Obtaining Canadian permanent residency is an exciting opportunity for individuals looking to settle in Canada. As part of the immigration process, applicants are required to provide proof of funds to demonstrate their ability to support themselves and their families upon arrival. In this comprehensive guide, we will delve into the concept of proof of funds, its significance in the Canadian immigration process, and provide valuable insights to help you understand and fulfill this requirement.
What is Proof of Funds?
1. Proof of funds refers to the documentation or evidence that demonstrates an applicant's financial capacity to support themselves and their family members during their initial period in Canada. This requirement ensures that applicants have the means to cover their living expenses without relying on government assistance.
What Amount of Funds are Required?
2. The amount of funds required depends on the size of the applicant's family. The Canadian government updates the minimum necessary amount annually. As of 2023, the minimum settlement funds required for a permanent resident application are as follows:
For a single applicant: CAD $13, 757
For a couple: CAD $17,127
For each additional family member: CAD $3,706
It is important to note that these figures are subject to change, so it's crucial to verify the updated amounts from the official Immigration, Refugees and Citizenship Canada (IRCC) website.
Acceptable Forms of Funds:
3. To meet the proof of funds requirement, applicants must have funds that are readily available and transferable. Acceptable forms of funds typically include:
Cash in savings or checking accounts
Certificates of deposit (CDs)
Investments such as stocks, bonds, and mutual funds
Guaranteed investment certificates (GICs)
Remember, loans or other money that cannot be liquidated is not acceptable as proof of funds, we generally recommend a simple chequing or savings account to show that you have available funds.
Documentation and Requirements:
4. When submitting proof of funds, it is essential to provide the necessary documentation to demonstrate the legitimacy of the funds. Here are some key points to consider:
Official financial institution statements: Statements should clearly show the account holder's name, account number, currency, and current balance. Statements must be recent, usually covering a 3 to 6-month period.
Proof of ownership or liquidation of assets: If funds are in the form of assets such as real estate, vehicles, or business holdings, documentation proving ownership and their liquidation value must be provided.
Loans secured against assets: If using loans as proof of funds, evidence of the loan agreement and terms, as well as collateral details, must be provided.
Proving Source of Funds:
5. To maintain the integrity of the Canadian immigration system and prevent fraudulent activities, applicants may be required to demonstrate the source of their funds. This ensures that the funds are obtained through legitimate means. Examples of documents that can be used to prove the source of funds include:
Employment contracts and pay stubs
Bank statements showing salary deposits
Income tax returns and tax documents
Sale of property or assets documentation
Inheritance or gift documents
Business ownership and financial statements
Generally speaking, any deposits over $5,000CAD must be verified, we recommend that you provide this upfront withyour application, rather than wait for an immigration officer to request it.
Exceptions and Exemptions:
6. Certain immigration programs and categories may have exemptions or reduced proof of funds requirements. For instance, individuals who have received a valid job offer from a Canadian employer or those applying through certain provincial nominee programs may be exempt from providing proof of funds.
Demonstrating Proof of Funds for Dependent Children:
7. If you are immigrating with dependent children, additional funds will be required to meet their needs. The specific amount will depend on the number and age of the children. It is important to account for these additional funds when preparing proof of funds documentation.
Providing accurate and genuine proof of funds is a crucial step in the Canadian Immigration Process and understanding how much you need to show is an important part of your immigration planning journey.
For more information on planning your Canadian Immigration application, book a call with us online to speaking to one of our regulated Immirgation Consultants, please get in touch and book an online consultation with us here.
Calver Immigration Consulting Inc. is rated Canada's number one boutique immigration consultancy. We serve clients across Canada and internationally. Our Registered Canadian Immigration Consultant has over 10 years of experience in Canadian Immigration law serving those in Canada and abroad.
We can assist with applications for both temporary and permanent residency in Canada. We handle applications for study permits, permanent residency, family class sponsorship, visitor visas, work permits, and Canadian citizenship. We also handle criminal inadmissibility cases by developing remedies for refusal.
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