When you immigrate to Canada as Skilled Immigrants under the Express Entry Program, you will be required to provide proof of funds. Proof of funds (also known as “show money”) demonstrates that you have enough money to settle in Canada. Here are the latest update to the Proof of Funds requirement.
PROOF OF FUNDS (SHOW MONEY)
These funds cannot be borrowed from other people. These funds must be available for use to pay for living expenses for you and your family in Canada.
If your spouse is coming with you, you can declare these funds as a joint account, but must prove that you have access to these funds as well.
When you have been invited to apply under the Express Entry Program, you must give written proof that you have these funds.
EXEMPTIONS TO PROOF OF FUNDS REQUIREMENT
If you meet the minimum requirements to apply to immigrate to Canada under the Canadian Experience Class (CEC), you will not have to provide Proof of Funds during your application.
You will also not be required to provide Proof of Funds if you are already authorized to work in Canada and already have a valid offer of employment.
Don’t forget to keep records of your funds up-to-date in your Express Entry Profile. Doing so may qualify you for other streams under the Express Entry Program.
The amounts required as Proof of Funds will be determined by the number of members in your family. People who must be included will be you, your spouse, your dependent children (including those who might already be Permanent Residents or Canadian citizens.
UPDATED PROOF OF FUNDS REQUIREMENT
Below are the minimum amounts required:
Number of Family Members – Funds Required (in Canadian dollars)
1 – $12,960
2 – $16,135
3 – $19,836
4 – $24,083
5 – $27,315
6 – $30,806
7 – $34,299
For each additional family member $3,492
Immigration, Refugees and Citizenship Canada (IRCC) required that these funds be available when you submit your application and when you are issued a Permanent Resident visa. You will have to be able to show that you have access to these funds when you arrive in Canada.
IRCC accepts official documents (on official letterheads, containing their contact information) from banks and other financial institutions. These documents must include your name, and list outstanding debts, account numbers, the date each account was opened, the current balance of each account and the average balance for the past six months.
You should bring as much money as possible to make moving to Canada easier. If you are bringing cash, remember that you must declare if you are bringing more than CAD$10,000 into Canada.
Bring as much money as you can to make moving and finding a home in Canada easier. Canadian customs regulations require you to declare if you’re bringing more than CAN$10,000 into Canada. This includes cash, stocks, bonds, debentures, treasury bills, banker’s drafts, cheques, travellers’ cheques and money orders. Failure to do so might result in fines and seizure of said funds.
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