Are you planning to join your Spouse in Canada Permanently you can do so with the help of Canada Spouse Visa. As per the Canada Spouse Visa latest news the Canadian government has recently updated the amount of money required to sponsor your spouse to Canada. This is a crucial news for those applying under the Canada Spouse Visa category or those who have already applied.
For a Spouse Visa applicant to remain eligible, you must update your settlement funds in your profile by June 2, 2024.
Why is the proof of funds an important requirement for Canada PR?
Proof of funds is a mandatory requirement to demonstrate you have enough money to support yourself and your spouse or any other additional member upon arrival in Canada PR . If invited to apply, you must provide written proof of these funds. The amount needed depends on the size of your family, including:
- Yourself
- Your spouse or common-law partner
- Your dependent children
- Your spouse or common-law partner’s dependent children
Even if your spouse, common-law partner, or children are Canadian citizens or permanent residents or not coming to Canada with you, they must still be included in the family size calculation.
New Updated Minimum Funds Requirement in 2024:
Illustrated below is the latest table showing the minimum amount of funds you need based on your family size:
| Number of family members | Funds you need (in Canadian dollars) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
If an applicant has more funds, then he or she should list the full amount in their profile or application.
What are the acceptable proof of funds?
Your funds must be accessible to you both the sponsor and the spouse at the time of your application and when a permanent resident visa is issued. You must prove legal access to these funds upon arrival in Canada. Acceptable proof includes:
- Funds that are not tied to equity on real property
- Funds that are not borrowed from another person
- You can use funds in a joint account with your spouse or common law partner, or in an account solely under your spouse’s name, provided you can prove access to the money.
What are the required documents to show your proof of funds?
For proof of funds, obtain official letters from your banks or financial institutions. These letters must be printed on the institution’s letterhead and include:
- The bank or institution’s contact information (address, telephone number, and email address)
- Your name
- Outstanding debts (such as credit card debts and loans)
- Details for each current banking and investment account, including:
- Account numbers
- Date each account was opened
- Current account balances
- Average balance for the past 6 months
This Canada Spouse Visa latest news is essential for applicants, especially those applying under the Canada Spouse Visa category, to ensure their settlement funds meet the new requirements and maintain their eligibility for immigration to Canada.
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