In a recent announcement, the IRCC has announced that the requirements for proof of settlement funds will be changed for 2022. The update will be effective no later than June 8, 2022.
In addition to this, the Settlement funds will be required for certain candidates depending on the program(s) they qualify for. In order to stay eligible in the express entry pool, you must update your settlement fund numbers in your Express Entry profile.
Please note, updating your profile will have no impact on the date and time of application submission. This means you will get to keep your rank if you’re in a tie-breaker situation.
What is proof of funds?
Proof of funds is evidence that you have enough money to sustain yourself in the initial months in Canada. If you get ITA (Invitation to Apply), you must give written proof that you have this money. Only then, application will be processed further.
Who needs proof of funds?
You need proof of funds to meet the minimum requirements of the
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Who does not need proof of funds?
You don’t need to show proof of funds if:
- you’re applying under the Canadian Experience Class or
- you have a valid job offer or are authorised to work in Canada.
Please keep your funds up to date in your profile. The immigration authorities may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.
How much money do you need?
The funds needed to support your family in Canada depends on the size of your family which includes
- your spouse or partner
- your dependent children and
- your spouse’s dependent children
Please include your spouse or dependent children even if they’re
- permanent residents or Canadian citizens
- not coming to Canada with you
The below table shows the updated proof of funds number as of June 9, 2022.
|Number of family members||Funds required (in Canadian dollars)|
|For each additional family member||$3,586|
Please note, this is the minimum amount of money you need to show. If you have more money, you should list the full amount in your profile or application.
What is accepted as proof of funds?
Funds that are readily available to you for use when you land Canada are considered under proof of funds. In other words, you must prove to an immigration officer that you can legally access the money once you reach Canada.
For example, you can not show equity on real property as proof of settlement funds.
Secondly, the money you are showing for proof of funds should not be borrowed money that is money on which you are paying any sort of interest. You must be fully authorised to use this money to pay the costs of living for your family even if they are not planning to come to you.
If your spouse is coming with you, you can show a joint account. In case, the account is under your spouse’s name, then you need to prove you have access to the money.
The funds must be present both when you apply and when you receive a permanent resident visa. For generating the proof of funds, you must get official letters from the respective banks or financial institutions where you’re keeping money.
- be printed on their letterhead
- include their contact information such as address, email address, and telephone number)
- include your name
- mention any outstanding debts such as credit card bills that are pending and loans
- include, for each current bank and investment account, the
- account numbers
- date the account was opened
- current balance
- average balance for the past 6 months
What are the updates to fund requirements?
The Canada government updates the minimum amount needed on the basis of 50% of the low income cut-offs totals. These updates are very small but they can have an impact on your eligibility for Canada PR.
How much money should you bring?
The amount of money you should bring depends upon where you are planning to settle once you reach Canada. The cost of housing and commuting varies greatly from one province to another. Bring as much money as you can.
Doing this research beforehand will help you find a home in Canada. When you arrive in Canada if you are carrying more than CAN$ 10,000, you must tell the immigration officer how much money you are carrying with you. In case you don’t tell them, you can be fined and your funds can be seized.
You must inform the border officers of the following:
- any important document that shows property or capital payable to you, such as:
- treasury bills
- documents that guarantee flow of a set amount of money to you:
- banker’s drafts
- money orders
- travellers’ cheques
Check your eligibility and let’s get started.
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