How to Fulfill Canada’s Immigration Funds Requirements

Image by Freepik

Every year, the Canadian government updates the minimum required proof of funds that skilled workers must possess to immigrate to Canada. For candidates under the Federal Skilled Worker Program, Federal Skilled Trades Program, and Express Entry pathways, this figure determines their eligibility for their respective programs.

The minimum proof of funds requirement is enforced as a way for candidates to show the government that they have the necessary funds to relocate to Canada and still support their family — regardless of their location. For this reason, the required amount depends on the size of the candidates’ family, and includes their spouse/partner and yours/their dependent children regardless of their citizenship status or whether they are relocating.

The numbers are updated every year, the last update having been on June 6, 2022, and reflect the current costs of living in Canada.

In order to fulfill this requirement, candidates may submit proof of any readily available funds that they possess. Though this means that candidates cannot use money borrowed from someone else, spouses or partners are able to pool their money together from joint accounts, which will go towards both their required proof of funds. Other forms of funding that would be considered valid include any asset that can be liquidated on-demand. This list includes:

1. Cash
2. Bank deposits
3. Treasury bills
4. Life insurance policies
5. Other monetary investments

Candidates are also allowed to obtain funds in the form of gift deeds, defined as voluntary transfers of property between a donor and a donee without full valuable consideration or expectation of return. Other options for funding may also be available in Asian countries, such as provident funds, which are available in India.

Assets that are not counted towards the minimum required proof of funds are those that would not be considered readily available, including:

1. Unliquidated shares and bonds
2. Physical possessions
3. Property
4. Cryptocurrency

Further guidelines surrounding fulfillment of the proof of funds are available on the Government of Canada’s website.

Exceptions to these rules apply to candidates who are already working in Canada, and thus are exempt from this particular requirement. Candidates who have arranged employment but have not begun working are not exempt, but can count the salary agreed to in their initial offer towards their funds.

Aside from this, all funds must be readily available to the candidate during the application process and the time when their VISA is issued. Candidates must submit letters from the bank as proof of their funds, which must include the following features to be considered valid:

1. They must be printed on the financial institution’s letterhead,
2. Include their contact information (address, telephone number and email address)
3. Include your name
4. List outstanding debts (e.g. credit card debt, any loans)
5. Include the account numbers for each current bank and investment account
6. Include the date each account was opened
7. Include the current balance of each account
8. Include the average balance for the past 6 months