Proof of funds – Do you need to show financial evidence to settle down in Canada? Why?

Proof of funds means you have to show the authorities that you have enough money to settle down in Canada. If the invite you for the application, you need to give the written proof that you have the money you claim.

The Canadian government has updated the requirement of settlement funds for applicants under the FSTC or Federal Skilled Trades Class and FSWC or Federal skilled worker class. Candidates who received the Invitation To Apply under the Canadian experience class do not need to show the settlement funds. Moreover, those individuals who are authorized to work in Canada and have a valid job offer from one of the Canadian employers are not subjected to the settlement funds requirement.

Proof of funds - Do you need to show financial evidence to settle down in Canada? Why?
Proof of funds – Do you need to show financial evidence to settle down in Canada? Why?

The increase in this fund is marginal and is applied as just one percent for every family size. However, it is quite possible that this increment could affect the eligibility criteria of some candidates. Consequently, all the applicants are encouraged to double-check the latest figures to ensure that they have the fund amount required to settle down in Canada.

How much money do you actually need to show to Immigrate to Canada?

The fund amount you need depends on the total number of family members, including you. It includes:

  • You are dependent children
  • Your partner
  • Yourself
  • Your spouse’s dependent children

The settlement fund requirement should be equal to or greater than the amount listed below for each of the family sizes. All the figures are given in Canadian dollars:

Number of Family Members Funds Required (in Canadian dollars)
1 $12,474

 

2 $15,530

 

3 $19,092

 

4 $23,181

 

5 $26,291

 

6 $29,652


 

7 $33,013
Additional Member $3,361

 

Do you need proof of funds to file Visa Application for Canada?

  • Federal Skilled Trades Program
  • Federal Skilled Worker Program

Who does not need the proof of funds for Immigrating to Canada?

There is no need for you to show that you have enough financial backup to support yourself as well as your family members if:

  • You are authorized to stay and work in Canada and you have a valid job option, even if you apply under the federal skilled trades program or Federal skilled worker program.
  • you are applying under the Canadian express class

You need to keep your fund updated in the profile. The system may find you to be eligible for more than one program. There is no need for you always to know ahead of time for which program you will be invited under.

You need to include your dependent children or spouse’s dependent children even if they are not going to come down with you to Canada or permanent residence in Canada or Canadian citizens.

How much financial back up do you need to settle down in Canada?

If you are planning to settle down in Canada, you need to have a brief idea about the living cost in the country. Let’s give a small brief about how much it costs to live here,

You should take as much money as possible because it will make your search for finding a suitable home in Canada quite easier. When you reach Canada, you need to ensure that you take more than at least CAN$10,000. The border officer will inquire you about this as well. You will be fined if you don’t disclose your original financial backup and at the same time, it is also quite possible that your funds are seized. This includes the following:

  1. Cash
  1. Documents which reflect your capital or property payable to you, like:
  • Bonds
  • Treasury bills
  • Debentures
  • Stocks
  1. Documents which guarantee a specific set amount of payment that is payable to you, like:
  • Cheques
  • Banker’s draft
  • Traveler’s cheque
  • Money orders

What evidence do you need to show as the proof?

The fund amount should be readily available to you. You cannot use the equity on real property to show as proof for the settlement funds.

You cannot borrow this money from someone else. You need to earn this money yourself to pay the living cost for your family (even if they are not coming to settle down with you)

If your partner is coming to Canada with you, you can use the money in a joint account to show as the settlement fund proof. You can count the money only that is under your account name. But in case of joint account, you need to prove that you have complete access to the amount.

This fund amount needs to be available when you apply as well as when you obtain the permanent resident visa. You need to prove to the immigration officer that you will have legal access to the money when you arrive in Canada.

For proof of evidence, you need to get an official letter signed up from your financial institution or bank where you are keeping the savings.

The letter must:

  • Include your name
  • Be printed on the letterhead of the financial institution
  • Include their address, email address and telephone number
  • List the outstanding debts, like loans and credit card debts
  • Include the account number, current balance, opening date and average balance of the last 6 months for both the investment account and current bank.

Raima Sen

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