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
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.
The proof of funds should be in Canadian dollars (CAD) or an equivalent amount in another currency.
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.