Proof of Funds for Canada PR 2020: Skilled immigrants with Family

 

Many of the immigration programs to Canada ask the applicants to show proof of funds to settle in the country. 

Read on to find out how much proof of funds is required to showcase when you apply for a Canadian visa.

How much Proof of Funds is required for a Canada PR?

The proof of funds, also called settlement funds, is a proof that shows you will not be a burden on the Canadian economy. The amount of money you need to show as the settlement funds will increase based on the number of members in your family.

The following Proof of Funds amount have been updated for 2020:

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

Each additional family member   

$3,492

Note:

  • Applicants would not need to show that they possess these funds if:
    • They already have a valid offer of arranged employment in Canada and,
    • They are currently working or have the relevant authorization for working in Canada
  • If you have more money than the mentioned funds, you need to address it in the application or profile.
  • You need to include your family members (along with dependent children) even if they are not accompanying you to Canada.

How to prove your funds?

Authorities permit applicants to bring funds in the form of:

  • Cash
  • Documents that highlight property or capital payable to the applicant such as:
    • Stocks
    • Bonds
    • Debentures or,
    • Treasury bills OR,
  • Documents that guarantee payment of a specific amount of money, which is payable to the applicant, such as:
    • Bankers’ drafts
    • Cheques
    • Travellers’ cheques or,
    • Money orders

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- you need to be in between 18 and 44 years to get points in CRS calculator
  • Education qualification-the higher the educational qualification of an applicant is the more points he/she can get in the CRS calculator
  • Work experience- experience in his/her field of expertise
  • Language ability- ability in English or French
  • Adaptability- the presence of siblings or close relations in Canada, which will help you to adapt to the new environment and country faster
  • Job offer- Employment opportunity from a Canadian employer

Apart from these, if you get a provincial nomination, you will be awarded an additional 600 points.

Related FAQs

Documents to be Submitted for Canada PR?

The following are the documents you need to submit in order to migrate to Canada with a permanent residency permit:

  • Education qualification certificates like bachelor’s degree certificate and master’s degree certificate
  • Work experience documents from employers
  • Proof of funds documents
  • Marriage certificate (if married)
  • Passport
  • Medical certificates to prove that you are fit to travel, live and work in Canada
  • Police clearance certificate to prove that you have no criminal record whatsoever
  • Educational Credential Assessment (ECA)certificate to prove that your education is on par with the Canadian educational standards.
  • The number issued on the Express Entry profile
  • Provincial nomination documents (if you have got a nomination from any province of Canada under Provincial Nominee Program)
  • Miscellaneous or additional certificates as mentioned by the immigration authorities of Canada

How to Apply for Canada PR?

Here is the step-by-step process to apply for Canada PR in 2020:

  • Step 1: Collect your Education Credential Assessment (ECA) report. This is issued by the World Education Services and can be applied online.
  • Step 2: Work on your Language Ability Report (IELTS) next. This gives a healthy boost to your CRS score as well.
  • Step 3: Submit the Express Entry application. You can go online for this when you have all the necessary documents to prove your case choose from these 3 major immigration streams
  • Step 4: Get your CRS score. This is the one and only deciding criterion of selection for Canada immigration. The score will be provided based upon the information you have provided.
  • Step 5: You may have to improve upon your CRS score. There are many ways you can do this. Talk to the experts to understand ways.
  • Step 6: Apply for PNP if you are unable to score high on CRS. This is the next best option you have. Experts will give you inside information on provinces and which could be a good fit for you.
  • Step 7: Following this, you will have to wait for the Express Entry draw. You will receive an Invitation to Apply (ITA) from the IRCC if your CRS score is above the cut-off mark.
  • Step 8: You can apply for the PR visa within 60 days for Express Entry. PNP candidates will have 30 days of time to apply for the PR visa.
  • Step 9: You will require the documents mentioned above to apply for the Canada PR.

Cost of Applying for Canada PR

You will need to pay the Canada PR application fees as given in the table below:

Breakup of Canada PR Fees

Applicant

Fee in CAD

Primary Applicant

(Without Right of Permanent Residence Fees)

$825

Primary Applicant

(With Right of Permanent Residence Fees)

$1325

Spouse

(Without Right of Permanent Residence Fees)

$825

Spouse

(With Right of Permanent Residence Fees)

$1325

Child

(Under 22 Years of Age)

$225

What is the Processing Time for Canada PR?

