You will require proof of funds for Canadian immigration, particularly when you have plans of relocating to live in Canada as your base.
Proof of funds for Canada immigration is what you will display to Canadian immigration officials as proof that you have the needed amount of funds required to fund your living in the country for at least a year.
This is done to make sure that your living in Canada won’t be an added load to those who pay their taxes in the country.
Canada just wants to make sure that they don’t have to be held accountable for you and your family (if there is a need for it), so they don’t end up taking social benefits funds from the country’s treasury department to take care of your needs. Therefore, they make it a rule for new immigrants to exhibit proof of a minimum amount of funds that can be accessed without breaking a sweat on arrival in the country.
There are two programs that expect new immigrants to show proof of funds for Canada immigration; they are:
- Federal Skilled Worker Program (FSWP)
- Federal Skilled Trades Program (FSTP)
These two Canadian immigration programs work under the Express Entry Canada Immigration Program.
How to Show Proof of Funds for Canada Immigration?
All new immigrants’ proof of funds for Canada immigration must succumb to the Low-Income Cut-Off (LICO) list in Canada.
Your proof of funds for Canada immigration must also prove particularly that the money you are using as proof of funds is yours. Hence, you’ll have to pay off all forms of outstanding debt, this includes loans incurred in your home country for your proof of funds for Canada immigration to be considered eligible.
Your proof of funds should not be constrained in any way and applicants are also expected to forward proof of their distinct sources of income in their home countries. This is done so their proof of funds would be considered eligible.
The procedure of presenting proof of funds for Canada immigration requires applicants to submit an official letter that was issued by their respective banking institutions. This goes a long way to prove their present financial profile.
This shows that any kind of online bank statement or statement letter is not acknowledged or cannot be required as proof of funds for Canada immigration.
If the bank statement is found wanting or does not reach the Canadian benchmark, it can lead to disapproval of your Express Entry application by the IRCC (Immigration, Refugees, Citizenship Canada).
The only thing considered legit as your proof of funds is an official letter, issued directly from your bank. It must have the bank’s letterhead, properly printed and that shows in detail your financial profile.
The official letter from your bank must also comprise the contact information of your bank, also showing its address and different contact details; their email address and phone number should be included.
The official letter must also include all the bank accounts you control and their various account numbers in your home country, you should also include the date and time in which they were first opened. You should also include the current existing balance in the various accounts over the last six months.
For the last step, the official letter from the bank has to be signed off by an authorized bank official, denoting the coordinates of your signing official that will further be used to ensure proper contact with the said bank.
You can also use Provident fund money as proof of funds for Canada immigration. But then, this process would need a stamped certificate directly from a provident fund officer.
How Much Am I Required to Show as Proof of Funds for Canada Immigration?
The amount you are required to show as proof of funds solely depends on the type of Canada immigration program you are eligible to apply under. This also has to do with your decision to have a spouse or common-law partner (if need be) accompany you to live in Canada permanently.
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||$3,492|
An additional means of showing proof of funds for Canada immigration is by using instruments like the GIC. But this step would need you to own a bank account in one of the various Canadian banks, and it would require you to have funds put in the bank.
What Can I Use as My Proof of Funds for Canada Immigration?
You have to understand this, you must not have the complete amount of money expected to show as proof of funds for Canada immigration in just one bank account. Hence, applicants are given the room to use a combination of one or two different authorized financial institutions to show their proof of fund.
The list below might be included:
- An official letter from the bank showing your financial profile for the last six months;
- Proof of investments – fixed/term deposits;
- Provident fund
- Stock investment
- Money gifts from family relatives or other credible sources can also be included. Cash gifts gotten from family relatives or friends must particularly show that the funds gotten are primarily for you to use without any restriction whatsoever.
- Mutual Fund
The following template below shows how a gift deed content should be submitted as proof of funds for Canadian immigration.
The following must be properly specified in a money gift deed content for it to be included as proof of funds for your Canadian immigration:
- It should be noted on a government-stamped paper and signed on by an authorized officer.
- The name and your relationship with the person the funds are coming from as a gift must be included.
- The whole amount of money being gifted to you.
- The exact date the gift where being gifted to you.
- It must also make sure that the person giving you the funds as a gift won’t at any time request the money from you.
The following will not be considered 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 count, even if it is a trusted friend or relative. The only funds that can be considered are mutual funds from a spouse or the main applicant.
- Any illiquid financial instrument
You are also urged to have up to at least more than half (50%) of the needed funds in your bank savings before you even consider making use of any of the other above-mentioned financial instruments to use as for your Canadian immigration proof of funds.