Proof of funds is crucial for immigrants applying for work permits, tourist visas, or PR in Canada. It is a way for the Canadian government to ensure that individuals and families who arrive in Canada have the financial resources to support themselves and their dependents while they settle in and look for work.
The amount of funds required varies depending on the size of the family unit. This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023.
There are no guidelines for proof of funds for work permits & tourist visas from IRCC. But we can consider the table mentioned above as an indicator for proof of funds for work permits and tourist visas for Canada.
Acceptable forms of proof of funds include cash, bank statements, and investment portfolios. The funds must be easily accessible and transferable to Canada and must be in the applicant’s name or their accompanying spouse or common-law partner’s name.
It is important to note that having a job offer from a Canadian employer or receiving a nomination from a Canadian province or territory can exempt applicants from the proof of funds requirement. However, applicants must still have sufficient funds to cover their initial settlement and living expenses.
Applicants must also declare any funds they have received from others, such as a sponsor or family member, and provide documentation proving the source of those funds.
Accurate proof of funds is essential to a successful work permit application. Provide sufficient evidence of funds to avoid the application being refused or delayed, which can be costly and frustrating for applicants.
In conclusion, proof of funds is critical for immigrants applying for permanent residence in Canada through the express entry system. It ensures that individuals and families have the financial resources to support themselves while they settle in and look for work. Applicants must provide accurate and complete documentation of their funds to avoid delays or refusal of their application.