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 the Federal Skilled Trades Program. In this blog, we will take a closer look at 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, the 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 there are two family members. Additionally, for a maximum of 7 members, an amount of $33,013 is required. For every extra family member above the total limit of 7 members, an additional $3,361 is needed in the account.

These would be the minimum fund requirements when applying under the Express Entry’s two programs – the Federal Skilled Worker Program and the Federal Skilled Trades Program. You do not necessarily need to present written proof to the authorities of having this much money in your account when you get an invitation to apply.

However, there is no minimum funds requirement when applying under the Canadian Experience Class. Also, the requirement doesn’t hold valid in case you are authorised 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 the Federal Skilled Trades Program may have changed. Yet, the documents required to support the same remain intact.

The following are the document-related requirements that must be met. 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 of the account for the past 6 months

A Genuine Advice – Avoid Bringing Extra Funds to Canada…

It is also worth mentioning that you can bring funds only up to a limit of CAD$10,000, as specified by Canadian immigration authorities. You need to make a declaration if you get funds exceeding this amount in the form of cash or as documents that guarantee payment (like cheque, money order, banker’s draft, travellers 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 to avoid any penalty or seizure of funds. Moreover, you must also verify that you have the minimum required funds for settlement in Canada and that these funds are not depleted at any stage due to pre-scheduled monthly deductions, penalties, etc., as this can impact your application for Canadian immigration.