Who needs funds:– Federal Skilled Worker Program– Federal Skilled Trades Program
Who doesn't need funds:– Applying under the Canadian Experience Class– You have a Valid job offer and work authorization in Canada, even if you apply for Federal Skilled Worker or Trades programs.
How much money do you need:– Yourself: $13,757– Your spouse or common-law partner: $17,127– With one Dependent child: $21,055, subject to change each year
What we accept as proof with both:– A fund must be available when you apply.– Funds must be available when the PR visa is issued.
What we do not accept as proof :– You can't use the equity on real property as proof of settlement funds.– You can't borrow many from another.
Official Financial Letter: On the financial institution's letterhead should include:– Account Details with the last 6 months' balance– Bank information– Your Name– Outstanding Debts
Official Funds: The proof of funds must include savings accounts, fixed deposits, or certain investment funds.
Acceptable Types of Funds: Type of funds, including cash, bank balances, and certain investment accounts like stocks and bonds.
Currency Requirement: The proof of funds should be in Canadian dollars (CAD) or an equivalent amount in another currency.
Settlement Plan: When you arrive in Canada, you tell the border officer that if you bring more than $10,000, either you will be fined or the fund could be seized.
Provincial Nominee Program (PNP) Applicants: Some provincial nominee programs require proof of funds even if the applicant has a valid job offer from a Canadian employer.