How to Show Proof of Funds for Canada Immigration?
Are you planning to immigrate to Canada? Congratulations on taking this exciting step! One crucial aspect of the immigration process is proving that you have the financial means to support yourself and your family upon arrival. In this blog post, we will guide you through the process of showcasing proof of funds for Canadian immigration.
Understanding the Requirement
The Canadian government requires immigrants to demonstrate that they have sufficient funds to settle in the country. This requirement ensures that immigrants can support themselves and avoid becoming a burden on the Canadian social welfare system. It is also important to note that the minimum required is updated every year to align it in line with living expenses. It is very important to have up to date information on the proof of funds requirements
Acceptable Proof of Funds
To meet the proof of funds requirement, you must show liquid assets that are readily available to you. Accepted forms of proof include cash, stocks, bonds, fixed deposits, or other financial instruments that can be easily converted to cash. It’s important to note that property, such as a house or car, cannot be used as proof of funds.
Minimum Required Funds
The amount of funds you must show depends on the number of family members accompanying you to Canada. As of 25 April 2023, the minimum required funds are as follows:
| Number of family members including the applicant | Fund required (in Canadian Dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7, for each additional family member | $3,706 |
Demonstrating Proof of Funds
When it comes to demonstrating proof of funds, you must possess the funds in your own account or in a joint account with your spouse or common-law partner. If using an account other than your own, you may need to provide additional documentation to prove your legal access to the funds.
Timeframe for Proof of Funds
It is important to ensure that your proof of funds is up-to-date when submitting your application. Funds must have been held for at least six consecutive months prior to your application. This requirement ensures that you have a stable financial base upon which to start your new life in Canada.
Additional Considerations
When providing proof of funds, it’s essential to include all required documents, such as bank statements, investment statements, and/or official letters from your financial institution. Ensuring that these documents are clear, accurate, and translated into English or French, the official languages of Canada, will help meet the requirement.
Showing proof of funds is a vital component of the Canadian immigration process. By following the guidelines outlined above, you can successfully meet this requirement and move one step closer to fulfilling your dream of immigrating to Canada.
If you have any further questions or need more information, seek guidance from a qualified immigration consultant. You can book a consultation for case-specific queries.
Turningstone Immigration Consulting is a full-service Immigration consultancy. Our services are provided by a Regulated Canadian Immigration Consultant (RCIC-IRB).
We deal in all types of immigration-related applications, like Permanent Residence (PR), Study Permits, Work Permits, PGWP, Visit Visa (Temporary Resident Visas), Super Visa, Family Sponsorships for PR Applications, Refusals, and much more. Contact Us Today.
