Proof of funds is how a potential Canadian immigrant shows Immigration, Refugees and Citizenship Canada (IRCC) that they have enough money to settle in Canada.
Proof of Funds is an important part of the Canadian immigration application process as they remove any doubt that the IRCC may have the ability to assist the applicant financially as they begin to build life in this country. In addition, proof of funds solidly establishes an applicant’s ability to provide for his or her family members.
The following will focus on proof of funds in the context of Express Entry as Express Entry is the main route through which the IRCC welcomes economic class immigrants to Canada.
Important details about proof of funds
The money used as proof of funds must be readily available to the applicant. In other words, the equity on the property does not qualify for these purposes. Additionally, this money cannot be borrowed from another person and must be available when it is time to pay the cost of living. Finally, any money used for proof of wealth must be available “both when” [an individual applies for Canadian permanent residence] and when [the applicant is issued] a permanent residence visa.
Upon arrival in Canada, the applicant must be willing and able to prove to an IRCC officer that they can legally obtain the funds to use here.
“Using an official letter from any bank(s) or financial institution(s)” where an immigration applicant keeps their money, the applicant must be able to demonstrate that upon arrival they will be able to provide for themselves and all of their family members. They have enough money to support the members. to Canada.
There must be a proof of money bill:
- Must be printed on the letterhead of the financial institution
- Include their name and contact information (address, telephone number, and email address)
- List any outstanding debts (credit card debt and loans)
- For each current bank and investment account, include: account number, date of opening and current balance for each account and average balance for the last 6 months
Understanding Who Qualifies as a Family Member
For these purposes, members of a household include the principal applicant, their dependent children, their spouse or common-law partner, and any dependent children of the applicant’s spouse/partner.
Comment: Applicant’s spouse/partner and spouse/partner’s dependent children must be included as household members for proof of wealth, even if they are themselves Permanent Residents (PRS)/Canadian Citizens or did not immigrate to Canada with the applicant Have been
In the case that the applicant’s spouse/partner will be accompanying them to Canada, funds held in a joint account may be counted as proof of wealth. Funds held in an account under only the spouse’s name may also count, assuming the main applicant can prove they have access to the funds.
Who needs to show proof of funds and who doesn’t?
Applicants to the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) are required to submit proof of funds to meet the minimum eligibility requirements for these programs.
Meanwhile, Canadian Experience Class (CEC) applicants as well as immigrant applicants who are authorized to work in Canada and hold a valid job offer are not required to provide proof of funds. This is also true for FSWP and FSTP applicants who meet these conditions.
Breakdown of Proof of Money Needs by Family Size
The amount of money each individual applicant will need to prove they have varies according to the number of household members. Again, for the purposes of “proof of wealth” the size of one’s household must include the spouse of the main applicant (as well as their dependent children), regardless of whether they are already Canadian citizens/PRs or they are Canadian citizens/PRs. Do not come with Canada.
The table below outlines the amount required (in CAD) according to the number of family members as per IRCC as on June 9, 2022.
| number of family members | money required in cad |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| each additional family member | $3,586 |
Comment: However, the small, low-income cut-off based on 50% of the total Proof of Funds requirements changes every year. Be sure to check back for new numbers as they are posted.
© Want to advertise on CIC Updates? Click here to contact us.
[ad_2]