Immigration, Refugees and Citizenship Canada (IRCC) is the federal department that lays out and updates policies regarding the immigration programs in Canada. Every year, IRCC updates the minimum funds that skilled immigrants need to show while they are applying for Canada PR. If you are one among the people dreaming of settling down in Canada and finding a bright future for your family, you need to have a good knowledge about ‘Proof of Funds’ policy and how you need to be prepared financially to successfully get your PR visa.
Based on the cost of living in Canada, a minimum funds requirement is set for every person applying for permanent residency. This fund is the proof that you will be able to sustain yourself and your family in Canada. It also helps the authorities assess which immigration programs you are eligible for.
This policy is specifically applicable to candidates applying for the Federal Skilled Worker Program or the Federal Skilled Trades Program. The applicant must demonstrate this proof of funds while submitting the Express Entry profile. The same amount or more has to be maintained while you are listed in the talent pool when you receive the ITA and till your Canada PR is completely processed.
The minimum funds that you need to show depending on the size of your family. For every additional family member, the amount increases. When determining the family size, you should include yourself, your spouse or your partner and the dependent children. According to the Express Entry Proof of Funds requirement for 2018, the minimum fund for one person is $12, 475 in Canadian Dollars. For each additional family member, you should be paying roughly $3400 CAD. This amount is updated at the beginning of each year and thus it is necessary to maintain marginally higher funds in your accounts if your application procedure rolls over to the next year.
The Federal Government of Canada is very specific about how they require the proof of funds to be demonstrated. On any given time throughout your entire Canada PR process, you need to show the minimum required fund available in your account.
Whether you have the amount in your personal account or in a joint account with your spouse, you should show the immigration officer that you have access to the entire amount. Equity of real estate or property will not be considered for proof of funds.
The applicant is expected to produce official letters from the recognized banks where you hold your account. These letters are to be in a specific format, printed on the bank’s letterhead, mentioning your full name and details about your bank account. In case you have any loan, credit card payments etc. pending, it should be mentioned in the letter along with six months bank statement.
It is noteworthy that not every skilled immigrant applying for Canada PR needs to show the minimum required funds. The IRCC exempts the applicants from showing proof of funds if they have any of the following.
Thus, it is vital to stay updated about such policies, rules, and regulations, as and when they are made. You can consider getting expert advice from immigration consultants to guide you in such matters and ensure that your profile always meets all the eligibility criteria. Being duly advised and informed is the best way to make your Canada PR desire a reality.