On May 11, 2022, the Canadian Immigration Department, i.e. Immigration, Refugees and Citizenship Canada (IRCC), revised the minimum proof of funds requirements for skilled immigrants seeking permanent residence in Canada, based on 50% of the low income cut-off totals.
Note: To stay eligible, all candidates who successfully submitted their profiles for the Canadian Permanent Resident Visa must update the settlement funds in their profiles by June 8, 2022.
If an applicant is applying through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), he or she must provide proof of funds, whereas there is no such requirement if the applicant is applying through the Canadian Experience Class (CEC), has a valid job offer, or is authorized to work in Canada.
The minimum required funds are calculated by the size of the family (even if they are not traveling to Canada) and include the following:
• Spouse or partner, and
• Dependent Child
Revised Proof of Funds are as follows:
|Number of Family Members||Updated Funds||Previous Funds|
|For each additional family member||$3,586||$3,560|
According to IRCC guidelines, funds must be readily available to the applicant. As a result, real estate equity cannot be used as proof of settlement funds, and an applicant cannot borrow money to use as settlement funds.
On the other hand, if the applicant is accompanied by a spouse, the money can be maintained in a joint account or an account solely in their names. However, the applicant must demonstrate that he or she has access to the funds.
As a proof to be considered for minimum required settlement funds, a letter is required from the bank or financial institution stating:
• Account numbers
• Date each account was opened
• Current balance of each account
• Average balance for the past 6 months
• Outstanding debts such as credit card debts and loans