There is a change in the proof of funds requirement for Express Entry candidates as per the update given by IRCC. On May 2, the change was announced on the website of IRCC.
Proof of funds amounts are updated every year. The documents of proof of funds are important as they demonstrate that you have sufficient money to stay in Canada for a specific duration.
Any candidate must be able to show written proof of enough funds, if he/she is receiving an Invitation to Apply (ITA) through an Canada Express Entry draw. However, Canadian Experience Class candidates and candidates having valid job offers do not require to show proof of enough funds to support themselves and their families.
If you want to meet the minimum requirements of the Federal Skilled Trades Program and the Canada Federal Skilled Worker Program, you need proof of funds.
How Much Fund is Required?
The requirement of the amount of funds varies with the size of the family of the candidate as a candidate can be alone, or with a spouse and dependent children.
|Number of Family Members||Funds Required (in Canadian Dollars)|
|If there are more than 7 people in the family, then for each additional family member||$ 3,706|
Even if your spouse/ common-law partner and dependent children are Canadian citizens, permanent residents or not coming to Canada with you, they must be included.
How Can You Show Proof of Funds?
Banks or any other financial institution where you have an account can provide you with official letters to prove that you have enough money to settle.
These letters must be printed on the letterhead of the financial institution and must include your name, your outstanding debts, account numbers, current account balances, the contact information of the bank or institution, the date each account was opened, and the average balance for the past 6 months.
Funds should be available to you at the time of applying for the visa and also at the time when you are issued a Permanent Visa for Immigration to Canada from India, as stated by IRCC. You are required to show IRCC that you will be able to access the money in a legal manner after your arrival in Canada which means neither you can show equity on real property as proof of settlement funds nor borrow money from another person.
If your family is not coming to Canada with you, you can further use this money for their cost of living. Any money you and your spouse have together in a joint account can also be counted if your spouse/partner is coming with you to Canada. You can count on your spouse’s money even if it is in a separate account after proving that you can access the money when required.
How Much Money Should Be Bought By You?
The cost of living may vary very much throughout Canada. As compared to large expensive cities such as Vancouver and Toronto, other locations are likely to be more expensive. You should bring as much money as you are able to, as advised by IRCC. Moving and finding a home in Canada will be much easier after this.
Upon your arrival, if you are bringing more than $ 10,000 into the country then the border officer must be informed. You may be fined and money can be seized if you fail to declare anything over that amount. Capital or property payable to you like treasury bills, stocks, bonds, and debentures can be included in these documents. Payment of a set amount of money like cheques, bank drafts, traveler’s cheques, and money orders is also guaranteed by these documents.
IRCC updates its immigration policies time to time but Top Immigration Consultants in India, Oasis Resource Management are here to help you out.