Federal skilled worker applicants must demonstrate that they will have sufficient money to support themselves and their family once they immigrate to Canada. Applicants must have enough money to pay the costs of living for both themselves and their family even if the other family members are not moving to Canada.
The minimum amount of funds that you are required to show is presented in the table below:
Number
of
family members
|
Required amount
in 2019
(in Canadian dollars)
|
1
|
$12,669
|
2
|
$15,772
|
3
|
$19,390
|
4
|
$23,542
|
5
|
$26,701
|
6
|
$30,114
|
7
|
$33,528
|
Each
additional
family member
|
$3,414
|
What can I declare as a Proof of Funds?
Acceptable proof of funds is:
- Bank accounts in your name or the name of your accompanying spouse/common-law partner
- Bank fixed deposits in your name or the name of your accompanying spouse/common-law partner.
Following type of bank accounts are not acceptable or not to be used:
- Bank accounts in someone else’s name
- Bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner)
- Bank accounts in the name of your spouse who is not accompanying you to Canada
- Property valuations
- Vehicle valuations
- Jewelry valuations
- Mutual funds can be used as proof of funds but it is not the most conventional way of showing your proof of funds. You may get inquiries and your file may be delayed. Please try to withdraw the Mutual Funds at the time of your file submission and add them as a Fixed Deposit in your bank.
The exact values that should be followed are available on the CIC Proof of Funds page. Please note that you have to show these fund and need not have to give to anybody for your migration process.
What do I need to bring to Canada with me?
You are not required to carry all your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or fixed deposits), and that can be transferred to Canada.
Please Note: Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. More on CIC Proof of Funds page
Do I need to show 6 months balance?
CIC does not require you to show a six months balance. You only need to show the currently available balance in your account (e.g. using a bank statement or a bank certificate).
However, further down the line your local Visa Office will most probably request you to submit bank statements for the past 4-6 months. Any large influx or outflow of cash will definitely raise a red flag.
When is a Proof of Funds (POF) not required?
If you have arranged employment in Canada, you do not have to meet these financial requirements. Arranged employment means that you have an offer of employment from an employer in Canada. You must be either currently working in that employment on a work permit in Canada, or have been issued a labour market opinion has must have been provided by the Human Resources and Skills Development Canada (HRSDC).
In order to be exempt from the minimum funds requirement, the offer of employment must be genuine, the employment must not part-time or seasonal, the wages offered must be consistent with the prevailing wage rate for the occupation, and the working conditions must meet generally accepted Canadian standards
Disclaimer: Above facts / data is not the view of blogger, it is based on the study / actual discussion with concerned persons.
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