Moving to Canada either for study, work or to live in the country permanently has been the dream of so many foreigners from various countries of the world. With that in mind, Canada throws Its doors wide open to accept thousands of foreigners into the country through various immigration programs.
Due to the shortage in the labor force in Canada, eligible foreigners are given the chance to move into the country to live, work, and study. However, the criteria is that you must fulfill the immigration requirements.
There are numerous benefits of living in Canada; the cost of living is relatively affordable, the people are warm and receptive, there is security of lives and properties, life expectancy is high, the educational system in Canada is one of the best in the world, and numerous benefits you stand to gain from living in Canada, even as a foreigner.
However, if you want to move to Canada, it is necessary to show your proof of funds. The Canadian government has mandated that foreigners should show proof that they can take care of their living expenses and that of their accompanying family members. This is to avoid being a liability during your stay in the country.
This is one of the core requirements you are expected to fulfill while moving into Canada through the various immigration programs. Keep in mind that the Canadian government takes the presentation of proof of funds quite seriously.
Are you planning on moving into Canada through the various immigration programs and wish to know how proof of funds works? I will give you a clear view of the facts about the proof of funds in this article. All you have to do is sit tight.
How Much Money Will You Need to Show As Proof of Funds?
The proof of funds is one of the necessary documents you are expected to present before you can be given access to Canada. This is done to prevent foreigners from being a burden to the Canadian government or encroaching on the social benefits exclusive to only its citizens.
The amount expected to show as proof of funds tends to vary depending on the occasion. If you came into the country alone, you are expected to present at least 10,000 CAD, yearly, for your proof of funds. If you are moving into the country with a dependent, you will have to show proof of funds for them too.
These are attempts made to prove that you can cater to your needs for the duration you are to stay in the country.
Who Needs Proof of Funds?
One of the core requirements for most immigration programs is the show of proof of funds. As I stated previously, this is to avoid foreigners from being a burden on the government during their stay in the country. There are specific programs that make it compulsory to show proof of funds. You require proof of funds if you are applying through:
1. Federal Skilled Trades Program
2. Federal Skilled Worker Program
Who Does Not Require Proof of Funds
This is on very rare occasions because the core requirement of moving into Canada is to present your proof of funds. However, there are always exceptions to cases like this. There are a few cases where you don’t require proof of funds to move into Canada.
Below are some of the rare occasions where you don’t require proof of funds to gain access to Canada:
1. If your funds are updated on your profile, there is no need to show proof of funds before moving into Canada.
2. If you have been authorized to work in Canada or applied through the Canadian Class Experience, it is not compulsory to show proof of funds. Equally, if you have a credible job offer, there is no need to show proof of funds.
Read: How express entry works in Canada
Conclusion
If you want to move to Canada, it is necessary to know that you have to show proof of funds before gaining access to the country. The government takes it very seriously as they do not want a liability. You have to show proof that you can take off your living expenses and that of your accompanying family members.
