The reason the Canadian government insists on “proof of funds” is to prove that you are able to sustain yourself when you move to Canada.
You must show the funds prior to applying for the visa after getting the Invitation to Apply under Express Entry.
If you are applying for permanent residence in Canada you must provide an official letter issued by your financial institution indicating your financial profile. This must be on of the following
- All your bank (chequing and savings)
- investment accounts
- list all outstanding debts, such as credit cards and loans.
And you must list the account number and dates each account was opened and the balance of each account over the past six months.
All information must be printed on the official financial institutions letter head and must mention your name and contact details along with the institutions name and contact details.
The amount one must show as proof of funds varies depending on the number of dependants. As per the IRCC website the list is as follows
- Single Applicant – 12,475 CAD $
- Married couple – 15,531 CAD $
- Couple with a child (3 persons) – 19,093 CAD $
- Approximately 4,000 CAD $ for each dependant thereafter.
Stocks, Bonds, Shares, Debentures, Mutual Funds, Treasury bills etc all are accepted as proof of funds along with the regular Fixed Deposits, Savings Accounts, Current accounts etc.
It is important to note that one cannot borrow this amount from another person and all the capital should be accessible to you and should be either in your name or if your spouse will be coming with you, then his / her name.
It is required to prove that this money is accessible to you at any time, hence it is preferred to have them invested in liquid assets such as the ones mentioned above.
To know more about proof of funds requirement during Canada immigration please visit http://www.dreamvisas.com/Canada.
Manoj Palwe is an authorized immigration consultant and a member of the ICCRC.