If you (or someone you know) are one of those planning to immigrate to Canada under the Federal Skilled Worker program, you must have had questions at some point about the Proof of Funds. We also receive many questions about the same topic.

Let us therefore go through some useful details about this interesting topic.

The Government of Canada, when studying your immigration application, need to verify that you have enough money to settle in Canada for roughly the first year off your residence. After the first year, you will be expected to have joined either the Canadian workforce or have started your own business.

What is proof of funds?

The proof of funds is an amount of money that you are required to show improve to be your own money as part of your immigration application. this is usually in the form of a bank statement covering the last 6 months prior to the date you submit this proof of funds along with your application.

Some of the important characteristics of this proof of funds are:

• You cannot borrow this money from another person.
• You must be able to use this money to pay the costs of living for your family even if they are not coming with you.
• If your spouse is coming with you, you can count money you have together in a joint account. you may be able to count money in an account under their name only, but you must prove you have access to that money.
• When you receive an invitation to apply, you must give a written proof that you have this money. This is usually the bank statement we mentioned before.
• You do not need to show your proof of funds to meet the program requirements of the Canadian Experience Class. this includes Provincial nominees who are part of this CEC stream

Who does the proof of funds cover?

The amount of money you need to support your family is determined by the size of your family. This is why you need to know who should be included in your family count. the following are the person(s) you should include when counting how many members Exist in your family.

• Yourself
• Your spouse or partner
• Your dependent children and
• Your spouse’s dependent children

This includes your spouse or dependent children who are permanent residents or Canadian citizens. The following table shows the updated proof of funds levels for the year 2019 according to the number of family members

What does the government accept as a proof?

Funds that the Canadian government will accept must be readily available to you. for example, you cannot use equity on real property As proof of settlement funds.

The funds must be available both when you apply and when the visa is issued. You must prove to an immigration officer that you can legally access the funds to use for settlement In Canada when you arrive.

As a proof, you must get official letters from any banks or financial institutions where you are keeping the money. The letter must:

• Be printed on the financial institutions letter head
• Include their information such as address, telephone number and email address
• Include your name
• List outstanding debts such as credit card debts and loans
• Include for each current bank and investment account:
  • Account numbers
  • The date each account was opened
  • The current balance of each account
  • The average balance for the past 6 months

Now, this is the proof of funds, but how much should I bring with me when I come to land in Canada?

You have a bit of homework to do here. You need to research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can to make moving and finding a home in Canada easier. If you will be bringing more than 10000 Canadian dollars with you, you will need to declare that at the customs office while you are landing. If you do not tell, you may be fine, and your funds could be seized (terrible, right?).

What is considered funds in the eyes of customs?

“This part is for what you can consider funds you are carrying on you as you land, not the Proof of Funds needed for your immigration application”.

The following counts as funds in the eyes of customs:

• Cash
• Documents that show property or capital payable to you such as:
  • Stocks
  • Bonds
  • Debentures
  • Treasury bills
• Documents that guarantee payment of a set amount of money, which are payable to you such as:
  • Bankers drafts
  • Checks
  • Travelers checks
  • Money orders  

There you have it, you are now equipped with enough knowledge to know what counts as a proof of funds and what doesn’t. Also, you have a good idea of what Canadian customs will view as funds in your possession when you are coming into Canada.

In which currency should the proof of funds be?

The proof of fund can be in any currency and not necessarily in Canadian dollars. what matters is , it would be equivalent to the levels indicated in the table shown above. If you want a free an efficient currency converter , either visit the website https://xe.com , Or download it’s free application from the play phone or iPhone stores.  

• To assess your eligibility to apply for immigration to Canada, fill our Free online assessment form
• To hire our company to be your official representative, send an email to (ehab@vglobal.ca), and make sure your telephone number is included so we can call you.
• If you only wish to discuss specifics related to your situation in a paid consultation (that is returned to you if you hire us to be your representative), book a consultation using this link (Personal Consultation)

The Minister of Immigration, Honorable Ahmed Hussein announced yesterday 11 January, 2019 in Ottawa, that the government will start accepting applications to sponsor parents and grandparents for this year 2019 as of Noon Monday 28, 2019. This announcement includes the new way of handling requests on a First Come First Serve basis, which is in response to many people who were asking for the system to return back to this way of handling instead of random selection.

The Canadian government will open the door for receiving completed applications as of the date set above, until the cap of 20,000 (Twenty Thousand) applications is reached.

Application will be done mainly online. The applicant will need to prove his/her eligibility to become a sponsor. You may now ask, how do I qualify to become a sponsor. Keep reading…

4 Main Conditions to Fulfill:

1. Your age should be 18 or more
2. You should be resident in Canada
3. You must be either a Canadian citizen or a Permanent Resident of Canada, or a Registered First Nation
4. You can prove your financial ability to support those you intend to sponsor

While there are eligibility factors, There are reasons that would disqualify you as a sponsor.

How to Not Qualify as a Sponsor?

• If your age is less than 18 years old
• If you do not intend to reside in Canada when your sponsored persons obtain the Canadian PR
• If you are not a Canadian citizen or a PR holder
• If your PR application is still under processing
• If your income is below the threshold determined by the government
• If you have any legal problems in Canada (in prison or having a legal penalty)
• If you have defaulted in a previous government loan or child support expenses, etc.
• If you have previously sponsored someone and did not fulfill your sponsorship obligations
• If you are bankrupt
• If you are receiving any kind of government support (other than disabilities)
• If you are indicted in a violence or sexual harassment crime
• If you are under review for a departure order so your residency in Canada is not guaranteed (You will need to handle such problem first)

What is the Income Threshold and How Do I Prove it?

In order to prove your income level, you submit your Notice of Assessment for the last 3 years preceding your application. This year, the income assessed will belong to the years 2015, 2016 and 2017. The following is a table showing the current table used by the government

Keep this in mind:

• You should maintain your eligibility throughout your application period. The government may very well verify that your current income is still within the minimum level required
• You must also maintain all other eligibility terms and conditions and refrain from committing any of the elements that disqualifies you as a sponsor.
• You and your spouse can co-sign a sponsorship application and will therefore both be liable for the responsibilities included with such a sponsorship.

Responsibilities Included in a Sponsorship Application:

You and your co-signer (if that is the case), will sign a “Sponsorship Agreement”, by which both of you will be responsible for the basic needs of your sponsored persons (in this case parents and/or grandparents). Those basic needs include:

• Food
• Clothing
• Housing and Facilities
• All living requirements
• All personal requirements
• Fuel and transportation
• Medical care not covered by the government (such as eye and dental)

It is also important to know that your sponsorship will last for 20 years, even if your parents or grand parents get involved in the job market or start their own businesses. 

How to Calculate the Income Threshold

In order to correctly select the income level that applies to your case, make sure you include the following:

• All your family members (yourself, your spouse and all your dependents)
• Your sponsored persons and their dependents (even if they will not accompany them to Canada)
• Any individuals included in a previous sponsorship that you are still involved with
• Any individuals included in a previous sponsorship that your co-sponsor is still involved with

I hope the information above have shed some light on this type of application.

If you wish for us to represent you with your Sponsorship Application, please communicate with us via any of the following means:

To hire our company to be your official representative, send an email to (ehab@vglobal.ca), and make sure your telephone information is included so we can call you.

If you only wish to discuss specifics related to your situation in a paid consultation (that is returned to you if you hire us to be your representative), book a consultation using this link (Personal Consultation)