Canada has been the dream country of many foreigners who wish to come into the country for various reasons like education, work, start up a business, or live permanently. This shouldn’t be much of a surprise since Canada is one of the most receptive countries in the world. There is protection of lives and properties, so there is no need to look behind your back all the time while living in the country.
The country also offers universal healthcare and the cost of living in Canada is notably affordable. Hence, people from different parts of the world trudge into the country in their numbers.
However, one of the core requirements of moving into Canada is the need to present your proof of funds before you can move into Canada. The Canadian government takes the presentation of proof of funds very seriously because they do not want you to be a liability and leach off the social amenities that are exclusive to its citizens.
Hence, you have to present proof, showing that you have enough funds to cover your living expenses and that of your family members (if any) during your stay in Canada. This applies to all the immigration programs available in Canada, so there is no way you can bypass this rule.
It is important to note that presenting proof of funds increases your chances of moving into Canada through the multiple immigration channels available in Canada. So, if you have plans to move to Canada, there is a need to have enough funds that would cover your living expenses and that of your accompanying family members.
Do you want to move to Canada and wish to know more about the proof of funds and how it works? In this post, I will go into detail on the facts about proof of funds in Canada.
Who Needs Proof of Funds?
As I stated earlier, every program requires proof of funds, because the Canadian government takes it seriously. The proof of funds is needed to ensure that you and your family members won’t be a source of burden to the Canadian government throughout your stay in the country. Providing the proof of funds solidifies your proof that you can take care of your living expenses and that of your accompanying dependant (if any).
While all the immigration channels take the presentation of proof of funds very seriously, there are immigration programs that make it a criterion for all applicants:
1. Federal Skilled Trades Program
2. Federal Skilled Worker Program
Who Does Not Need Proof of Funds?
Most of the immigration programs in Canada require proof of funds before you can move into the country. However, there are few exceptions to these rules and they occur on very rare occasions. There are a few times and occasions when you might not require proof of funds to move into Canada. Below are the few occasions where you don’t require proof of funds to move into Canada:
1. If you moved into Canada through the Canadian Class Experience or have gotten permission to work in Canada, presenting proof of funds is not compulsory. Also, if your job proposal is plausible, there is no need to present proof of funds to gain access to Canada.
2. In a situation where your funds are updated on your profile, there is no need to provide proof of funds before being granted accesstoo Canada.
How Much Money Will You Have to Provide as Proof of Funds?
Proof of funds is one of the necessary documents you have to provide to be eligible to move into Canada, in most of the immigration programs. This is done by the Canadian government to prevent anyone from being a liability during their stay in the country.
You have to provide proof showing that you can take care of your needs and that of your dependents. Presenting your proof of funds increases your chances of moving into Canada, irrespective of the immigration program. The minimum proof of funds you are expected to provide is 10,000 CAD. With this, you won’t in any way be a financial burden to the government.
The Canadian government is very strong on proof of funds and they made it mandatory for most of the immigration programs. The aim is to avoid a scenario where a foreigner is a financial burden to the government. In this post, I gave a clear view of the facts about proof of funds.