Minimum amount needed by an Express Entry or Permanent Resident applicant and Work-Study candidates for a successful Visa application

PROOF OF FUNDS

Proof of funds means settlement funds, this is how an Express Entry appliacnt shows the Canadian Federal Government that they have enough money in their bank account to settle in Canada, after they have been invited to apply, they must present a written proof that they have this money.

Permanent resident applicants are mandated to show their last 6 months statement of account and the reason why it's required is for them to check the applicants 6 months balance and also the source of the funds they are showing and also to confirm that there's no suspicious or sudden influx of funds or money into the account.

These funds should be readily available to the applicant and should be used without restrictions.

If the applicant receives a large sum of money, in their bank account as a gift, this sudden influx of funds will be justified, if the applicant is able to produce a gift deed.
This gift deed will justify the source of the funds.

For married applicants, whatever funds they have in a joint account, can be accounted towards their proof of funds, including the ones in the spouses name or account, if any.

Immigration, refugees and citizenship Canada (IRCC), has advice express entry candidates to always update their profiles, in order to show their annual changes and adjustments.

Read Canada Express Entry Program, for skilled workers

In Express entry program, all applicants are expected to provide a proof of documents. If you do not need to provide proof of funds, you must upload a letter of explanation.

EXAMPLE,

• If you've been invited to apply under the Canada Experience Class 
• You have a valid job offer

With these proofs, you're not expected to provide proof of funds, you do not have to meet the funds requirement if you were invited to apply under the Canada Experience Class.

Candidates who were invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, are mandated to show that they meet the settlement funds requirement.
For proofs, they must get official letters from any bank or financial institution where you're keeping money.

The letters must Include:

• All current bank and investment account.

• Outstanding debts, such as credit card debts and loans.

• In your express entry profile, you will be asked to include the amount of money you will have, to help you settle in Canada.

• It must be printed on the financial institutions letter head.

• Include there contact information (address, Telephone number and email address) 

• Include your name

Also Read Everything you need to know about Canadian Provincial Nomination


Include for each current bank and investment account..

• Account Numbers
• Date each account was opened
• Current balance of each account
• Average balance for the past 6 months.

This is to show that you are capable of supporting yourself and any family member, who comes with you to Canada and also assist the Canada government, in assessing which program is suitable for you.
Keep your funds, up to date in your profile, the system may find that you're eligible for more than 1 program.

 The amount of money you need to support your family depends on the size of your family.
You should also include your spouse or dependent children,even if they're not coming with you to Canada, not minding they're permanent residents or Canadian citizens.

This table shows the minimum amount needed by Express entry applicants  to migrate to Canada in 2019. 

If you have more money, You should list that full amount in your Profile or Application.

                   Number of Family Members                                             Amount
                                      
                                     1    ---------------------------------------------------  $12,669
                      
                                     2    ---------------------------------------------------  $15,530

                                     3    ---------------------------------------------------  $19,390

                                     4    ---------------------------------------------------  $23,542

                                     5    ---------------------------------------------------  $26,707

                                     6    ---------------------------------------------------  $30,114

                                     7    ---------------------------------------------------  $33,528

NOTE: Each additional family member : $3,361

Read How to improve and boost your CRS score

The funds must not be borrowed from another person and must be readily available to you. You must be ale to use the money to pay for the cost of living for family. Real estates are not acceptable.

carry out a detailed research on the cost of living in your chosen province. Endeavor to bring as much money as possible, because it will make getting  an accommodation in Canada a lot easier for you.

Once you get to Canada, you must tell the border official, if you're bringing more than 10,000 CAD into Canada. You're likely to be fined, if you don't and your funds confiscated and this includes, cash, cards, documents that show property or capital payable to you. Such as:

• Stocks, 
• Bonds, 
• Treasury bill

Documents that guaranty, payment of a set amount, which are payable, Egs.

• Bank draft, 
• Cheques,
• Money Orders, 
• Travelers Guide.

Jan, 2020

Canada updates the minimum settlement fund requirements for the year 2020. 

The Canadian Federal Government has and updated and increased the amount of funds needed by certain skilled workers/Express entry applicants, in order to immigrate to Canada.

Canada has updated the settlement funds requirement for two Express Entry programs

They are

The Express Entry-managed 

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

These are the new proof of funds requirement to determine eligibility for Federal Skilled Worker Program and Federal Skilled Trades Program candidates in 2020. 

The total amount of funds needed depends on the number of family members and the size of the family included on the application. 

Though the changes may be small, but they could affect the eligibility of applicants.

The Immigration, Refugees, and Citizenship Canada (IRCC), has stated that the following family members can be included on an application for Canadian permanent residence:

• The principal applicant
• Their spouse or partner;
• Their dependent children; and
• Their spouse’s dependent children.

Spouses/common-law partner and dependent children must be included on the application even if they are not coming  with you to Canada with or if they are already permanent residents.

The following amounts have been updated for 2020:

Number of family members Funds required (in Canadian dollars)

1 $12,960

2 $16,135

3 $19,836

4 $24,083

5 $27,315

6 $30,806

7 $34,299

Each additional family member   $3,492

The Canadian proof of funds is increased and updated yearly.

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