Obviously, you can carry any amount of funds when you arrive in Canada. The money must be readily available in the transferable currency for settlement in Canada. The funds must be unencumbered, free of liens, and not be borrowed. These amounts can vary from time to time, so you should check these figures when finalizing your application.Īt the time of your application, you must show that you have at least the required amount for your application to be processed. The amount required depends on the size of your family. ICCRC sets guidelines for the required funds they consider you need as a minimum to establish yourself in Canada. Therefore they need to be sure that you arrive with enough money to establish yourself in Canada.Įven if your family is mentioned as non-accompanying, you still have to show funds equal to your family size.
This is because the government will not provide any financial support for new immigrants. Applicants being processed under CEC or those who have a valid job offer need not show any proof of funds to process their application for PR.Īs part of the permanent resident application process, you will need to prove to the Canadian government that you have enough monetary funds to support yourself and any accompanying family members when you arrive in Canada. Proof of funds/Settlement funds are required only by applicants under FSW/ FSTW categories. The applicants will need to prove they have enough money when they apply to immigrate and again when the application is approved.O the average balance for the past six months “”” include, for each current bank and investment account:.list outstanding debts such as credit card debts and loans.include their contact information (address, telephone number and, email address).
- be printed on the financial institution’s letterhead.
- “For proof, you must get official letters from any banks or financial institutions where you are holding your money. ICCRC states::: ( ICCRC link – check under the proof of funds) (i) have in the form of transferable and available funds, unencumbered by debts or other obligations, an amount equal to one half of the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members, orĪccording to section R77, the requirement and criteria for settlement funds must be met when the application is made and when the permanent resident visa is issued.
Let’s discuss today what it is all about, what can be shown and what may not be accepted……Ĭanadian Immigration Law – IRPA under subsection R76(1)(b)(i) states that Proof of funds is a significant factor influencing your PR application under Express Entry.