×

How many funds are required for Canada immigration?

The Federal Skilled Worker program requires the candidate to have some money to prove that he won’t have any problem with any of his expenses in Canada. This way he won’t need to borrow funds from the government for his living in Canada.

The government has set various limits for the funds required. This depends on whether you are coming to this country without any of your family members or are getting them along with you too. If you are just coming unaccompanied, the amount of fund requirement is low at 12,475 CAD. When you are immigrating here as a couple, 15,531 CAD is required. Now, these funds should entirely belong to you and not be owned by anyone else except your spouse.

When these funds are loans, the candidate has to return back the amount borrowed and he will have to incur liabilities for repaying the loan, which the Canada government does not want. It wants the candidate to be a distinct financial identity and not be dependent on anyone else. The costs of living in Canada are to be incurred by the candidate only through such funds, without which he can’t be allowed to immigrate.

It’s dependent upon his wishes, how much of these funds he spends, but he should, have, these much funds present. The bank statement of a candidate for these many funds is checked twice, once after he has been granted “invitation” and after his entry into Canada.

So, the candidate should make proper arrangements for proving these funds. How to do the same?

Applicants should have a proper amount of funds and documents need to be provided for this purpose. These funds can be shown through, fixed deposits and bank statement for savings accounts. All the fixed deposits which you are going to use with you in Canada should be convertible to cash.

When you have these many funds in your bank account,there is nothing to be bothered about. The funds can be in your account/in a joint account with the spouse. If your spouse has a joint bank account with you, but he/she is not coming to Canada, then it cant be accepted as a proof.

When are no funds needed?

When someone has given you employment in Canada, even before you have come here, you don’t need any such balance of funds in your bank account. Or you have experience of this country(at least 1 year), no such funds evidence is needed.

Most importantly, no cash is needed to certify such funds. All the proof is through bank statements,Provident funds and Fixed Deposit statements.

A candidate should know that while entering Canada, if he is found to be holding more than 10,000 CAD cash, then he can be punished. He has to tell him about so many funds present with him to the visa officer. If he withholds information at the time of entry about carrying such funds, these can be taken away from him.

So, Canada government expects everyone to come thoroughly prepared with the right kind of cash(proof of funds) when he/she is arriving here.