Good news! The Minister of Immigration Sean Fraser recently announced that we will be returning to all program draws in July. As you're preparing by writing your IELTS or writing your CELPIP, keep in mind that your settlement funds are also very important for your application.
As of June 9, 2022, it has been announced that all existing profiles should be updated to reflect the new proof of funds listed below.
What is Proof of Funds?
Proof of funds is how you show the Canadian government that you have enough money to settle in Canada!
You need proof of funds to meet the minimum requirement for the Federal Skilled Worker Program and the Federal Skilled Trades Program. The amount needed depends on the size of your family. To calculate the size of your family you have to include:
Yourself
Your spouse/partner
Your dependent children and
Your spouse's dependent children
What is Required?
Funds that are readily available to you. It must be money that you can use to cover the costs of living for your family (even if they aren't coming with you). The money you have together in a joint account can be counted if your spouse is coming with you. Money that is in an account under their name may be counted, but you must prove that you have access to it.
You can't use the equity on real estate as proof of settlement funds and you also can't use borrowed money from another person as proof of funds.
For proof, you must get official letters from any banks or financial institutions where you're keeping money. The letters need to be printed on the financial institution's letterhead, include their contact information (address, phone number, email address), list outstanding debts, such as credit cards and loans, and include your name. Additionally, these letters should include account numbers, the date that each account was opened, the current balance in each account, and the average balance for the previous six months for each account.
How Much Money Should you Bring?
Bring as much as you can to make moving and finding a home in Canada easier. The table below shows the minimum amount needed to immigrate to Canada as of June 9, 2022.
Number of Family Members | Funds Required (In Canadian Dollars) 2021 | Funds Required (In Canadian Dollars) 2022 |
1 | $13,213 | $13,310 |
2 | $16,449 | $16,750 |
3 | $20,222 | $20,371 |
4 | $24,553 | $24,733 |
5 | $27,847 | $28,052 |
6 | $31,407 | $31,638 |
7 | $34,967 | $35,224 |
For Each Additional Family Member | $3,560 | $3,586 |
From the Government of Canada Website
Once you arrive in Canada, you need to tell the border officer if you are bringing more than $10,000 into the country. This includes cash, documents that show property or capital payable to you (stocks, bonds), and documents that guarantee a set amount of money payable to you (banker's drafts, cheques).
Don't Panic!
Now, we know this information can be overwhelming but we're here to help!
During a Permanent Residence Consultation with one of our regulated immigration consultants, they can help you understand your options and discuss the requirements and supporting documents required for a successful application.
And don't forget to write your language test! If you have not registered for your CELPIP yet, you can do so by clicking HERE
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