All applicants, unless exempt, must show that they have enough money to support themselves and their family in Canada upon immigration. Proof of Funds (PoF) is one of the minimum eligibility requirements for:

-the Federal Skilled Worker Program or
-the Federal Skilled Trades Program
The funds must be available with the applicant, both, when the application for permanent residency is filed and when a permanent resident visa is issued.

If an applicant meets the the program requirements of the Canadian Experience Class (this includes provincial nominees who are part of the CEC stream), they are exempt from the PoF requirement. Also applicants who are authorized to work in Canada and have a valid job offer.

How much money is required to meet the PoF requirement?
The amount of money an applicant needs to support his family is set by the size of an applicant’s family. To calculate the size of a family the following must be included:

-your spouse or partner
-your dependent children and
-your spouse’s dependent children
When calculating the applicant’s family size, applicant’s spouse or dependent children who are permanent residents or Canadian citizens also have to be included, even when they are not named in the application.

The applicants will need to show proof that they have enough money when they apply to immigrate, and again when the application is approved.

If the applicant is unable to demonstrate that they have sufficient funds to meet the requirements, the application is refused.

The current sufficient funds requirements as established by IRCC is:

Number of
Family Members Funds Required
(in Canadian dollars)
1 $12,300
2 $15,312
3 $18,825
4 $22,856
5 $25,923
6 $29,236
7 $32,550
For each additional family member $3,314

NB: Please note that the above is subject to change

How to meet the PoF requirement?
When an applicant is invited to apply for permanent resident, they must give written proof that they have this money and demonstrate that they meet the PoF. All applicants should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.
Other documents may also be requested, as necessary.
When showing the funds, these cannot be borrowed from another person. This is the intention of IRCC to ask for 6 months average balance. Also, an applicant must be able to use this money to pay the costs of living for his family, even when they non-accompanying.

Showing funds held in joint accounts and spouse’s accounts
If an applicant’s spouse is accompanying, the applicant can show the funds held together in a joint account to meet the PoF requirement. However, to be able to show the funds for meeting the PoF requirement, held in an account under the spouse’s name only, the applicant must prove that they have access to the funds. This can me done by the spouse executing an affidavit affirming that the funds held in the spouse’s account can be used by the applicant for the purpose of meeting the PoF requirements.

Using gift deed to meet PoF requirement
If you are invited to apply, and you cannot meet the PoF requirements, you can consider meeting this by getting the funds in form of a gift. Gift, as defined under law is the “voluntary transfer of property (movable or immovable) from one person (the donor or grantor) to another (the donee or grantee) without full valuable consideration (exchange of money or property), or an expectation of return. When executing the gift deed, it should meet the formalities of the country in which the gift deed is being executed. The gift deed will also overcome the 6 months average balance requirement as the funds will be with the applicant shown as a gift.

What cannot be used as PoF?
Any asset which cannot be readily liquidated, and the price of which cannot be ascertained immediately, cannot be used to meet the PoF requirements. Therefore, real estate assets, stocks etc. cannot be used. However, bank deposits, mutual funds, treasury bills, bonds and similar monetary investments that can be readily liquidated, can be used for PoF, without liquidating them.

Credits: GetGCMS

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