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Federal Skilled Worker Program Fund Requirements have been updated

One of the requirements for getting a Canadian Permanent Residence is that you have to have enough amounts of funds to get to Canada and settle there. This amount is called the “Proof of Funds”.
 
The programs that require you to submit the Proof of Funds:
  • Federal Skilled Worker Program
  • Federal Skilled Trades Program
 
The programs that do not require the Proof of Funds are: 
  • Canada Experience Class
  • If you are permitted to work in Canada and you have a job offer in hand (even though you are applying under the FSW program or FST program). 

What are the funds required?

The funds that are required to be shown to the Canadian authorities depend upon the number of family members, who aredependent on you.
 
The funds needed to move to Canada is given below according to the number of dependent family members:
 
The number of family members Funds needed in Canadian Dollars
1 $ 12960
2 $ 16135
3 $ 19836
4 $ 24083
5 $ 27315
6 $ 30806
7 $ 34299
For additional family members (for each member) $ 3492

 

Some more facts about funds needed for Canada PR:

  • You have to include your dependent family members while calculating the proof of funds, even if they are not coming with you to Canada.
  • If you have more money than required for the proof of funds, you have to include those details in your application.
  • If you and your spouse are going together, you can show the funds in your spouse’s account as proof of funds. But you must prove that you have access to the funds.
  • You have to be able to spend the money you show as proof of funds. For this, you cannot borrow from anyone and show it as yours.
  • The funds need to be in a readily usable form. You cannot show equities on properties as proof of funds.
  • If you are bringing amounts more than 10,000 Canadian Dollars, you need to make that clear at the border officers. If not, they would find you and would seize your money.