To immigrate to Canada permanently, one of the requirements is Proof of Funds. This document serves as proof of your financial stability and that you have the necessary funds to support yourself and your family for a year after arrival in Canada. This requirement is put in place to ensure that your stay in the country does not become a burden on Canadian taxpayers.
Canada wants to avoid having to use social benefits and other resources to support you and your family during your stay. As a result, you must have a certain amount of money in your account to be eligible for permanent residency.
Two programs within the Express Entry Immigration Program, the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP), require Proof of Funds for immigration.
This article will provide you with all the information you need about Proof of Funds for immigration to Canada, including the amount of money required for the process.
How do you Show Proof of Funds for Canada Immigration?
It’s important to note that the Proof of Funds you submit must meet Canada’s Low-Income Cut-Off (LICO) chart. When presenting your Proof of Funds for Canadian Immigration, the most critical factor is to clearly demonstrate that the funds are readily available to you.
Before your Proof of Funds will be considered valid for Canadian immigration, any outstanding loans or debts must be paid off.
The process of submitting your Proof of Funds requires an official letter from your bank, which displays your recent financial information. An online bank statement or a statement letter received by mail is not considered valid proof by the IRCC (Immigration, Refugees, Citizenship Canada).
The official letter from your bank must be clear and contain the bank manager’s header and signature, as well as your financial information, including all your account numbers, the dates each account was opened, and the recent balance for each of the last six months.
Additionally, the official letter from your bank must include the bank’s contact information, such as an address, a valid email address, and a phone number. Your Provident Fund certificate, stamped by the provident fund authority, can also be used as proof of funds for your immigration to Canada.
Upon applying for the Express Entry Immigration Program, you will be asked to submit your Proof of Funds, along with any other required documents, in a timely manner. These documents must be uploaded to your Express Entry online profile.
How much money is required as Proof of Funds for Canadian Immigration?
The amount of money required as proof of funds for your immigration application varies based on the type of program you are applying for and whether you are traveling with a spouse or common-law partner.
Don’t worry, you won’t be asked to deposit the funds in a Canadian bank or credit union. Your money can be kept in a bank outside of Canada. Alternatively, you can provide proof of funds through a Guaranteed Investment Certificate (GIC) which requires the funds to be deposited in a Canadian bank.
What is accepted as Proof of Funds for Canadian Immigration?
There is no legal requirement that all the necessary funds for immigration to Canada must be held in a personal bank account as proof of funds.
Instead, proof of funds can be demonstrated through various official financial vehicles, such as those listed below.
- This can be an official letter from your bank of all your records for the period of six months.
- Proof of Investment
- Stock investment
- Provident Fund
- Mutual
Cash gifts from family members, parents, or other trustworthy sources are acceptable as proof of funds for immigration to Canada. It is important to ensure that the cash gifts received clearly indicate that they are intended for personal use and not as a loan.
If you need assistance, here is a guide on presenting a gift deed package as proof of funds during your immigration process to Canada.
- The written document must have the signatures of authorised individuals and must be in a government approved letter.
- Bear the name of the person sending the cash.
- Tell how you relate with the person.
- The amount of cash being sent
- The date you will recive the gift.
- It will also state that the person will not need a refund of the gift.
The document will have to be submitted via an express entry profile from a letter by your bank.
Here is a gift deed template:
However, certain financial instruments will not be recognized and should not be utilized as proof of funds for immigration to Canada. The following forms of currency are not permitted to be presented as evidence of financial resources:
- Cryptocurrency
- Jewellery
- Vehicle
- Real Estate
- Any online bank statement
- Property
- Any liquid financial instrument
- Share and bonds
Cash in someone else’s bank account, regardless of the individual’s relationship to you. The only acceptable form of funds is joint money from the primary applicant and/or their spouse.
To be considered eligible to use these mediums as proof of funds, you must maintain a minimum balance of 50% more than what you currently have in your bank account.