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 settlement funds cannot be borrowed from another person and the money must be free of any liabilities.
Applicants must provide proof of sufficient settlement funds at the visa office of their home country when they apply to immigrate to Canada. The amount of money required to meet this requirement depends on the size of the applicant’s family and the amounts due can change every year.
As part of your immigration (PR) application to Canada you must show a proof of funds or POF. These funds are your means of supporting yourself and your family.
The minimum amount of funds that you are required to show is presented in the table below.
Number of Family Members - Funds required (in Canadian dollars)
1 - $12,164
2 - $15,143
3 - $18,617
4 - $22,603
5 - $25,636
6 - $28,913
7 or more - $32,191
These values are subject to change. 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.
For example as a single (principal) applicant you would be required to show $12164, which is the required amount for 1 family member. This number of family members should be matched with the generic application form question 3.
What is the Settlement Fund?
Applicants frequently ask whether provident fund could be part of settlement fund. It in a very easy to understand in Following manner:
Assets = Apartment + Land +Car+Jewelry+Settlement Fund Liability= Liability Amount
Settlement Fund= Saving/Current Account in Banks+Fixed Deposit+Provident Fund+Stock Investment+ Mutual Fund
Please note: Settlement Fund is not residual assets i.e. Settlement Fund is not equal to Assets less Liabilities.
Ownership of funds: Everything got to be owned 100% by you or your spouse or jointly by both. Documents: Documents for settlement fund are mandatory. Always try to provide latest Balance Certificate and 6-month bank statements.
Please note-You should have proper explanation for any sudden increase in deposits of your bank account.
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;
- Cash-able investments in your name or the name of your accompanying spouse/common-law partner;
- Cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Please Note following type of bank accounts are not acceptable.
1.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;
- Jewellery valuations.
In short anything that cannot be easily transferred (liquidated) cannot be used as proof of funds.
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 cash-able investments), and that they can be transferred to Canada.
A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependents.
Please Note: Canadian customs regulations require you to declare if you are bringingmore than C$10,000 into Canada. More on CIC Proof of Funds page.
Can I borrow the money from someone?
Please note that borrowing money for proof of funds and pretending those funds are yours, when they are not, is misrepresentation because:
– You will be defrauding the Canadian government
– You will be cheating the system which is unfair on other honest applicants – It is also unfair on the Canadian welfare system when you arrive in Canada with borrowed money which is not yours
– It is unfair on yourselves to put further strain on what will already be a financial struggle.
“You must show that you have enough money to support yourself and your dependents after you arrive in Canada. You cannot borrow this money from another person”
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.
Again this is one of those items that is the prerogative of the Visa Office and the assigned visa officer, and can vary from one to another about how much the scrutinize your application.
Don’t borrow your settlement fund. If subsequently VO asked 6-month statements, they will see sudden lump-sum of money being deposited and without proper explanation, they may reject settlement fund viv-a-vis your application.
When is a 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 indeterminate 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.
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