Canada welcomes highly qualified individuals and offers permanent residency (PR) if found incredible in skills and efficiency. The Canadian government has begun an Express Entry program that permits aspiring immigrants to apply for work opportunities and permanent residency. But, to get through Express entry, individuals must fit into the set parameters to be eligible to receive an invitation from Canadian authorities.
The parameters include medical history, language proficiency, educational background, work experience, valid identity, and more. One of the essential aspects is that they look into the proof of funds. They check if you can sustain a living in Canada, aligning with work experience, economic contribution, knowledge, and more.
“Proof of funds” is wherewith you explain to the Canadian government that you have sufficient money to settle in Canada. This blog will serve to answer all your doubts about this process.
Who is obliged to show proof of funds for Canadian Immigration?
Suppose the amount of money you need for immigration is more than what you need to support yourself. So, it’s essential to keep your funds up to date to present chronological information accurately.
If you are applying with dependent family members, you will have that many funds to support everyone.
- To determine the size of your family, you must include yourself, then your partner, dependent children, and dependent children on your spouse.
- Even if the other members (spouse and dependent children) are not applying for a permanent residency, it will still need to include them in your application. It is because they all will depend on your income, and your potential provision towards them will be calculated.
The table underneath gives you an estimated amount of money needed for moving to Canada. Applicants whose net worth crosses these digits will be eligible for Canadian citizenship.
| Number of family members | Minimum proof of funds in CAD |
|
$12960 to $13213 |
|
$16135 to $16449 |
|
$19863 to $20222 |
|
$24083 to $24553 |
|
$27315 to $27847 |
|
$30806 to $31417 |
|
$34299 to $34967 |
|
$3492 to $3560 |
Type of funds needed for approval
Even though financial assets are varied, moving to Canada would be best if you had sufficient savings. You cannot take a loan, borrow money, or present equities in the form of proof or as your savings.
But there is a tweak here, you can borrow the money from your parents or your relatives, but you must make it a gift deed and submit it along with the other documents. It’s always better to show money on your name as much as possible and rest you can take it from your parents, but still don’t take the total amount it may create a negative impression to the immigration officer.
The Canadian authorities will recognize you eligible only if you have the funds stated above as your savings. They will also consider the potential career growth in the country as you do not have a job offer already. And if your partner is coming along with you, the money you both might share in a joint account will count. Money that is present in your account can act as proof only.
Official letters required to share proof
When sharing proofs or funds or receiving a permanent visa, the fund should be with the applicant. You require to share the evidence with an immigration officer that approves your accessibility to the funds once you shift.
The letters from your banks must:
- Applicant’s name
- Outstanding debt
- Current balance
- Account Number
- Date of account opening
- The average balance of the past six months
- Contact details including address, email address, and phone number
- Be marked with the letterhead of the bank
- Updates on funding requirements
Canadian authorities will update the minimum amount of money needed for Express Entry eligibility every year. It is based on fifty percent of low-income cut-off totals. The amount may not significantly vary every year, but it can affect the applicant’s eligibility. So, you need ensure you have more than the minimum required sum.
We can help you glide through the complete immigration process. Our team of immigration experts headed by UNIMONI INDIA will guide you through the entire process with utmost professionalism & transparency. Schedule a call with our team today!
