You will need proof of funds for Canada immigration, especially when you have plans of relocating to stay in Canada permanently.
Proof of funds for Canada immigration is what you will actually show to Canadian immigration officials as proof that you have the required amount of funds needed to fund your stay in the country for at least a year from the time of your arrival.
This just goes to ensure that your stay in Canada doesn’t add an extra burden on the country’s taxpayers’ money.
Canada just wants to ensure that they don’t have to be held responsible for you and your household (if applicable) having to take up social benefits’ funds from the country’s treasury department to cater for your needs. Thus, the need for new immigrants to show proof of a minimum amounts of funds that can be easily accessed on arriving to the country.
The two programs that require new immigrants to show proof of funds for Canada immigration are:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
These both Canada immigration programs fall under the Express Entry Canada immigration program.
How to Show Proof of Funds for Canada Immigration?
Every new immigrant’s proof of funds for Canada immigration must yield to the Low-Income Cut-Off (LICO) chart in Canada.
Your proof of funds for Canada immigration must also be able to indicate specifically that the money that you are showing as proof of funds belongs to you. Thus, you’ll be required to pay off all forms of pending debt, including loans in your home country for your proof of funds for Canada immigration to count.
Your proof of funds must be free from any restriction(s), and applicants are also required to show proof of their various sources of income in their respective countries for their proof of funds to count as well.
The process of showing proof of funds for Canada immigration involves applicants providing a letter officially issued by their respective banking institutions that shows their current financial profile.
This goes to say that any form of online bank statement or statement letter is not recognized for use as proof of funds for Canada immigration.
This could also lead to disapproval of your Express Entry application by the IRCC (Immigration, Refugees, Citizenship Canada).
What actually counts as proof of funds is an official letter from your bank, showing the bank’s letterhead, properly printed and showing your financial profile.
(PS: Your bank official letter must also contain the contact infornation of your bank, showing its address and various contact details (email address and phone number))
The letter should also contain all the bank accounts you own and their respective account numbers in your home country, alongside the date and time in which they were opened, and the current existing balance in each respective accounts for the last six (6) months.
Finally, the letter has to be signed off by an authorized bank official, indicating the coordinates of your signing official that will further be used to ensure due diligence directly with the bank.
And yea! Provident fund money is also accepted for use as proof of funds for Canada immigration. But still, this would require a stamped certificate from a provident fund officer.
How Much Am I Required to Show as Proof of Funds for Canada Immigration?
This amount depends on the type of Canada immigration program you qualify to register under. It also depends on your decision of having a spouse or common-law partner (if applicable) accompanying you to come and reside permanently in Canada.
Here is a quick breakdown of the minimum amount of funds required to be shown as proof of funds for Canada immigration (in $CAN) for each member of the family:
|Number of Family Members
|Proof of Funds
|For each additional member of the family
The Canadian government won’t require you to deposit any of the above-stated amounts to any bank account within the country or in any of its respective credit unions.
Another way of showing proof of funds for Canada immigration is with the use of instruments like the GIC. But this will require you to own a bank account in any one of the various Canadian banks, and actually have funds deposited in it.
What Can I Use as My Proof of Funds for Canada Immigration?
Please note, you are not expected to have the complete amount of money required to show as proof of funds for Canada immigration in just one bank account; rather, applicants are allowed to use a combination of one or two different approved financial instruments to show for their proof of fund.
This could include any of the following:
- Official letter from the bank showing your financial profile for the last six months;
- Proof of investments – fixed/term deposits;
- Provident fund
- Stock investment
- Cash gifts gotten from family relatives or other credible sources. Cash gift gotten from family relatives or friends must clearly indicate that the funds received are specifically for you to use without any restriction.
- Mutual Fund
The following template below shows how a gift deed content should be submitted as proof of funds for Canadian immigration.
Also, the following must be properly indicated in a cash gift deed content for it to count as proof of funds for your Canadian immigration:
- It must be stated on a government stamped paper and signed off on by an authorized officer.
- It must include the name and your relationship with whom the funds are coming from as a gift.
- Thetotal amount of money being gifted to you
- The date of which the funds where being gifted to you.
- It must ascertain that the person giving you the funds as a gift will never at any time ask to claim it back from you.
The following will not count as proof of funds for Canada immigration:
- Any form of online bank statement
- Money in a bank account that is not yours (it doesn’t matter if it’s a friend’s or close relative’s own). The only funds that can count here are mutual funds from a spouse or primary applicant.
- Any illiquid financial instrument
You are also advised to keep up to at least more than half (50%) of the required funds in your bank savings before even thinking of utilizing any of the other above-stated financial instruments to show for your Canadian immigration proof of funds.