Confused about how much funds are required to immigrate and settle in Canada?

Canadian Government has updated the number of funds required for Express Entry applicants to immigrate to Canada. But these changes only apply to-

• Federal Skilled Worker (Express Entry)
• Federal Skilled Trades (Express Entry)
• Provincial Nominee Programs (PNPs)

It does not apply to the ones having a valid job offer from Canada. So, you guys just relax and chill.

Vast majority of Canadian programs require you to show proof of funds. Candidates applying through the Canadian Experience Class (CEC) and through the province of Quebec are excused from this requirement. So, before applying to any program, always read the program requirements to carefully understand whether you require proof of funds or not and whether you have the capacity to show such an amount.

Proof of Funds

The funds should not be borrowed from anyone. Also, the funds should be adequate to pay for the cost of living for you as well as your family members and if you are coming along with your spouse, then both of you may be required to submit the proof of funds. Also, the funds must cover the expenses of your own as well as your spouse’s dependent child. If you are currently holding any valid job offer from Canada, then you are not required to submit the proof of funds. The applicants from the following category must show proof of funds-

• Federal Skilled Worker (Express Entry)
• Federal Skilled Trades (Express Entry)
• Provincial Nominee Programs (PNPs)

This table demonstrates the minimum sum you require to immigrate to Canada. In case, you have more money, you should record the full amount in your profile or application.

What is accepted as proof of funds?

For proof, you have to obtain an official letter from your bank or financial institution where you have kept the money.

Letter(s) should-

• Be printed on the letterhead of the financial institution/ bank
• Contain the contact information (telephone no., address, and email address)
• Comprise your name
• Demonstrate outstanding loans such as credit card debts and debts
• Comprise the current bank and investment account- account numbers, date on which account was opened, current balance of every account and the average balance of the past 6 months.

How much money you should take to Canada?

You need to demonstrate funds for at least 1 year + 1-year cost of living. Before entering Canada, you need to inform the border official that you are taking CAN $10,000 or more. If you failed to do so, your entire money will be seized and you will be fined. You can take as much money as you can as it will make your life much easier.

Funds comprise:

• cash

Documents showing property/ capital owed to you, like:

• stocks
• debentures
• bonds
• treasury bills

Documents that show the fixed sum of money payable to you-

• Banker's drafts
• Money orders
• Cheque
• Travelers’ cheque

If you are still confused on how to show the proof of funds and how much funds have to be shown, then you can get in touch with our expert advisors, who will guide you and clear all your doubts and queries. Feel free to ping us anytime. We will be glad to assist you!