To apply for a temporary residence in Canada (Study/Work/Visit) and some permanent residence (e.g. federal skilled workers) applicants must prove that they have enough money to pay for their expenses in Canada such as tuition fees, travel costs, living expenses (including accommodation) for themselves and any family members who come with them to Canada, and return transportation (for temporary applications) for themselves and any family members who come with them to Canada. Applicants must also prove that they have access to the estimated amount of funds throughout the duration of their stay in Canada. In this article, we will review the minimum funds requirements for Canada immigration applications.
Minimum requirements is the first year tuition fee as charged by the applicable college and university and first year living cost ($20,635). For example, a student got selected for the University of Prince Edward Island for a two year MBA program and the letter of acceptance (LOA) shows a tuition fee of $23,000 per year.
Minimum financial requirements if applying alone: $23,000 + $20,635 = $43,635
If applying with dependent family members, then please add $5,559 for the first family member and $3,000 for each additional family member.
Even though the financial sufficiency requirement is for one year, the Officer must be satisfied however, that the probability of funding for future years exists (i.e., parents are employed); scholarship is for more than one year (if applicable).
We recommend you exceed the funds requirement for the entire duration of your study. For the same example, the recommended funds to show exceed full fee for 2 years (2 x $23,000) and living expenses for two years (2 x $20,635) = $87,270 for the applicant.
Your funds should cover:
If a third party is paying the student’s expenses, they (e.g., parents) must submit a sworn statement respecting the assumption of the student’s expenses.
Although IRCC has not put a dollar figure for financial sufficiency requirements specifically for work permit applications. The amount of funds you ought to show for a Canada Work Permit application depends on several factors, including the type of work you intend to do, the length of your stay, and the country you are coming from. Generally, applicants must prove that they have enough funds to support themselves during their stay. This can include funds in a Canadian or foreign bank account or other forms of financial support, such as fixed deposits.
General living expenses requirements for Canada immigration matters:$20,635 for principal applicant (PA), $5,065 for the first dependent and $5,559 each for additional dependents.
Similar to work permit cases, IRCC does not have a predefined dollar figures for tourism. A general rule of thumb is that applicants should be able to afford the visit on their own without causing undue financial stress on them. We recommend their planned travel expenses to be under 20-25% of their current savings and investments.
In the super visa applications, the financial obligations are with host. Although, we recommend using applicant's assets as well if available.
If your PR application stream requires the proof of funds, below are the funds requirements depending on family size:
Financial sufficiency implies that the applicant has enough money to meet their financial needs of their stay in Canada for the duration of their studies in Canada. This included tuition fee and living expenses for applicant and all dependent family members if applicable.
These funds must be readily available for quick access to the student. These can include documents like bank statements, Fixed Depositis (FDs), Term Deposits (TDs), Retirement Funds, Employee Savings Schemes, etc.
Officer is interested to see how well you and your family are established in your home country. This becomes increasingly important with age. For example, if you are a high school graduate and have little of work experience, then the focus would be how well your family (parents) is established. If you have a few years of experience, then the officer would also look into your level of establishment in the home country. The Officer may see a higher level of establishment as an indicator supporting that you will leave Canada at the end of stay.
Documents: Income tax filing, net worth certificate, property evaluation, property ownership proof, inheritance documents, any other long-term investments, community participation (e.g. volunteer work), career and income growth documents etc.
Are you draining all the savings and investments?
If you are investing all or almost all the funds you have, that may be factored against you. It can reflect that you are just packing and leaving. It will be important to explain that you are not leaving other family members short of funds and the funds will be replenished in near future with income from parents or other family members.
Are the funds yours and not borrowed?
When you show your funds, it is a very basic question in the officer's mind; are these funds really yours and not borrowed for this application? There are two common criteria used in determining if the finds are likely yours or not.
Seasoned funds
Seasoned means the funds are in your possession, such as in your bank account, for a significant period of time (six months or more recommended). You have the funds for a long time, likely these funds are yours.
Sourced funds
Sometimes the funds are recent. In such cases, the funds must be sourced, meaning you must establish how you got those funds and those funds are yours and not borrowed. Example: if a family member gifted you those funds, you may want to include an affidavit from that family member along with his bank statement outlining the funds were his or her.
Your funds should cover:
If a third party is paying the student’s expenses, they (e.g., parents) must submit a sworn statement respecting the assumption of the student’s expenses.