Canada Immigration proof of funds highlights that there should be documentary evidence available which will validate that you will be able to take care of your needs and your family’s after immigration as you financially competent.
One of the initial steps for immigration to another country is financial security. If you are planning to immigrate to Canada, then make sure you have enough funds available to help you relocate without any hassles. Further, apart from the ability to be able to pay adequate fees, the candidate should also be able to provide the evidence of being financially sound and capable of immigration. No country would want immigrants who would later become a burden on their economy. Hence, you need to assure them of your capabilities, skills and financial astuteness. Having competence can act as evidence that you will be able to settle well in Canada after relocation and it is as important as proof of funds for Canada PR.
The funds should be available with the candidate when he / she applies for the Permanent Residency (PR) status. Through this article, let us look at some of the basic Canada immigration fee structure and also the necessary requirements for proof of funds for Canada PR.
For immigration, the total cost of expenses will include a lot of factors like Canada immigration processing fees, Educational Credential Assessment (ECA), documentation, medical expenses, Language proficiency test results, and traveling expenses. The expenditure to a major extent will also depend on the number of people immigrating and also the type of program through which one will apply for the Permanent Residency status in Canada for the year 2023.
For immigration to Canada, one of the pre-requisite document which cannot be ignored is the proof of Funds. To document will be submitted in your file and you will have to prove that you have money in your bank for this your bank statements of the past six months will be analysed. The detailed information is provided in the below sections of the article.
This will include the mandatory fee that needs to be paid to the Canadian authorities for immigration to this country and the amount provided below is just a general outline of the expenditure.
For the province of Quebec, there is a different fee structure -
Apart from the above-mentioned processing fees for Canada immigration, there is also another fee called Right Of Permanent Residency Fee which needs to be paid by the candidate soon after landing in Canada and charge of this fee is 515 $ CAD per person.
The above-mentioned amount is just the fees apart from this there are other expenditures also which are required during the processing of the visa application. The comprehensive expected total is provided below with the help of a table.
Funds required as per Express Entry Program
|Number of People Immigrating||Funds required (Amount in Canadian Dollars)|
|Each additional family member||$ 3,706|
This will include the mandatory fee that needs to be paid to the Canadian authorities for immigration to Canada and the amount provided below is just a general outline of the expenditure.
Some provinces will have their own fee structure which needs to be met for immigration to those provinces. When immigrating through Ontario Immigration Nominee Program (OINP), the candidate needs to pay 1500 $ CAD to the Ontario province, and for Candidates immigrating through Saskatchewan, the payable amount is 350 $ CAD. Similarly, other provinces also have a chargeable amount like 500 $ CAD for candidates immigrating to Manitoba through Skilled Workers Stream.
👉 Language proficiency test – IELTS, CLB or CELPIP
The candidate should be adept in one of the official language of Canada – French or English. The candidate needs to appear in the language proficiency test of either of the two languages. Remember, for this, the scheduled test should be approved by the IRCC, and one should pay the cost of the test. If one appears in an IELTS exam, then the average price of undertaking the test is Rs. 15,500. The fee for the CELPIP – General LS test is Rs. 10,845 plus taxes.
👉 Educational Credential Assessment (ECA)
Educational Credential Assessment is an essential aspect of immigration to Canada in which the academic capabilities of the candidate are judged in line with the merits of the Canadian education system. It should be done from an authorized body like WES/ICAS/IQAS/ICES, and the cost of undertaking this procedure is 200 $ CAD plus delivery charges.
👉 Medical Checkup
Canada government wants to ensure that you are not carrying any contagious or epidemic disease it is good to have a medical exam before immigration. Further, a proper medical exam will also help you avail the benefits of health insurance upon immigration to Canada. The cost of a basic test which will include chest X rays, a Blood test for HIV and Syphilis, physical examination and Urine test will vary from Rs 5000 to 9000 depending on age and health condition of the applicant.
👉 Travelling Expenditure – Air Tickets etc.
Transportation, initial accommodation and a wide range of travel experiences will require expenditure from the applicant. Hence ensure that you have calculated the number of plane tickets for yourself and your family members in the calculation of the expenditure. The flying cost will depend on your choice of airline and will vary accordingly.
👉 Passport Cost
Your identity will be validated through your passport by the Canadian authorities for this a situational amount needs to be paid which ranges from 120 to 170 $ CAD.
👉 Police verification Cost
Sometimes unexpected expenditures can be levied which will totally depend on your case. In certain cases, there is a police verification cost that needs to be tackled by the candidate. Verification for all the candidate immigrating is mandatory which will include spouse and children as well.
When you are immigrating to another country, there are a lot of technical frameworks that you need to keep in mind, and one such important criteria is that of the amount of money that is safe to be carried. Money can be brought in Canada through different ways through bank accounts, securities (bonds, debentures, stocks), etc. but whenever the amount is equal or more than 20,222 $ for a family size of three members, then the Canadian authorities should be intimated immediately. A form with the Cross Border Currency or Monetary Instruments Reports – Individual (E677) needs to be filled out so that the amount becomes declared and valid to enter the threshold of Canada.
Upon landing in Canada, the Principal candidate should be able to prove to the immigration officer that he / she has funds at his disposal and will be able to access those funds as soon as he / she lands in Canada. Without the evidence of Canada PR proof of funds the immigration is impossible. For the settlement funds requirement, in case of the married couples, the amount in the joint account can be considered valid and can be used.
The funds that are not considered are –
However, the acceptable proof of funds for Canada immigration will include:
In case someone is applying under the Canadian Experience Class (CEC) for Canada immigration then no proof of funds is required under proof of funds Canada Express Entry. Rest, for the other applicants, this is a mandatory category. In your bank account as a candidate, you will need 3 to 6 months’ proof of funds to help the Canadian authorities ensure that soon upon immigration to Canada you will have enough means to sustain yourself and also your family.
As soon as you land in Canada, it is good to start thinking of investment plans for a safe and secure future. Sometimes even if you invest your savings wisely, you can have smooth sailing in the initial months of immigration to a new land.
Remember there is a risk involved when you are looking for investing in another country, but with right mentorship and knowledge, you will be able to find your ground soon in a new country. Some common types of investments that you can undertake in Canada are –
Also, it is imperative for the candidates to understand that they need to pay taxes on the money that he/she will make from these investments. Apart from this the basic fee of investment will include:
Funds required for Canada PR should be inclusive of settlement fee, processing fee etc. all the factors should be adequately considered before a decision is made. Canada Immigration fee is far beyond the application and processing charges and all the hidden expenses are also part of the calculation process.
Immigration to another country can be a complicated process, but when undertaken under the guidance of mentors who are completely adept in the process you can save yourself from unnecessary hassles. To speak to our experts, call us at +91-9811648116.