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.  

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