Proof of funds required to apply for Canada PR visa with family is how you show the Immigration, Refugees, and Citizenship Canada (IRCC) – that you have enough money to settle in Canada. If the IRCC has invited you to apply for Canada PR visa, you must give written proof that you have this money. In a way, proof of funds (also known as settlement funds), shows you will not be a burden on the Canadian economy.
Proof of Funds for Canada PR under Express Entry
In this post, we’ve everything there is to know about how much money you need to settle in Canada with your family in 2023. To stay eligible under the Express Entry, you may need to update your proof of fund numbers in your profile.
Who needs Proof of Funds?
You will be asked to submit proof of funds to meet the minimum eligibility requirements of the:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
Who doesn’t need Proof of Funds?
You will not be asked to show that you have enough money to settle in Canada to support yourself and your family if you’re:
- Applying under the Canadian Experience Class (CEC)
- Authorized to work in Canada on a work permit and have a valid job offer, even if you apply under the FSWP and FSTP.
The system may identify that you are eligible for more than one Express Entry managed program. It is important to keep your proof of funds up to date in your Express Entry profile. You don’t always know which programs you will be invited to – ahead of time.
How much Proof of Funds you’ll need?
The amount of money you will need to apply for Canada PR visa depends on your family size. To calculate the number of members, you must include yourself, your spouse/partner, your dependent children, and your spouse’s dependent children. You must include your spouse’s children even if they are not coming to Canada with you – or are permanent residents or citizens of CA.
The following table shows the proof of funds required to apply for Canada PR visa with family in 2023.
|Number ofFamily Members||Funds required(in CAD$)||Funds required(in INR)|
|For each additional family member||3,586||2,16,164|
What is accepted as Proof of Funds?
Proof of funds must be readily available to you when you are issued a Canada PR visa. You must prove to an Immigration Officer that you can legally access the money to use when you arrive in CA.
This money shouldn’t be borrowed and must be used to pay the living costs for your family. If you apply for Canada PR visa with your spouse – you can count the money you have put together in a joint account. The account must be under their name only, but you must prove that you have access to that money.
To demonstrate proof of funds, you must get official letters from the banks or financial institutions where you are keeping your money. The letters must include your name, contact information, any outstanding debts, account numbers, current balance, and average balance for the past 6 months.
How much money should you bring with you to Canada?
Bring as much money as you can with you when you first arrive in Canada. Do thorough research on the cost of living in the place where you plan to settle. If you’re bringing more than CAD$ 10,000 (INR 6,03,080) with you to CA – you will need to notify the Immigration Office upon arrival.
This includes cash, documents showing property/capital payable to you, and documents guaranteeing a set amount of money to you.
Demonstrate the mandated proof of funds accurately, meet other prerequisites, and you should be able to get your Canada PR within 8 months!
Ready to apply for Canada PR from India with your family in 2023?
Proof of funds are required for applicants of Canada PR visas to show that they have enough money to support themselves and their families in Canada. The amount of money needed varies based on family size and is listed in the article. Proof of funds must be readily available and legally accessible, demonstrated through official letters from banks or financial institutions. It is recommended to bring as much money as possible when first arriving in Canada and to notify the immigration office if bringing over CAD$10,000. The proof of funds, along with meeting other requirements, can lead to obtaining Canada PR within 8 months.