Remember, furnishing the financial eligibility is important to acquire a visa in the Immigration process in Canada. Even the local school admission needs financial documentation, the Canadian visa application requires the applicants to demonstrate their financial stability through genuine documentation. Proof of Funds for Canada Immigration is provided to ensure that to can support your stay in Canada without relying on Government assistance.
In this blog, you will find all the details and information about the financial requirements needed for the successful immigration process which us needed for the importance of meeting the Canada PR financial requirements.
What is Proof of Funds?
Proof of Funds is one of the mandatory documents to be submitted to the IRCC to evaluate the profile and the application of the applicant. It is to determine whether the applicant meets all the requirements financially for themselves and their dependents while staying in Canada. The funds that are shown in the proof documents should be readily available and legally obtained. And also important to note that IRCC does not accept applications that show proof of funds or non-liquid assets like property equity.
Some of the accepted documentation and forms by the IRCC to evaluate the application are listed below:
- Bank statements
- Investment accounts
- Guaranteed Investment Certificates (GICs) for students.
Who Needs to Show Proof of Funds?
Not all applicants are required to submit documents of proof of funds:
Programs that require proof of funds:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
- Provincial Nominee Programs (PNPs), except specific streams
Programs that do not require proof of funds:
- Canadian Experience Class (CEC)
- Quebec Nominee Program
- Applicants with a valid job offer
If the applicant falls under the prgram that do not require proof of funds category, then they have submit the the letter of explanation about the situation. However, it is advisable for every category applicants to keep the funds up to date as the he system may find that you are eligible for more than one program.
How Much Money is Required?
In the table below, you will find the statistics of Canada’s low-income cut-off for Proof of Funds Canada. These numbers are updated annually by IRCC, demonstrating the finances needed for the family size. As of June 3, 2024, the required funds are:
These listed amounts are the requirements that are accepted for the Express Entry applicants. The students travelling to study require different funds may vary depending on the province or territory.
Acceptable Forms of Proof of Funds
Along with the application, to demonstrate your financial stability, you can provide:
- Bank Statements: The statements for a minimum of 3-6 months are mandatory, the statement must show consistent balance.
- Cashable Fixed Deposits: These documents are needed in the name of the applicant, spouse, or common-law partner.
- Guaranteed Investment Certificates (GICs): This document should be furnished by the students studying in Canada.
- Investment Statements: Some of the other documentation includes Stocks, bonds, and mutual funds.
It is important to make sure that the funds are accessible and not being borrowed. You have show the funds that are state by the IRCC during the application and also when the permanent resident visa is issued.
How to Present Proof of Funds
When you provide the proof of funds, they may also include official letters from financial institutions. In such cases, it is important to include the following details listed below along with the application:
- Institution’s contact details - The proof furnished should be genuine and communicable while doing background verification by the visa officials. The major contact requirement of the institution are address, phone, email.
- Applicant’s name and the bank or financial institution’s account details
- The details of the account opening date, the current balance in the account, and the 6-month average balance statements
- If you are showing funds through the foreign currency accounts, the amount should be provided in CAD, the conversion to CAD is calculated using the exchange rate on the date of issue.
Common Mistakes to Avoid
The applicant should not give room for any errors, they should provide all the needed requirements and be free of any arrears. By being consistent and genuine by providing all the documents, then the application have the chance of getting approved. But committing any of the errors and mistakes can lead to delay in processing time or sometimes rejection of the visa application.
- Insufficient Funds: In the case of the fund part, the applicant must ensure that they meet the minimum requirements
- Using Borrowed Funds: Funds that are shown to be accessible for ready use and must be legally the applicant’s
- Inadequate Documentation: It is mandatory to check that all the documents are official, complete, and up-to-date
- Not Maintaining Funds: Do not use the amount in the account or transfer to any other account; it is required to show the funds in the account until a final decision is made by the Immigration.
Alternatives if You Lack Sufficient Funds
If the applicant does not have sufficient funds, here are the alternative solutions:
- Delay Application: The applicant can postpone the application until they acquire sufficient savings in their account
- Explore Loans: The applicant can get financial support from the friends or family, all those finances acquuired from them must be financially documented.
- Apply for Programs Not Requiring Proof of Funds, The applicant can opt for the program that does not require any proof of funds like the Atlantic Immigration Program.
How Croyez Immigration Can Help
At Croyez Immigration, we offer:
Expert Guidance: Croyex helps in assisting with to preparation of the proof of funds documents and advises you with the appropriate solution according to your profile and story
Application Support: Croyez helps the applicants for Express Entry and PNP applications.
Personalised Assistance: Croyez provides personalised support and a strategy drafted for each profile to avoid application rejections.
Conclusion
It is important to furnish proof of funds in the Canada PR visa process. And also, it is important to meet the Canada PR financial requirements to increase the chance for the approval of the application. Applicant should have a proper plan befire the application process and have proper strategy or seek the expert guidance. Reach out to the best consultant like Croyez Immigration to process your application to enjoy the process with Proof of Funds for Canada Immigration. Contact Croyez Immigration today for a free consultation and expert assistance.
