • documents that show property or capital payable to you, such as:
    • stocks
    • bonds
    • debentures
    • treasury bills
  • documents that guarantee payment of a set amount of money, which are payable to you, such as:
    • banker’s drafts
    • cheques
    • money orders
    • travellers’ cheques

Update your Express Entry profile

Immigration, Refugees and Citizenship Canada (IRCC) notes that, while small, the changes can affect a candidate’s eligibility if their available settlement funds now fall below the adjusted threshold.

For this reason, Express Entry candidates who are required to show proof of funds should ensure their Express Entry profile is updated to show they possess the adjusted proof of funds they require.

IRCC also encouraged exempt candidates to update their proof of funds, noting that, by doing so, the Express Entry system may find that they are eligible for more than one program.

“You don’t always know ahead of time which program you will be invited under,” IRCC says.

Walk-in for Free Counseling : All Monday to Saturday between 9.00 am to 6 pm.

Book your FREE CONSULTATION appointments Now by contacting us ! before offer ends !!

Contact us:

Call for Canada Phone : +91-7092556334, +91-9962326965, +91-8680884772, +91-9003113837, +9144-48512349 Mail for Canada Email :Info@ewicsgroup.com, immigrationconsultant@ewicsgroup.com
WhatsApp for Canada Whats App : +91-9566677734, +91-9566507734, +91-8680884772 https://www.facebook.com/Expressway.Immigration/
If you wish to make Canada your home by permanently moving to the country, then you can take our free assessment in order to find out your eligibility!
Address: 709, Prince Center Building, 205 2nd Floor, Pathari Road Lane, Anna Salai, Mount Road, Thousand Lights East, Chennai-600006, Tamil Nadu. India,Ph:04448512349
Landmark:Near British Council & Thousand Lights Anand Theater Bus Stop. Next to Malai Murasu Office.  Near Raj Video Vision & Thousand Lights Metro Station.