When to show these proofs of funds?

The immigrant has to show these funds in their bank account once they receive the ITA (Invitation to Apply) from the Canadian government either through express entry or the provincial nominee program. If the immigrant has received the Notification of Interest (NOI) through express entry, then the funds must be 3 months older in their bank account. If the immigrant has received their Notification of Interest (NOI) from the Provincial nominee program, then their funds should be 6 months older in their bank account.

Ways to Show Proof of Funds

The following are some ways for the applicant to show proof of funds:

• Shares
• Bank balance
• Bonds
• Mutual Funds
• Tax free Savings account
• Treasury bills
• Provident funds
• Guaranteed Investment Certificate (GICs) or
• Certificates of deposit
• Savings accounts

How to Submit the Proof of Funds?

The fund statements in the applicant’s bank account must show a detailed history of transactions done by them; at least for the last three months before the application is submitted.

• The immigrant should submit an official letter from their financial institution with their phone number, e-mail, and residential address
• The letter should also include the principal applicant’s name and personal information
• Should submit bank account information as follows:
  • Opening date of the bank account
  • Bank Account number
  • The current balance in their account
  • The average balance in the past 6 months in their account
• List the outstanding debts like credit cards and loans
• The immigrant also can submit more than one official letter to prove his proof of funds, if he has deposited the funds in different banks

Proof of Funds for Students

As a foreign student or international student, to be eligible for a student visa; the student has to show a proof of sufficient funds or proof of encumbered funds in their bank account. This varies for Student Direct Stream (SDS) and Non- Student Direct Stream (Non-SDS).

Proof of Funds for Student Direct Stream

In Student Direct Stream, the student has to pay their 1-yeartuition fees and they have to submit Guaranteed Investment Certificate (GIC).

Proof of Funds for Non-Student Direct Stream

In Non- Student Direct Stream, the student has to pay their 1st term or semester fee and can show their living expenses as proof of funds.

Required Documents Needed For a Statement of Funds for Students

The students who immigrate to Canada to study also should show proof of funds in their bank account. They can prove their proof of funds through:

• Canadian bank account in their name, if they have transferred money to Canada
• Guaranteed Investment Certificate (GIC) from a Canadian financial institution
• Proof of student or educational loan from the bank
• Bank statement for the past four months
• Proof that they have paid their tuition or housing fees
• If they have any scholarship or are funded by a Canadian educational program, have to submit funding proof paid from within Canada

How Much Money You Will Need Based on Your Family Size?

The below table shows the required funds in Canadian dollars based on the number of family members:

Proof of Funds for Students and their Family Members

The following table shows the proof of funds for students and their family members in Canadian dollars:

Note: (the amount of funds required per year and per month is additional to the tuition of the students).