What is fund requirements for immigration to Canada?

The skilled workers who are looking for immigration to Canada, need to establish enough money for paying the cost of living for both themselves and their families.  It is applicable even in the case when their family members are not moving to that country with them. They will not be allowed to borrow these settlement funds from any other persons and it will have to be free from any kind of liabilities as well. If you are accompanied by your spouse, a joint account having the required amount will work for you. What you need is to have the access to that account.  You need to give a written proof of having that money when you will be invited for applying.

What is fund requirements for immigration to Canada?
What is fund requirements for immigration to Canada?

The amount of money that will be required for immigrating to Canada

The amount of money that you will need will absolutely depend upon the number of your family members for determining the size of your family you will have to include:

  • Yourself

  • your spouse or  partner

  • your dependent children and

  • dependent children of your spouse or partner.

It will be applicable for both of your family members who are not accompanying you in Canada or who are already permanent residents or Canadian citizens. The required amount of  funds in respect to  the number of your family members looking for immigration to Canada are mentioned below:

   Number of
      Family Members  Funds Required
                                                                        (in Canadian dollars)
             1                               $12,475
             2                               $15,531
             3                               $19,093
             4                               $23,181
             5                               $26,292
             6                               $29,652
             7                               $33,014

You will need additional $3,361  for each of your additional family members.

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The proof of your  funds that the Canadian Immigration authorities will accept

You need a readily available amount of money to establish to the authority for having the required funds as the criteria for applying for the immigration.To produce any equity on real property as proof of settlement funds will not work for you. The fund will have to be available in both the time when you will apply and when the permanent resident visa will be issued to you by the authority.

You will have to get an official letter from the bank or financial institution where you are keeping your money/You are to submit that to the authority as a proof of your fund. The  letter should meet the following criteria:

    • It should be printed on the institution’s letterhead

  • The contact information  of the institution should be included

  • Your name should be clearly mentioned

  • It will list outstanding debts such as credit card debts and loans

  • It will also include account numbers, the date each account was opened. the current balance of each account, the average balance for the past six months for each current bank and investment account.

 You should also need to keep it in your mind that the authority updates the proof of funds numbers every year based on 50 percent of the low-income cut-off totals.

The Minimum amount of money you need to bring in Canada to Survive before settling down

You are advised to bring as much money as possible for you for making your move easier across the country and finding a home for yourself in your endeavour for immigration to Canada.  If you bring more than CAN$10,000 into Canada.the Canadian customs regulations will require you to declare that. In case you don’t do that the authority may fine you and even they could seize your funds that may include cash, cheques, bond, debenture ,stocks treasury bills etcetera.