Proof of Funds for Federal Skilled Trades Class

The Proof of Funds

Applicants would need to demonstrate that they have sufficient money for supporting themselves and their families once they get to Canada. However, officers would need to note that this requirement is not applicable in case the applicants:

• Have current authorisation that enables them to work in Canada and,
• Have a valid job offer from an employer in Canada (refer to Appendix J) OR,
• Qualify under the Canadian Experience Class (CEC)

Applicants requiring the funds to support themselves would need to be aware of the fact that they:

• Cannot borrow these funds from another person
• Should be able to use this money to pay for the costs of living for their families (regardless of whether the family members are coming with the applicant or not) and,
• Would need to provide proof to the Canadian visa office in their home countries that they have sufficient funds at the time they apply to immigrate

The authorities determine the amount of money that applicants need to support their families based on the size of the applicant’s family. The authorities typically update these amounts each year.

It is worth noting that applicants do not need to show that they have these funds if:

• They have a valid offer of arranged employment in Canada (refer to Appendix J) and,
• They are currently working or have the authorisation for working in Canada

How Much Money Do Applicants Need to Bring?

The authorities suggest that applicants do the necessary research to ascertain how much it costs to live in the place where they plan to settle in Canada. Ideally, applicants would need to bring as much money as they can to make it easier for them to move and find a home in Canada. However, they would need to declare the fact that they are bringing more than $10,000 Canadian dollars into Canada to the Canadian customs. This is a requirement of Canadian customs regulations. In case applicants do not mention this to the Canadian customs, the authorities could fine them or place them in prison.

These funds could be in the form of:

• Cash
• Documents that show property or capital payable to the applicants such as stocks, bonds, debentures, treasury bills etc. or,
• Documents that guarantee payment of a specific amount of money, which is payable to the applicant, such as bankers’ drafts, cheques, travellers’ cheques or money orders

Note:

• The authorities update these numbers each year, based on 50 percent of the Low Income Cut-Off totals
• Applicants who fill up their Express Entry profiles prior to January 27, 2015, might have received correspondence stating that the authorities have re-assessed their profiles
• In this scenario, the applicants might need to double-check or confirm that they still have ample funds based on the new cut-off list, for supporting their families once they migrate to Canada
• The changes the authorities make to this list will typically be minor or small in nature
• However, it is worth noting that even the smallest of changes could affect the eligibility of the applicant considerably
• It is worth noting that applicants do not need to show that they have these funds if:
  • They have a valid offer of arranged employment in Canada (refer to Appendix J) and,
  • They are currently working or have the authorisation for working in Canada

Source: Citizenship and Immigration