Funds Required for Canada PR

Funds Required for Canada PR

What Amount of Fund is Required for PR Visa?

After successfully getting invitation to apply (ITA) from IRCC, the applicant have to display the ‘Proof of Fund’ which show you and your family members have the enough money to settle in Canada.

Proof of Funds is required to show by skilled immigrants if applying under the Express Entry Program that comes in the Federal skilled trades program and federal skilled worker program.

The amount of money could be calculated on the number of family members coming with you. Refer to below table, how much amount of money will be required to live in Canada. If coming with more money, must fill in your application with full amount.

Number of Family Members Fund Required ($CAN)
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299

Each additional member will require $3492.

What Proof Of Funds Are Accepted ?

The amount of money should be willingly available in you or your spouse account or joint account when applying. To prove an immigration officer, you should get official letter from your bank or financial institutions as well as has to ascertain you can legally use the money once you arrive in the Canada.

The official letter must have the following detail;

  1. 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 such as credit card debts and loans
  5. include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months

Note– If you are applying under the Canadian Experience Class (CEC) or have a valid job offer may not need to show ‘Proof of Fund’.

You should inform the border official, if bringing more than $CAN 10,000 into Canada or not you can be fined or your funds can be detained.

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