Show proof of funds for Canada immigrants
Canada welcomes highly qualified applicants worldwide and offers permanent residency (PR) if found credible in skill and efficiency. The Canadian government began an Express Entry program that welcomes aspiring immigrants to apply for work opportunities and permanent residency.
To get through Express Entry and receive an invite from the Canadian government, individuals must fit into their set protocols. These parameters include medical history, valid identity, educational background, language proficiency, work experience, and more.
One of the most important aspects they look into is proof of funds. It ensures that you will sustain a living in this country while aligning aspects like work experience knowledge, economic contribution, and more.
Who needs to submit proof of funds for Canadian immigration?
Express Entry allows skilled applicants to apply through the Federal Skilled Worker Program or the Federal Skilled Trades Program. For both program applications, sharing proof of funds is mandatory.
If an applicant receives a job opportunity from this country that is valid for at least one year, Canada permits immigration. In this case, you do not have to provide proof of funds, but you have to show the job offer.
Applicants who have a job offer to show as proof can apply through the Canadian Experience Class program instead of the Federal Skilled Worker Program or Federal Skilled Trades Program.
All three programs are valid depending upon the type of job offer you achieved. The Express Entry system will define which program is suitable for you. You might also receive eligibility for more than one program in Canada. Thus, you would not know under which category they would invite you.
If you already have a job opportunity in Canada but have not applied for PR before, you do not require to share proof of funds. The Canadian authorities will require proof of work experience, current CTC, and other job-related proof.
Canadian Government Increases Express Entry Settlement Funds For 2022
Canada is increasing the number of settlement funds for immigrants required under the Federal Skilled Trades Program (FSTP) and Federal Skilled Worker Program (FSWP) through Express Entry.
To stay eligible, you may be required to update your settlement fund must be done no later than June 8, 2022.
Canadian government accepts as proof of funds
- be printed on the financial institution’s letterhead
- include contact information (telephone number, email address, address etc. )
- include your name
- list pending debts such as credit card debts and loans include, for each current bank and investment account:
o account numbers
o the date each account was opened
o the current balance of each account
o the average balance for the last 6 months - The applicants will need to prove they have enough money when they apply to immigrate and again when the application is approved.
Settlement funds required for federal skilled trades and federal skilled worker programs
|
Number of Family Members |
2017 Funds Required |
2018 Funds Required |
2019 Funds Required |
2020 Funds Required |
2021 Funds Required |
2022 Funds Required |
|
1 |
$12,300 |
$12,474 |
$12,669 |
$12,960 |
$13,213 |
$13,310 |
|
2 |
$15,312 |
$15,530 |
$15,772 |
$16,135 |
$16,449 |
$16,570 |
|
3 |
$18,825 |
$19,092 |
$19,390 |
$19,836 |
$20,222 |
$20,371 |
|
4 |
$22,856 |
$23,181 |
$23,542 |
$24,083 |
$24,553 |
$24,733 |
|
5 |
$25,923 |
$26,291 |
$26,701 |
$27,315 |
$27,847 |
$28,052 |
|
6 |
$29,236 |
$29,652 |
$30,114 |
$30,806 |
$31,407 |
$31,638 |
|
7 |
$32,550 |
$33,013 |
$33,528 |
$34,299 |
$34,967 |
$35,224 |
|
Each additional family member |
$3,314 |
$3,361 |
$3,414 |
$3,492 |
$3,560 |
$3,586 |