The proof of funds, also called settlement funds, shows you will not be a burden on the Canadian economy.
Many Canadian immigration programs ask applicants to show proof of funds to settle in the country. This blog discusses just that. Read on.
What Is Express Entry?
The Express Entry is an electronic immigration system by the Canadian Government that offers a Fast-track visa process for federal skilled workers.
All applicants applying under the Entry Entry system must show adequate proof of funds. This ensures that the primary applicant and his or her accompanying family members can support themselves during work in Canada while living as permanent residents.
How much Proof of Funds is required for a Canada PR?
The following Proof of Funds amount has been updated for 2024:
IRCC Express Entry Proof of Funds Requirement in 2024
|
Number of family members |
Funds required in Canadian dollars (CAD) |
Approximate in Indian Rupees (INR) ( **Approx. 1 CAD - INR 60.7) |
|
1 |
CAD 13,310 |
INR 8,07,931 |
|
2 |
CAD 16,570 |
INR 10,05,810 |
|
3 |
CAD 20,371 |
INR 12,36,539 |
|
4 |
CAD 24,733 |
INR 15,01,317 |
|
5 |
CAD 28,052 |
INR 17,02,787 |
|
6 |
CAD 31,638 |
INR 19,20,467 |
|
7 |
CAD 35,224 |
INR 21,38,136 |
|
For each additional family member |
CAD 3,586 |
INR 2,17,674 |
The amount of money you need to show as the settlement funds will increase based on the number of members in your family.
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 Certificate (GICs) or Certificates of Deposit
- Tax Free Savings Accounts (TFSAs)
- Term deposits and time deposits
Core Eligibility Criteria for Express Entry
The core eligibility criteria are the factors on which 600 points of the CRS calculator are based on.
The following are those criteria:
- Age
- Education qualification
- Work experience
- Language ability
- Adaptability
- Job offer
- Provincial Nomination
Documents to be submitted for a Canada PR visa
The following are the documents you need to submit to migrate to work in Canada with a permanent residency permit:
- Education qualification certificates
- Work experience document
- Proof of funds documents
- Marriage certificate (if married)
- Passport
- Medical certificates
- Police clearance certificate
- Educational Credential Assessment (ECA)certificate
- Provincial nomination documents
How to Apply for Canada PR under Express Entry?
Here is the step-by-step process to apply for Canada PR in 2024:
- Step 1: Collect your Education Credential Assessment (ECA) report.
- Step 2: Work on your Language Ability Report (IELTS) next.
- Step 3: Submit the Express Entry application.
- Step 4: Get your CRS score.
- Step 5: You may have to improve upon your CRS score.
- Step 6: Apply for PNP if you are unable to score high on CRS.
- Step 7: Following this, you will have to wait for the Express Entry draw.
- Step 8: You can apply for the PR visa within 60 days for Express Entry.
Cost of Applying for Canada PR
Express Entry Fees: New fee effective April 30, 2020 ($CAD)
|
Applicant |
Fee in CAD |
|
Primary Applicant (Without Right of Permanent Residence Fees) |
$850 |
|
Primary Applicant (With Right of Permanent Residence Fees) |
$1365 |
|
Spouse (Without Right of Permanent Residence Fees) |
$850 |
|
Spouse (With Right of Permanent Residence Fees) |
$1365 |
|
Child (Under 22 Years of Age) |
$230 |
What is the Processing Time for Canada PR?
The average processing time for a Canada PR visa is between 5 to 8 months. This may even extend up to 12 months in some cases.
Other Important FAQs
Will I need to show proof of funds in Canada as requirements, even if I am going there under a student visa or temporary resident visa?
Yes, you need to show proof of funds at the visa office even for going to Canada on a study permit.
Will I have to show more funds as proof if I want to take more dependent children?
Yes, the money you need to show as proof of funds increases according to the number of members in your family. The more family members you have, the more money you need to show as settlement funds.
Who does not need to show proof of funds to go to Canada?
The following category of applicants:
- If the applicant is applying for Canada PR under the Canadian Experience Class
- If you have a work permit and have a stable job offer for immigration to Canada.
Who should I include under my family while submitting proof of funds?
- Spouse or common-law partner of the principal applicant
- Dependent children of the principal applicant
- Dependent children of the spouse or common-law partner of the principal applicant.
What is an ITA and when is it given?
ITA (Invitation to Apply) is given by the IRCC (Immigration, Refugees, and Citizenship Canada) to the candidates in the Express Entry pool who have the minimum cut-off score as mentioned in the latest Express Entry Draw.
