It is what you will present Canadian authorities as proof that you have enough money to maintain yourself and your family for at least a year when you arrive in Canada.
This is only to ensure that your visit to Canada does not place an additional financial strain on Canadian taxpayers. Canada does not want to withdraw funds from social benefits and other authorities within the country to cater for your requirements and the needs of your home throughout the period, so you will need to have a minimum amount of dollars at your disposal while coming to Canada to live permanently.
Essentially, the two (2) programs that would require you to present proof of funding for Canada immigration are as follows:
The Express Entry immigration program includes the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
As a result, this guide will break down all you need to know about evidence of funds for Canada immigration, so you can have a good estimate of how much money you’ll need when moving to Canada.
How to Show Financial Support for Canada Immigration?
Your proof of money must correspond to the Low-Income Cut-Off (LICO) chart in Canada.
The most crucial thing to remember when presenting proof of cash for Canada immigration is to show that the money you’re displaying is yours to use. That being stated, any outstanding loans or debts in your home country must be totally settled before your Canadian proof of funds may be accepted.
Your proof of finances for Canadian immigration must be embargo-free, and you must be able to present documentation of your source of cash in your native country.
You will be expected to present an official letter issued by the banking institution indicating your current financial profile when demonstrating your evidence of money for Canada immigration.
However, an online bank statement or a statement letter sent by mail does not qualify as proof of funds for your immigration to Canada.
The IRCC (Immigration, Refugees, and Citizenship Canada) has every authority to reject your Express Entry application if the proof of funds you presented was not an official letter from your banking institution.
The official letter from your bank must be a well-printed financial profile of yourself with the bank’s letterhead plainly visible. The letter must include all of your home country bank accounts and account numbers, as well as the date each account was opened and the current balance in each account for the last six (6) months.
Finally, the formal letter from your bank must be signed by an authorized bank officer and include the coordinates of your signing officer, which will be utilized later to permit direct due diligence with the bank.
Please keep in mind that the formal letter you receive from your bank must include include your bank’s contact information, which includes their address, phone number, and legitimate email address.
Furthermore, you can utilize your provident fund money as proof of funds for Canada immigration. However, this would necessitate obtaining a stamped certificate from your provident fund authorities.
The certificate appears to be as follows:
Your proof of funds would be requested of you on applying for the Express Entry immigration program, and you’ll need to submit it with no delay. This and other required documents should be uploaded on your Express Entry online profile.
How Much Money Do I Need to Show as Proof of Funds for Canada Immigration?
The amount of money you must show as proof of funds all depend on the type of immigration program that your application falls under. It’s also dependent on whether or not you’ll be having your spouse or common-law partner (if applicable) accompanying you to your stay in Canada.
The below table shows a general break down of the minimum amount of funds required (in $CAN) per family member that you must show as proof of funds for Canada immigration:
|Number of Family Members||Proof of Funds|
|For each additional family member||$3,492|
And NO!!! You won’t be requested to deposit any of this amount into any Canadian bank account or credit union. Your money can be kept in any financial institution outside the province of Canada.
Alternatively though, you can show your proof of funds by instruments like the GIC which will require you to have your funds in a Canadian bank.
What is Accepted as Proof of Funds for Canada Immigration?
It’s not compulsory that you have 100% of the total required funds in your bank account to show as proof of funds for your Canadian immigration. Your Canadian proof of funds can also come from a combination of different approved financial instruments as seen below:
- Official letter from your bank showing your your financial profile for the six months;
- Proof of investments – fixed/term deposits;
- Provident fund
- Stock investment
- Cash gifts received from parents, relatives or other credible sources. Note that any cash gift received from family members or friends must clearly spell out that the money is for you to use without any limitation and, that it is just a gift and not a loan.
- Mutual Fund
Below is a template for how you should submit a gift deed content as a proof of funds for Canada immigration:
For a cash gift deed content, the following must be included for it to count as a proof of funds for Canada immigration:
- It must be shown on a government stamped paper with an authorized person signing off on it.
- It must contain the name of the person gifting you the funds.
- Details of your relationship with the person gifting you the funds
- The exact amount of money being gifted to you
- The date of you getting the gifted funds
- It must mention that the person gifting you the funds will never at any time request to claim the money back from you.
All of the above must be uploaded to your Express Entry profile in the form of an official letter (not just a mere online financial statement) from your financial institution.
However, the following are not accepted to show as proof of funds for Canada immigration:
- Any form of online bank statement
- Money in someone else’s bank account (even though it’s a friend or close relative). The only funds counted as proof of funds here are mutual funds from primary applicant/spouse.
- Any illiquid financial instrument
Express Entry also recommends that you should maintain at least 50% more funds of the required amount in your bank savings before considering all the above listed financial instruments to show as proof of funds for your Canadian immigration.