Canada is a popular destination for immigrants, and the country offers several immigration programs that allow individuals to migrate to Canada. These programs have different requirements, but one of the most common requirements across all programs is the need for proof of funds.
Proof of funds is an essential requirement when applying for Canadian immigration as it shows that you have enough money to support yourself and your family in Canada for a certain period. This requirement is necessary to ensure that immigrants can adjust to life in Canada without becoming a burden on the country’s social assistance system.
In this article, we will discuss the amount of proof of funds required for Canadian immigration under different programs.
Federal Skilled Worker Program (FSWP)
The Federal Skilled Worker Program is a popular immigration program for skilled workers who wish to migrate to Canada permanently. Under this program, applicants must show proof of funds to cover their settlement costs in Canada. Settlement costs are the expenses you need to pay before you arrive in Canada, such as immigration fees, travel expenses, and initial accommodation costs.
As of 2023, the minimum amount of funds required for a single applicant under the FSWP is CAD $13,213. For a family of four, the minimum amount required is CAD $26,427. The settlement fund requirement for this program may change from time to time, so it is important to check the latest updates before submitting your application.
Canadian Experience Class (CEC)
The Canadian Experience Class is another immigration program that targets individuals with work experience in Canada. To be eligible for this program, applicants must have at least one year of skilled work experience in Canada and meet other eligibility requirements.
Under this program, there is no specific requirement for proof of funds. However, applicants are expected to have sufficient funds to support themselves and their dependents while they look for employment in Canada. It is recommended to have at least CAD $12,960 for a single applicant and CAD $3,492 for each additional family member.
Provincial Nominee Programs (PNPs)
Provincial Nominee Programs are immigration programs that allow Canadian provinces and territories to nominate individuals who meet their specific labour market needs. Each province or territory has its own PNP with unique eligibility criteria and requirements.
The proof of funds requirement under PNPs varies depending on the program and the province or territory. Some PNPs require a specific amount of settlement funds while others do not have any requirement.
For example, the Ontario Immigrant Nominee Program requires applicants to show proof of settlement funds based on family size and whether they have a job offer in Ontario. For a single applicant without a job offer, the minimum required amount is CAD $22,603. For a family of five or more, the minimum required amount is CAD $43,666.
Conclusion
Proof of funds is an essential requirement when applying for Canadian immigration. The amount of funds required depends on the immigration program and the number of family members included in the application. It is important to note that the proof of funds requirement may change from time to time, so it is crucial to check the latest updates before submitting your application.