What not to do while submitting proof of funds?
- You should not submit borrowed money as proof of funds.
- You should not show leased assets as proof of funds.
- Properties like real estate assets cannot be displayed as proof of funds.
When do you need to show the proof of funds while applying for Canada PR?
You should submit your proof of funds after submitting your visa application and receive an ITA (Invitation to Apply) in the Express Entry or nomination in PNP (Provincial Nominee Program).
What can federal skilled workers immigrating to Canada show as proof of funds?
Federal skilled workers immigrating to Canada can submit their bank statements or letters from financial institutions as proof of funds. These documents can also include current balance in joint accounts. Outstanding payments on loans and credit card debts should also be taken into account.
Is proof of funds required to migrate to Canada under the Federal Skilled Trades program?
Yes. Along with other Express Entry eligibility requirements, proof of funds is also required to migrate to Canada through the Federal Skilled Trades program.
What duties and taxes are levied on goods that I bring home to Canada?
Canadian citizens and PR visa holders can bring in goods worth CAN$200 without paying any taxes. The Canadian customs regulations state that alcoholic beverages and tobacco products will not be included in this amount. You will have to pay full duty and taxes on the total amount when you bring in goods exceeding this limit.
What are the different PNPs available for Canada immigration?
The following are the PNPs available under which you can get nominations for Canada Permanent Residence:
- Newfoundland and Labrador Provincial Nominee Program (NLPNP)
- Northwest Territories Nominee Program (NTNP)
- Nova Scotia Nominee Program (NSNP)
- Ontario Immigrant Nominee Program (OINP)
- Manitoba Provincial Nominee Program (MPNP)
- Alberta Immigrant Nominee Program (AINP)
- British Columbia Provincial Nominee Program (BC PNP)
- New Brunswick Provincial Nominee Program (NBPNP)
- Prince Edward Island Provincial Nominee Program (PEI PNP)
- Saskatchewan Immigrant Nominee Program (SINP)
- Yukon Nominee Program (YNP)
Are international students required to show proof of funds to study in Canada?
Students wanting to study in Canadian colleges can secure a study permit by showing available funds required to cover tuition fees and living expenses during the stay. For this you can show money transferred for the purpose in your Canadian bank account.
Conclusion
You have to show $12,960 for 1 person and $24,083 for 4 people as proof of funds
Canadian authority permits you to show proof of funds in stocks, bonds, treasury, mutual funds, provident funds and others.
You should submit your proof of funds after submitting your visa application and receive an ITA (Invitation to Apply) in the Express Entry or nomination in PNP (Provincial Nominee Program).
If you still have any doubts regarding the proof of funds and its procedure, please contact our experts.
How can Kansas Help?
Kansas Overseas Careers specializes in Permanent Residency Visas, Work Visas, Study Visas, Temporary visas, and Dependent Visas to Canada, UK, USA, Germany, and Hong Kong.
Apart from these services, Kansas offers its clients personalized services such as:
- Profile Evaluation: Professional guidance based on an in-depth assessment of the client profile to determine chances of visa success.
- Documents & Review: Detailed, error-free documentation based on the visa type drafted to meet specific formats.
- Dedicated Case Officer: A dedicated consultant to assist clients throughout the process.
- Visa Filing: Kansas ensures that the visa applications meet all the standard requirements of concerned immigration authorities and governing bodies.
- Test Preparations: Complimentary online courses are offered to help aspirants improve their Language Proficiency for important exams like IELTS, French, TOEFL, and PTE.
- Visa & Interview: Guidance is provided for aspirants attending visa interviews along with verified documents.
- Post-Landing Service: Kansas helps clients settle down in the new country with a comfortable stay after they have received their visas.
Additional services offered to job-seekers:
- Resume Writing: Dedicated team of resume experts to craft the best resumes that meet prerequisites of immigration authorities and potential employers. This greatly improves their chances of selection.
- Profile Marketing: Kansas is well-known for creating the best-in-class portfolios that boost applicant profiles in job-portals. And yes, this is a complimentary service!
Additional services For students looking for a study visa:
- Admission Guidance: Comparisons between the best programs, colleges, and countries to study in, including arranged mentorship from existing students.
- Writing Services: Admission Essays, Student CV, Statement of purpose (SOP), Letter of recommendations (LOR), and other important services offered by a dedicated team.
- Scholarships & Financial Aid: Offer help to find the best Scholarships programs, Education loans, Study abroad loans, and also offer help in sourcing paid-Internships.
You can expect a one-stop solution for all your visa needs with us.
