Effective from 28 May 2024, a fresh Proof of Funds criterion will be implemented by Immigration, Refugees, and Citizenship Canada. It will apply to those who apply for Canada PR Visa under Express Entry’s Federal Skilled Worker Program and Federal Skilled Trades Program.

Proof of Funds is a major component of the immigration process including for Canada PR from India. It ensures that the candidates possess the monetary resources to support themselves after arrival in Canada including family members.

Candidates who have a profile in the Express Entry pool must update their profiles with the latest evidence of funds by 27 May 2024. IRCC has offered assurance to candidates that their rank in the pool will not be affected in case of a tiebreaker. This is because the initial time and date of submission remain unchanged.

Evidence of funds is a major criterion for FSWP and FSTP applicants. But the candidates having a lawful job offer and Canada Work Permit are exempted from it. Further Canadian Experience Class candidates are not required to offer evidence of funds.

Candidates who have an authentic job offer or CEC candidates must upload a letter in this regard to explain that proof of funds is not required. It is a mandatory document for completing the application process.

Calculation of Settlement Funds

The amount required for settlement funds differs according to the number of family members in the household of the primary applicant. It includes the applicant, their common-law partner/spouse, their dependent kid, and dependent kids of spouse/partner if any. All family members must be included in the calculation even if they are not accompanying the applicant to Canada. 

The latest funds for settlement required from 28 May 2024 are:

• Single Applicant – CAD 14, 690
• A Family of two – CAD 18, 288
• A Family of three – CAD 22, 483
• A Family of four – CAD 27, 297
• A Family of five- CAD 30, 690
• A Family of six – CAD 34, 917
• A Family of seven – CAD 38, 875
• A Family of seven –CAD 3, 958 for every extra member

Accepted Documents for Proof of Funds

According to IRCC, official letters offered by financial institutions or banks are accepted as documents for proof of funds. Such letters must also consist of precise details like:

• Contact details of the financial institution or bank – Address, contact number, and e-mail address
• The name and all current debts of the applicant inclusive of credit card debts and loans
• The account numbers of all current investment and banking accounts
• The date of opening of each account, the current balance, and the average balance for the last 6 months

The above requirements make sure that there is accountability and transparency in the immigration process. This helps in maintaining the integrity of the immigration system in Canada.

If you have a profile in the Express Entry pool you must ensure that you fulfill the latest criterion for proof of funds. It is essential to avoid being disqualified or delays in the immigration application process.

Frequently Asked Questions (FAQs):

Q1. Is the proof of funds criterion applicable even to Temporary Resident Visa or Student Visa applicants?

Ans.  The proof of funds criterion is applicable even for those who intend to arrive in Canada on a Study Permit or Temporary Resident Visa.

Q2. Are more funds needed as evidence if a candidate wishes to be accompanied by more dependent kids?

Ans.  Yes, the funds needed as evidence increase with the increase in the number of family members of the primary applicant. The more the number of family members in your application, the more funds you will have to demonstrate for settlement funds.

Q3. Who is not required to demonstrate proof of funds for immigration to Canada?

Ans.  The following are not required to show proof of funds:

• Canada PR Visa applicants under CEC
• Applicants who have a lawful job offer and Work Permit for immigrating to Canada

Are you applying for Canada PR from India and need assistance with your application including the latest proof of funds requirement? You can connect with Immigration Experts at Nationwide Visas for end-to-end support and a 100% compliant application.