Canadian immigration department IRCC has updated the proof of funds requirements. These new requirements will be implemented from June 9, 2022. The changes have been made to the “Federal Skilled Worker Program” and “Federal Skilled Trades Program”. The candidates who have already applied should update these changes by 8 June 2022. The proof of funds has been updated as follows:
| Number of family members | Funds Required(in Canadian dollars) |
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| For each additional family member | $3,586 |
Funds regulations
For proof, you must get official letters from any banks or financial institutions where you’re keeping money. Furthermore:
- Funds must be readily available to you. For example, you can’t use the equity on real property as proof of settlement funds.
- If your spouse is coming with you, you can count the money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.
- The funds must be available both when you apply and when you are issued the permanent resident visa.
- You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
The size of your family directly means how much amount of money you need to support your family. To calculate the size of your family you must include
- yourself
- your spouse or partner
- your dependent children and
- your spouse’s dependent children
Include your spouse or dependent children even if they’re
- permanent residents or Canadian citizens
- not coming to Canada with you