The proof of funds or settlement funds shows that immigrants or foreign skilled workers will be able to sustain in Canada. The funds required for Canada PR is one of the main eligibility criteria. For Federal Skilled Workers category, the proof of funds for Express Entry depends on the size of family or number of members accompanying the primary applicant to Canada. The Immigration, Refugees and Citizenship Canada (IRCC) defines fund requirement for Canada PR and mandatory compliance measures for settlement funds by applicants through its official website.
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The foreign skilled workers and professionals apply for Canada immigration through three gateways of Express Entry – Federal Skilled Workers Program (FSWP), Canadian Experience Class (CEC) and Federal Skilled Trades Program (FSTP). The Express Entry is online application management system run by IRCC. It holds Express Entry draws twice in a month or after every 15 days. Applicants receive points on Comprehensive Ranking System (CRS) scale on the basis of human capital factors like age, academic qualification, relevant work experience, language ability, Canadian work or study experience, adaptability, proof of funds, valid job offer (letter) from Canadian employer, provincial nominee certificate, willingness to work and stay in Canada and so on. The highest CRS scorers receive Invitation To Apply (ITA) from IRCC. Applicants need to submit set of supporting documents along with visa applications to IRCC in next 60 days to secure permanent residence status of Canada.
The fund requirement for Canada PR highlights that applicant should have sufficient finances to support themselves in new country as permanent residents.
Here you can find the updated IRCC proof of funds required for Canada PR
It is important to note that the settlement funds or proof of funds for Express Entry increases in direct proportion to the number of members in the family or family size. Also, all related documents or proof of funds details should not be older than last six months. To stay eligible, applicants must update amount of settlement fund in their Express Entry profile.
Applicants must showcase that they can legally access the money after arrival in Canada. The proof of funds should not be borrowed by the applicant and it must be in their name. Applicants must be able to use the money to pay for family’s costs of living (even if family members are not accompanying primary applicant). If spouse or common-law partner is accompanying primary applicant, then they can have a joint account and both spouses should have legal access to this account.
Applicants, particularly who are applying through Federal Skilled Worker Program and Federal Skilled Trades Program under Express Entry system, can showcase fund requirement for Canada PR by submitting below-mentioned documents -
It is important to note that equity or equal share in property or real estate or leased asset are not considered as fund requirement for Canada PR.
Applicants must have settlement funds in their bank account after receiving ITA. Applicants, who receive Notification of Interest (NOI) through IRCC’s managed Express Entry, then the settlement funds in their bank accounts should be older than three months. Applicants, who receive Notification of Interest (NOI) through Provincial Nominee Program (PNP), then the settlement funds in their bank accounts should be older than six months. Applicants need to showcase settlement funds at these stages to IRCC.
The fund requirement for Canada PR is not mandatory for Canadian Experience Class (CEC) candidates, or, applicants having valid job offer from Canadian employer. The applicants are advised to update proof of funds in Express Entry profile in order to be eligible for more than one immigration stream. The settlement funds should be available to applicant at the time of submitting application and when they receive Canadian PR.
Letters issued by banks or financial institutions on their letter heads are considered proof of funds. These letters must include all contact information such as address, telephone number and email address, social media handles of banks, name of account holder, account number, current account balance, date of opening of account, average balance in account in last six months, outstanding debts (such as credit card bills and loans, if any), detailed history of transactions made by applicants (in at least last three months) and so on.
Applicants can also submit more than one official letters from different financial institutions to submit proof of funds, if they have deposited money in different bank accounts.
After arriving in Canada, applicants must showcase proof to border officials if they are carrying more than $10,000 CAD. In the absence of no record of this amount, the border officials can impose fine on applicants and even money can be seized. Experts suggest that applicants should carry amount of money required to bear costs of living in Canadian province, where they have plans to settle.
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