Proof of Funds Canada
What is Proof of Funds?
The immigrants who wish to settle in Canada should have sufficient amount of money to support them and also their family. They should show some amount of money as proof funds; this varies based on the members of the applicant’s family, who wish to immigrate with them. The immigrant can show their funds as recurring deposits account, or fixed deposits in their bank account. If the immigrant is migrating to Canada through express entry or Provincial Nominee Program, then they submit proof of funds. In case, if the immigrant is moving to Canada through CEC, Quebec Nominee Program, or through job offer then they need not submit any proof of funds.
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:
- Bank balance
- Mutual Funds
- Tax free Savings account
- Treasury bills
- Provident funds
- Guaranteed Investment Certificate (GICs) or C
- 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 GuaranteedInvestment 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:
|Number of family members||Required funds (in Canadian Dollars)|
|7||$ 34, 967|
|For every additional family member||$ 3,560|
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:
|No. of persons coming to Canada||Amount of funds for a year||Amount of funds for a month|
|The student||$ 10,000||$ 833|
|First family member||$ 4,000||$ 333|
|Additional accompanying family member||$ 3,000||$ 255|
Note: (the amount of funds required per year and per month is additional to the tuition of the students).
Frequently Asked Questions
What is accepted as proof of funds Canada?
An official authorized letter from a bank or a financial institution where an applicant is holding funds confirming the balance available in his/her savings account, fixed or recurring deposits, gift deed, PF account balance, and other short term investments in gold, shares, bonds, etc which can be easily liquidated will be accepted as proof of funds.
How can I move to Canada without proof of funds?
If an applicant immigrates to Canada through the Canadian Experience Class, Quebec Nominee Program, or through a qualifying job offer, proof of funds would be exempt.
Can the proof of funds be submitted in my Currency (Example USD, INR, etc.)?
Yes, proof funds can be shown from your home country’s Bank account. You can ask your banker to provide the CAD value of your funds in the balance certificate on the date of issue; However, CIC will calculate the equivalent in CAD using the exchange rate.
Can I show FD as proof of funds?
Yes, cashable fixed deposits in the name of the applicant or any person accompanying your spouse or common-law partner can be shown as proof of funds.
Talk to our Experts
Croyez Immigration is providing efficacious immigration services to fulfill the dreams of aspiring clients who wish to immigrate to a new country, we sincerely work to give you the best life you deserve. We are experts in processing almost all the categories of Canadian Immigration programs like Express Entry, General Skilled Migration, and other temporary visas. Canada, being the land of opportunities always heads up to welcome the potential immigrants and so we help you explore all the possibilities to change your life, Contact the expert consultants of Croyez Immigration for prompt assistance.