Canada Immigration: IRCC Issues Updated Proof of Funds Requirements List

IRCC has updated the Proof of funds list which is a predominant requirement for entry into Canada through the Federal Skilled Worker Program and Federal Skilled Trades Program. In this blog, we will take a closer look into the changes IRCC has made to the existing Proof of Funds requirements.

Get Acquainted with the New Proof of Funds Requirement…

As per the updates received from IRCC on new minimum funds requirements, following is the new list with changes –

So, from now on, $15,530 is the total amount you must have in your account in case total family members are two. Also, for maximum 7 members, an amount of $33,013 is required and for every extra family member above the total limit of 7 members, you need to have $3,361 extra in account.

These would be the minimum fund requirement when applying under the Express Entry’s two programs – Federal Skilled Worker Program and Federal Skilled Trades Program. You need to necessarily present written prove to the authorities of having this much funds in account when you get an invitation to apply.

However, no minimum funds requirement needs to be followed when applying under Canadian Experience Class. Also, the requirement doesn’t hold valid in case you are authorized to work in Canada and have a legitimate job offer.

Proof of Funds Document Requirement Remains the Same…

The minimum total funds requirement for immigration to Canada under the Federal Skilled Worker Program and Federal Skilled Trades Program may have changed, yet the documents required for testifying the same remains intact.

Following are the document related requirements which must be met necessarily. The document presented for Proof of Funds must –

• Be printed on the letterhead of your bank/financial institution
• Include your name
• Include your bank’s contact details (address, phone number, email address)
• Provide details of your outstanding debts like credit card debts & loans
• Provide details of all your accounts with the bank including –

1. Account Numbers
2. Date of Account opening
3. Current balance in each account
4. Average balance in account for the past 6 months

A Genuine Advice – Avoid Bringing Extra Funds to Canada…

It must also be mentioned here that you can bring funds only within a limit of CAN$10,000 as specified by Canadian immigration authorities. You need to make a declaration if you bring funds exceeding this amount in form of cash or as documents that guarantee payment (like cheque, money order, banker’s draft, travelers cheque) or documents showing capital payable to you (like stocks, bonds, debentures or treasury bills).

Hence, it’s highly recommended to declare the funds beforehand in order to avoid any penalty or seizure of funds. Moreover, you must also check to make sure that you do have the minimum required funds for settlement in Canada and these funds are not short at any stage due to any reasons of pre-scheduled monthly deductions, penalties etc as the same can impact your application for Canada immigration.