Proof of Funds for Canada PR 2024: For Skilled Immigrants with Family

Immigrants wishing to settle in Canada must prove they have enough money to support themselves and their families. The required amount varies based on the number of family members accompanying the applicant.

Proof of funds can be shown through recurring deposits or fixed deposits in the applicant's bank account. For enhanced clarity, continue reading the post.

What is Proof of Funds?

Proof of funds means showing you have enough money to support yourself and your family when you start living in Canada. The proof of funds, also called settlement funds, shows you will not be a burden on the Canadian economy.

When is Proof of Funds mandatory?

For immigration through Express Entry or the Provincial Nominee Program, proof of funds is mandatory. However, if immigrating through the Canadian Experience Class (CEC), Quebec Nominee Program, or with a job offer, proof of funds is not required.

Why Proof of Funds is Required for Canadian Immigration and Express Entry?

Proof of funds is essential for Express Entry and Canadian immigration. It is to ensure that immigrants can financially support themselves and their families upon arrival. This requirement guarantees that newcomers can cover basic living expenses like housing, food, and transportation without relying on social assistance.

In short, proof of funds is a strategic measure to ensure successful and self-sufficient immigration. It allows individuals and their families to settle themselves in Canada with financial stability.

When should proof of funds be shown?

The immigrant needs to show these funds in their bank account upon receiving the Invitation to Apply (ITA) from the Canadian government. It can be either through the Express Entry or the Provincial Nominee Program.

If the immigrant receives a Notification of Interest (NOI) through Express Entry, the funds must be at least 3 months old in their bank account. If they receive the NOI from the PNP, the funds should be at least 6 months old in their bank account.

Meet Fund Criteria

Who Needs to Show Proof of Funds?

To fulfil the requirement for financial support, applicants from the following programs must proof enough funds:

• Federal Skilled Worker (Express Entry)
• Federal Skilled Trades (Express Entry)
• Provincial Nominee Programs (PNPs)

Note:  Exceptions to the rule:

1. Candidates applying through the Canadian Experience Class (CEC)
2. Candidates applying through Quebec

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How Much Money is Required as Proof of Funds?

The amount of money required depends on the size of your family. When counting your family size, include:

• Applicant
• Applicant’s dependent children
• Spouse or common-law partner
• Spouse or common-law partner’s dependent children

The applicant can't borrow this money from someone else. All applicants must be able to use the funds to cover living costs for their family, even if the spouse and children aren't coming along. If applying with a spouse, both partners can provide financial records to meet this requirement.

Note: Applicants don't need proof of funds if they're already authorized to work in Canada and have a valid job offer.

The minimum required amount is updated yearly based on Canada's Low Income Cut-Off (LICO) requirements.

Proof of Funds Requirement

Here is the breakdown of the Proof of Funds Requirements for different family sizes:

Prepare Funds Proof

What is accepted as Proof of Funds?

Proof of funds must be held in the name of the principal applicant or their spouse or common-law partner and cannot be borrowed from a third party. These funds need to be accessible at the time of application and throughout the processing period until permanent residency is granted.

The government may request updated financial records at any stage during the application process.

Applicants need to provide letters from their financial institutions confirming the availability of funds. These letters should meet specific criteria:

• They must be printed on the official letterhead of the financial institution.
• Complete contact information for the financial institution must be present.
• The letter must state the name of the applicant.
• Any outstanding debts or loans held by the applicant must be disclosed.
• Detailed information for each account must be provided, including:
  • Account numbers.
  • Date of account opening.
  • Current balance.
  • Average balance for the previous six months.

Note: Failure to provide documentation that meets these standards may result in the application being refused at the discretion of the immigration officer assessing the file.

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Can Funds in a Spouse's Name be Used?

Yes, funds in a spouse's name can be used if the spouse is listed as accompanying in the application. In such cases, include a letter from your spouse in your application authorizing you to access the funds.

How to Prove Your Funds?

Authorities permit applicants to show funds in the form of:

• Stocks
• Bonds
• Treasury bills
• Bankers’ drafts
• Cheques or savings bank accounts
• Travelers’ cheques
• Money orders
• Cash
• Cash value life insurance
• Mutual Funds
• Provident Funds
• Registered Retirement Savings Plans (RRSPs)
• Guaranteed Investment Certificates (GICs) or Certificates of Deposit
• Tax-Free Savings Accounts (TFSAs)
• Term deposits and time deposits

Funds Documentation

Proof of Funds Requirement for Study Visa/Study Permit

Here is the breakdown of proof of funds required for study visa:

Do I need to include proof of funds for Express Entry?

For Express Entry, you'll need to state how much money you have available to help you settle in Canada. This shows you can support yourself and your family. Whether you need to meet the settlement fund requirement depends on the program under which you're invited to apply.

If invited under the Federal Skilled Worker or Federal Skilled Trades Program, you'll need to meet the settlement funds requirement unless you're already authorized to work in Canada with a valid job offer.

For proof, you'll need official letters from your banks or financial institutions, listing all accounts and debts. If you're invited under the Canadian Experience Class, you don't need to meet the funds requirement.

The system requests proof of funds from all applicants. If you're exempt, you must upload a letter explaining your exemption.

Funds Verification Service

How Much Bank Balance Is Required For a Canada Visitor Visa?

