If you’re looking to move to Canada, one of the first things you’ll need to do is prove that you have the financial resources necessary to support yourself and your family. The Canadian government has strict guidelines in this area, so it’s important that you understand what’s required and how to provide proof of funds.
This article will discuss everything you need to know about showing proof of funds for your Canada PR. Let’s get started!
How much does it cost to emigrate to Canada?
The cost of emigrating to Canada varies depending on a number of factors, such as whether you’re applying as a skilled worker or business immigrant, your family size, and your intended province of residence.
However, the government estimates that the minimum amount you’ll need for settlement costs is $15,500 CAD for a single person or $25,000 – $30,000 for a family of four.
Here are some of the estimations of typical costs (per person) that you’ll need to consider:
- Language tests (IELTS, CELPIP, TEF, or TCF): $300
- Right of permanent residence fee: $515
- Immigration medical examinations: $100
- Educational Credential Evaluation (ECA): $200
- Biometrics: $85
- Application processing fee: $850
- Right of permanent residence fee: $515
In addition, you’ll need to consider the following variable costs:
- Travel costs to Canada
- Temporary housing in Canada
- Transportation within Canada
- Basic living expenses (food, clothing, etc.) for your first 3 months in Canada.
What is “Proof of Funds”?
Proof of funds refers to the documentation demonstrating you have the financial resources necessary to support yourself and your family after you immigrate to Canada.
This could include things like bank statements, investment portfolios, property ownership, and/or business equity.
The Canadian government has set a minimum amount of money that you’ll need to show, which varies depending on the size of your family.
Furthermore, you’ll need to prove that you have access to this money and that it’s available for use. This means that you can’t borrow the money or use funds that are tied up in investments, like property or stocks. The government wants to see that you have liquid assets that can be used to cover your expenses.
Who needs proof of funds?
Proof of funds is required for all immigrants who plan to settle in Canada, regardless of their intended province of residence. This includes skilled workers, business immigrants, and family members who are accompanying a primary applicant.
Who does not need proof of funds?
You do not need to show proof of funds if you’re already living in Canada and you’re applying for permanent residence from within the country. This includes applications under the Canadian Experience Class that is open to temporary foreign workers and international students who have graduated from a Canadian post-secondary institution.
You may also be exempted from the proof of funds requirement if you already have a valid job offer from a Canadian employer. Check with your provincial or territorial government to see if this exemption applies to you.
What funds are required for Canada PR?
The amount of money you’ll need to show for your Canada PR depends on the size of your family. As of 2021, the minimum amounts are as follows:
- $12960 to $13213 for a single person.
- $16135 to $16449 for a person with a spouse or common-law partner.
- $19863 to $20222 for a person with a spouse or common-law partner and one dependent child.
- $24083 to $24553 for a person with a spouse or common-law partner and two dependent children.
- $27315 to $27847 each for a person with a spouse or common-law partner and three or more dependent children.
- $3492 to $3560 for each additional dependent child.
How do I show proof of funds for Canada PR?
There are a few different ways that you can show proof of funds for your Canada PR application.
The most common way is to provide bank statements from the last four months. These should be in your name and show all deposits, withdrawals, and transfers during that time period. If you have joint accounts, you’ll need to provide statements for all account holders.
Another way to show proof of funds is through investment documents, such as stock portfolios and mutual fund statements. These should be dated within the last 30 days and show all transactions during that time. Again, if you have joint investments, you’ll need to provide documentation for all account holders.
Property ownership documents
You can also show proof of funds through property ownership documents, such as the deed to your home or land. You’ll need to provide an official appraisal that’s dated within the last six months and shows the current market value of the property.
If you’re self-employed, you’ll need to provide business documents, such as your business license, incorporation documents, and tax returns. These should be dated within the last 12 months and show that your business is profitable.
What official letters are required to show proof of funds for Canada PR?
There are a few different types of official letters that you can use to show proof of funds for your Canada PR application. The most common examples are bank letters and investment account statements.
However, whichever type of letter you use, it should be dated within the last four months, be on official letterhead, and include the following information:
- The name and contact information of a bank representative
- Your name, date of birth, and account number
- The current balance of your account
- Confirm that the funds are available for use
- Any outstanding loan amounts and/or any other restrictions on the account
- The average balance of the account over the past six months
- The date each account was opened
We know the ins and outs of Express Entry – let us help you!
So, these are the requirements for showing proof of funds when applying for Canada PR. Make sure you have all the necessary documents and information ready before you begin your application to avoid any delays.
Confused by the process, or need a helping hand? Here at Express Entry PR, we’re here to help. As an authorized Canadian immigration consulting firm we have first-hand experience in helping applicants make their dream of emigrating to Canada a reality.
For expert advice, information, and tips on successfully navigating the application process, reach out to us at Express Entry PR today!