The average processing time for Canada PR visa is between 5 to 8 months. This may even extend up to 12 months in some cases. This time includes right from filing of the application to receiving the Invitation to Apply (ITA) from Canadian authorities.

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Conclusion:

Minimum amount of CAN 10,000 is required.

And for your family members:

Number of Family Members

Proof of Funds in Canadian Dollars

1

12960 CAD

2

16135 CAD

3

19836 CAD

4

24083 CAD

5

27315 CAD

6

30806 CAD

7

34299 CAD

For each additional member

3492 CAD

Other FAQs

Will I need to show proof of funds as requirements, even if I am going to Canada 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

You also need to submit the details of proof of funds if you go to the country on a temporary resident visa, as you have to be capable of supporting your stay in Canada.

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, even if they are not accompanying you to Canada or even if they are Canadian citizens.

Who does not need to show proof of funds to go to Canada?

The following applicants need not show proof of money to go to Canada:

  • If the applicant is applying for Canada PR under the Canadian Experience Class
  • If you are permitted to work and have a stable job offer in Canada.

Who should I include under my family while submitting proof of funds?

While calculating the proof of funds, you need to count these members of the family:

Primary or principal applicant

  • 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 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)

Apart from these programs, there is the newly introduced Atlantic Immigration Pilot Program (AIPP), which helps people to settle in the following provinces:

These programs are meant to help the potential immigrants to settle in provinces of Canada easily and to facilitate the Canadian employers to fill their vacancies with efficient and skilled workers.

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. ITA is given if the candidate satisfies all the requirements prescribed by the IRCC and gets the required cut-off CRS (Comprehensive Ranking System) points. 

How does getting a PNP to increase your chances of getting an ITA for Canada PR?

The ITAs for Canada PR is given based on the points the applicants get in the CRS calculator. In this calculator, 600 points are allotted for PNPs. I.e., you will get an additional 600 points if you get a provincial nomination.

What is the acceptable proof of funds in Canadian express entry?

The major programs for which proofs of funds are mandatory requirements by the applicants, seeking permanent residence are:


These work permit programs as proof of funds to make sure that you can financially support yourself, your spouse, and your dependent children without becoming a burden to Canada. 

How do I show proof of funds in Canada?

The authorities accept the certain financial letter as proof only if it could be easily changed into liquid form, i.e., the funds if you dissolve that letter should be readily available to you.

You can show proof of funds in different types of assets.

The following are the proof of funds that are accepted by the Canadian authorities:

  • Cash
  • Bank Balance (including deposits and cheques)
  • Stocks 
  • If you and your spouse are migrating to Canada, then you can show the amount of money that is in your joint accounts
  • Even if the money is in the spouse’s personal savings account, you can quote it in the proof of funds, if you can prove that you have access to that account.

What should the proof of funds letter contain?

The settlement funds letter should be in the following form to be accepted by the Canadian authorities:

  • The financial letter should be printed only on the issuing financial institution's letterhead.
  • It should have details like address, email address, phone number of the institute.
  • It should have details of your debts (if any) like credit card debts and other debts.
  • It should have details of the applicant clearly.
  • It should include:
    • Account number and bank statements of the current and other investment accounts
    • The date on which each bank account was opened
    • The current balance in the current account
    • Details of the average balance in each account for the past 6 months.

What not to do while submitting proof of funds?

You need to maintain the settlement funds from a few months before applying for the Canada Permanent Resident visa.

The following are to be avoided while submitting the proof of funds to the Canadian immigration authorities:

  • You should not submit borrowed money as the proof of funds
  • You should not show leased assets as the proof of funds
  • Properties like real estate assets cannot be displayed as the proof of funds, as they are not readily dissolvable.

If you try to show some other property as yours or do such fraudulent activities, then the authorities can reject your visa, and you may face further hurdles even if you apply the next time.

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

After everything is said and done, you may find a question of when and at what point during the Canada PR visa you need to submit the proof of funds.

You should submit your proof of funds after you submit your visa application and receive an ITA (Invitation to Apply) in the Express Entry or nomination in PNP (Provincial Nominee Program).

In the case of Express Entry, you need to show the funds from the previous 3 months, and in the case of PNP, you need to show the funds in the account from the past 6 months.

Do I need to pay anything to create an Express Entry Profile?

No, you do not need to pay any fees to create an Express Entry profile. You can create a profile with all your details and submit.

Topics: Migrate, Canada

Anusha
Anusha

Anusha stands out for in-depth knowledge of Canada, UK and Australia visa process. With 7+years of experience, she adds a lot of worth to the team.

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