To get approved for a Canada visitor visa, you need around CAD 6,500 (INR 4,00,000) in your bank account. You can prove this by submitting your bank statement along with your visa application.

When do you need proof of funds for Canada immigration?

You're only required to submit proof of settlement funds after receiving an Invitation to Apply (ITA) for permanent residency. However, when creating your Express Entry profile, you'll need to estimate how much money you plan to bring to Canada.

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What is Express Entry?

Express Entry is an online system for managing immigration applications from skilled workers.

There are three immigration programs under Express Entry:

1. Canadian Experience Class: For skilled workers with eligible Canadian work experience gained within the last three years before applying.
2. Federal Skilled Worker Program: For skilled workers with foreign or Canadian work experience who meet education and other criteria.
3. Federal Skilled Trades Program: For skilled workers qualified in a skilled trade, requiring either a valid job offer or a certificate of qualification.

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What is the Provincial Nominee Program?

The Provincial Nominee Program (PNP) is for workers who:

• Have skills, education, and work experience to help a specific province or territory's economy.
• Wish to live in that province or territory.
• Aim to become permanent residents of Canada.

Each province and territory has its own "streams" with specific requirements, targeting different groups of immigrants.

How to Apply for Canada PR under Express Entry?

Follow these steps to apply for Canada PR under Express Entry

• Step 1: Obtain your Education Credential Assessment (ECA) report.
• Step 2: Complete your Language Ability Report (IELTS).
• Step 3: Submit your Express Entry application.
• Step 4: Receive your Comprehensive Ranking System (CRS) score.
• Step 5: If needed, work on improving your CRS score.
• Step 6: Apply for the Provincial Nominee Program (PNP) if your CRS score is low.
• Step 7: Wait for the Express Entry draw.
• Step 8: Once selected, apply for the PR visa within 60 days.

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Other FAQs

How many months old should your bank account be for proof of funds Canada?

If the immigrant has received a Notification of Interest (NOI) through Express Entry, their funds must have been in their bank account for at least 3 months. If the NOI was received from the Provincial Nominee Program, the funds must have been in the bank account for at least 6 months.

How much money should I keep in mind when I visit Canada on a visit visa for 3 months?

The specific amount differs as per the planned activities, accommodation, and personal spending habits. As a basic guideline, having access to around  2,500 to 3,000 CAD per month is recommended for a comfortable visit.

What can federal skilled workers immigrating to Canada show as proof of funds?

• Federal skilled workers immigrating to Canada can show various forms of financial documentation as proof of funds, like:
• Bank statements
• Investment statements
• Proof of property ownership.

How do you prove your proof of funds for Canadian immigration?

The different ways to prove your proof of funds for Canadian immigration include providing:

• Bank statements
• Investment statements
• Property valuation documents
• Sponsorship letters from family members or friends in Canada.

Can mutual funds be used as proof of funds for Canada immigration through Express Entry?

Yes, mutual funds can be used as proof of funds for Canada immigration through Express Entry. However, it's essential to provide documentation showing the value of your mutual fund investments.

What is the fee and cost structure when you are looking to invest in Canada?

The fee and cost structure for investing in Canada vary depending on the investment vehicle and financial institution. It's essential to research and compare fees associated with different investment options before making any decisions.

What types of funds can be used as proof of funds when applying for Canadian permanent residency through Express Entry?

Various types of funds can be used as proof of funds when applying for Canadian permanent residency through Express Entry, like:

• Savings in bank accounts
• Investments in stocks or bonds
• Property ownership.

How much money is needed to show as proof of funds for Canada immigration?

The amount of money needed as proof of funds for Canada immigration varies depending on factors such as the number of family members and the specific immigration program you are applying to. It's essential to check the latest requirements for the program you're applying for.

When do you need to show proof of funds while applying for Canada PR?

Proof of funds is typically required at the time of submitting your application for Canada PR, although specific timelines may vary depending on the immigration program and individual circumstances.

How much cash is required in a savings account when applying for a one-week Canadian visitor visa?

As a basic guideline, funds equivalent to CAD 5000 to CAD 10,000 per person for a short-term visit are often regarded as sufficient to meet the financial requirements for a Canada tourist visa.

Does anyone know how exactly proof of funds works for Express Entry?

Proof of funds for Express Entry typically involves providing documentation showing that you have enough money to support yourself and your family during your initial stay in Canada. This can include bank statements, investment statements, and property valuation documents.

How many funds should be required in your bank account?

The amount of funds required in your bank account depends on various factors such as:

• Number of family members
• Your planned activities in Canada
• Specific immigration program you are applying to.

It's essential to check the latest requirements for the program you're applying for.

Do settlement funds need to be in Canadian currency or a Canadian bank account?

Settlement funds do not need to be in Canadian currency or a Canadian bank account. However, they must be readily available and easily convertible to Canadian dollars.

How much do you need as proof of funds to support your studies in Canada?

The amount of proof of funds required to support your studies in Canada varies depending on factors such as:

• Duration of your program
• Cost of living in your chosen city or province.

It's essential to check the latest requirements from your chosen educational institution and the Canadian immigration authorities for the most accurate information.

Where can you get help if you are unsure regarding the documentation of your proof of funds?

If you are unsure about your proof of funds documentation, you can seek assistance from immigration consultants. Additionally, you can contact the Canadian visa office or visit the official website of Immigration, Refugees and Citizenship Canada (IRCC) for guidance and information.

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