What are the funds required for Canada PR?
What are the funds required for Canada PR?
When an applicant knows the general cost of immigrating to Canada, then he/she can freely compare the cost to other programs. Also, alongside relevant fees, there is a sufficient money balance required to manage the stay in Canada. These are mandatory funds that should be handy with you and easily accessible.
The desiring applicants who wish to immigrate to Canada with the permanent residency often confuse the funds required for Canada PR with the cost of the immigration process. It is not so for immigrating to Canada with the permanent residency status one requires enough finds to prove that the applicant will be able to sustain himself and his family in Canada without any hassle until the time he/she find an adequate job. For this purpose, IRCC reviews all the assets, capital, loans, debentures, etc. with the applicant and then approved the application only after it is confident that the candidate has enough funds needed for Canada PR.
Immigration to another country can never be carried out without proper funds and means to meet the financial implications that might arise in the near future. In this regard, the funds required for Canada PR can be broadly classified into two categories-
- Funds required to create an Express Entry profile or another pathway that the applicant might have chosen
- Funds required after submission of the PR application.
To understand these two categories, let us first look in detail the cost of immigrating with the Canada PR status and then the proof of funds for Canada express entry. It will help the applicant analyze how much money do you need to immigrate to Canada.
The Cost of Immigrating to Canada with the PR status
The below provided charges are as per the Canada PR fee charges w.e.f 30 April 2020
|Right to Permanent Residency Fee (RPRF)||500||27,018|
|Spouse or Partner Processing Fee||825||44,546|
|Dependent Child (Per Child)||225||12,158|
|IELTS test fee||14,000|
|ECA from WES||230||13,078|
Canada PR Visa is one of the most economically beneficial pathways in 2020 and it is the best-suited program for immigration.
Funds required as the proof of funds -
Apart from the cost of immigration to Canada, there is an important category of funds needed for Canada PR, which is the acceptable funds for supporting your stay in Canada with your family. It is a saving fund till the time you get your first income in Canada.
Poof of Funds means that you need to have an adequate amount in your bank. Our liquid fund which can be used in the times of contingencies. As an evidence of the proof of funds, one needs to present the bank statements and financial undertaking of where all you have keptyour money.
Express Entry Settlement Funds
The following are proof of funds for Canada express entry – FSWP and FSTP as per the number of family members immigrating.
|Number of Family Members||Funds required|
|1||CAD 12, 960|
|2||CAD 16, 135|
|3||CAD 19, 836|
The applicant can bring in as much money as he/ she desires and feels that they require living conveniently in Canada. However, as per the customs regulations, they will have to declare an amount that is more than CAD 10,000. In the case of non-declaration, there is a fear that the extra amount will be seized by the authorities.
The proof of funds can be validated through the following means –
- assets – property papers, machines, jewelry, etc.
- Treasury Bills ( T- Bills)
The bank also needs the applicant to disclose the amount payable to your through –
- Fixed Deposits and Mutual funds
- Bank drafts
- Traveler's cheques
- Money orders
If someone is applying under the anadian Experience Class (CEC)C category, then no proof of funds is required. For others, it is a mandatory category.
Apart from the Express Entry Settlement Funds, there are some Provincial Nominee Programs (PNP) as well, which make it mandatory for the applicant to have settlement funds. The Canadian government needs to ensure that your financial standing is strong, and you can survive in a foreign country until the time you have a job in hand.
The proof of funds needs to be maintained for some time before you are filling for the Canada PR status. Any kind of borrowed money or asset that is leased cannot be a part of your proof of funds. The fund which is readily available to you only they are acceptable funds. These funds should be available to you when you apply for a PR visa, and the applicant should have the right to access these funds once he/she has settled in the new country.
The few conditions under which the applicant is exempted from the proof of funds for Canada express entry-
- If the candidate has a valid and designated job offer from the Canadian Employer
- If the applicant holds the authorization to work in Canada
- If the candidate is able to meet the requirements of the Canadian Experience Class ( CEC) Program
What should be included in the financial letter that is evidence of your finances and acts as proof of funds required for Canada PR?The financial letter is the official letter of your proof of funds, and it should include the following –
- The content should be printed on the financial institution's letterhead only
- The contact information of the financial institution should be available on the letterhead – Company name, Address, Telephone Number, address
- Applicants name and personal information
- Account number
- Date of when the account was opened
- The current balance of each account
- The average balance of the past six months.
- List of credits, existing loans, etc.
If you are looking for a hassle-free immigration process, then ensure that your application is complete in all respects and all the documents ae submitted after careful review. Proof of Funds is an important aspect of the documentation process, and incomplete or incorrect documentation can lead to rejection or even delay in the application.