Canada is one of the amazing countries in the world to immigrate. Its high-quality lifestyle, More than 60 immigration programs are available to ease the entry of immigrants from different nationalities in Canada. So, you can choose any of them according to your eligibility. Age, education level, work experience, language proficiency play an important role in the selection of an application for Canadian PR visa.
In addition to these factors, some of the programs like Federal Skilled Worker Class (FSWC), Federal Skilled Trades Class (FSTC) also require proof of funds to determine the eligibility of the candidate for Canada. It is because the Canadian government wants to ensure whether the candidate can support him/her there after immigration. He/she must have sufficient money to sustain their life or to meet the daily requirements there.
Now, here the question is,
How many minimum funds does an applicant need for Canadian PR?
For an unmarried primary applicant the required amount of funds for Canada pr visa is around 7, 00,000 in INR whereas, if a primary applicant is married then the required amount is its 7, 00,000 for him/her, 1,50,000 for his/her spouse (the secondary applicant) and 1,50,000 for his/her every dependent kid.
For other family members, the following is the list of funds for Canadian PR:
|Number of family members||Funds required in Canadian Dollars|
|for each additional family member||3,414|
What do you need to provide as proof for funds for Canada PR?
Only those funds which can be easily available to you for immediate use in Canada can be shown as proof of settlement funds in the application process. However, if your spouse is also moving to Canada with you, then you can count your money deposited in a joint account. It is worth noting here that an individual can neither use the equity on the real property nor borrowed money for proof of funds.
So, if Canada is in your mind, then that you must be well equipped with the required amount of funds before filing the application form.
Moreover, at the time of receiving permanent residence card, it’s mandatory for you to show proof of funds that you can legally access in Canada to an immigration officer. For that, the essentials include official, financial letter approved from any bank or financial institution, where you are keeping that amount.
However, make sure the letter must be printed on the letterhead of a financial institution, and provide details on the followings:
- Contact information (address, telephone number and email address)
- Your name
- List of outstanding debts such as credit card debts and loans
- Details for each current bank and investment account with:
- Account number
- Date of opening of each account
- The current balance of each account
- The average balance for the past six months
How much money do you need at the time of arrival on Canadian soil?
There is no limit on the money an applicant wishes to bring with him/her while moving to Canada. However, if the amount exceeds CAN $10,000, then you need to inform the border officer regarding the same. So, you are free to bring as much amount as you want in the form of cash, stocks (shares, treasury bills) and bank balance (cheques, deposits, money orders).
If you have any query related to funds for Canada PR or other, then contact experts of countrywide visas. Countrywide visas is one of the fastest growing Immigration consultancies with a large, devoted team of Immigration experts offers hassle-free and professional services to its clients for filing their applications for various immigration programs.
You are welcome to call us or send us an email with your immigration questions and inquiries. You may contact us on 011-41075840 / 011-41045840 or leave a mail at email@example.com. You may also fill the Technical Assessment Form for free to get a call back from our Immigration Specialists. All you need to do is fill an assessment form and let our immigration experts assist you over the phone call or by meeting you in person and give you the best available options to fulfill your dreams of settling abroad.