hi everyone my name is Marilene Quintana I'm a regulated Canadian immigration
consultant and director of operations at e-Visa immigration and in this video we are
going to talk about the proof of funds required for immigration process to
Canada it is important to mention that we do weekly videos in our Channel so if
you're interested in news and updates to guarding living studying working or
immigrating to Canada please follow us on social media because there is a lot
of nice content for you so first and foremost what is proof
of funds and why it is required the Government of Canada wants you and your
family to be prepared to settle down in Canada without any major concerns so for
this reason they require you to have what we call settlement funds which is
it is an amount based on LICO low income cutoff that will determine how
much your family needs to is staying Canada to establish themselves in Canada
without having the need of work LICO is a study made by the Government of
Canada that determine the low income cutoff meaning the minimum what is required
for a family to maintain themselves for a period of one year and for the proof
of funds for immigration process it is required half of the LICO this is
steady is updated every year and for the purpose of this video the amounts that
we are going to talk about it is valid until the end of 2020 one thing that's
very important to consider is that although you need to demonstrate that money you
don't have to pay anybody just have to show that you have the money available
now let's talk about who required to present proof of funds mostly the
economic problems require proof of funds so if we're coming through the
express entry, through federal skilled worker express entry through federal
skilled trades worker the self-employed program
atlantic immigration pilot problem are the rural northern pilot program you are
required to present proof of funds you are not required if you have a LMIA
or if you have already acquired Canadian experience in Canada with a valid work
permit most of provincial problems you also require for you to present proof
of funds but some of them will consider your annual salary as enough proof that
you have means to maintain yourself in your family in Canada so really depends
on the program a very common misunderstanding in who needs to provide
proof of funds is regarding having a job offer even if you have a job offer
and we are currently working in Canada you are still required to proof funds
unless this job offer was supported by a process called L M I A labor market
impact assessment so even if you have a job offer or you are currently working
Canada if you don't have LMIA you still need to demonstrate and present
with your application proof of funds now let's talk about how much is required
the amount of money that I needed to prove may vary according to the program
that you were applying to if we're applying through the express entry through
federal skilled worker or federal skilled trades worker if you're single
you are required to present in twelve thousand nine hundred sixty Canadian
dollars with your application if for a couple you are required to present
sixteen thousand one hundred thirty five Canadian dollars with your application
and for each additional family member usually it is added about thirty percent
of that amount so for example for a family of three people a couple and one
child it is acquired the amount of nineteen thousand eight hundred thirty
six for the Atlantic immigration pilot program the amount it is a way below
because the problem also is conceived during that you must have a job offer in
order to qualify for the problem for a single person you are required to
present 3,240 any for a couple the amount acquired is 4034 Canadian dollars
the same way 30 percent of this amount it will be added for each additional
family member now we are going to talk about the rural another pilot problem
which also has a different requirement regarding the proof of funds if for a
single person applying through the rural northern pilot program you are required
to present 8922 and for a couple you are required to present eleven thousand one
hundred thousand Canadian dollars if we would like to have access to the
complete list of how much money is required according to the number of
family members that you have and according to the program that you are
looking for please check our blog post available at a visa website and if you
want to know more about these problems have made videos about each one of them
so you can just go to our YouTube channel and check them out and are the
most common question regarding prove offenses how to prove they'll have the
money available the first important thing to say is that although the money
is required in Canadian dollars you don't need to transfer the money to
Canada you can present your funds in your local currency as long as the
conversion rate satisfies the equivalent amount required in Canadian dollars it
is important to say the money needs to have liquidity which means needs to be
money available and cannot be assets properties land or anything that you
cannot make it available right away the money also needs to be under the name of
the main application of the application in order to present proof you are
required to present a letter from the financial institution including the
information about the bank account that that was open and the balance for the
past six months another very common doubt is regarding having the money to
start planning your immigration there is some time that's required for you to
gather all the committee and get everything ready and the
financial proof is one of them I would say you are not required to have the
financial proof in order to start planning but when you start planning our
immigration you also have to start planning how you're going to present
them defense the money must be demonstrated for the past six months at
the time of application meaning after you are ready gathered everything
created their profile and also received invitations report
well if after watching this video if you're ready to start your immigration
plan please contact us our contact information is right below and if you
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us in our social media thanks for watching see you next time