If you are considering immigrating to Canada, you will likely be asked to provide proof of funds as part of the immigration process. Proof of funds is a requirement for many immigration programs and is intended to demonstrate that you have sufficient financial resources to support yourself and your family while you settle in Canada. In this article, we will explore how much proof of funds is required for Canada immigration.
- What is Proof of Funds?
Proof of funds is documentation that demonstrates you have access to a certain amount of money that is readily available and can be used to support yourself and your family when you arrive in Canada. This documentation typically takes the form of bank statements, investment statements, or a letter from a financial institution. The purpose of proof of funds is to show that you will not become a burden on Canada’s social services or welfare system.
- How Much Proof of Funds is Required for Canada Immigration?
The amount of proof of funds required for Canada immigration varies depending on the specific immigration program you are applying to. The required amount is also dependent on the number of family members who will be accompanying you to Canada.
For example, the Federal Skilled Worker Program requires applicants to demonstrate that they have enough funds to support themselves and their family members for a minimum of six months. The required amount varies depending on the size of the family unit. As of 2023, the minimum required funds are:
- One person: CAD $13,213
- Two persons: CAD $16,449
- Three persons: CAD $20,222
- Four persons: CAD $24,553
- Five persons: CAD $27,847
- Six persons: CAD $31,407
- Seven persons: CAD $34,967
- For each additional family member, add CAD $3,560
It’s important to note that these amounts are subject to change, so it’s always a good idea to check the official immigration website for up-to-date information.
In addition to the Federal Skilled Worker Program, other immigration programs such as the Federal Skilled Trades Program and the Canadian Experience Class also require proof of funds.
If you are planning to immigrate to Canada, it’s important to be prepared to provide proof of funds as part of the immigration process. The amount required depends on the specific immigration program you are applying to and the number of family members accompanying you. Be sure to check the official immigration website for up-to-date information on the required amount of proof of funds for your particular situation. By being well-prepared and meeting the necessary requirements, you can increase your chances of a successful immigration application.
