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How much bank balance is required for Canada PR? The individuals must show proof of funds, also called settlement funds, to the Immigration, Refugees and Citizenship Canada (IRCC) to prove they have enough money to live in Canada.
The evidence of funds is crucial in the application process as it clears doubts regarding the applicant’s financial ability to support themselves living in a foreign country. This evidence can also aid in taking care of family members.
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Who needs to show proof of funds, and who does not?
The applicants who apply for the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) need to present proof of funds as they are the eligibility criteria for the programs.
The applicants of Canadian Experience Class (CEC) and immigrant applicants authorized to work in the country with a valid job offer do not need to provide proof of funds.
What is the breakdown of proof of funds based on family size?
The proof of funds required to be submitted by each individual varies based on the number of family members they have. The proof of funds based on the size of the family includes the legal spouses and dependents of the primary applicant.
The table below has the breakdown of funds required on the basis of family size.
|
Number of family members |
Funds required |
|
1 |
CAD 13,757 |
|
2 |
CAD 17,127 |
|
3 |
CAD 21,055 |
|
4 |
CAD 25,564 |
|
5 |
CAD 28,994 |
|
6 |
CAD 32,700 |
|
7 |
CAD 36,407 |
|
If more than 7, for each additional member |
CAD 3,706 |
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