When applying for a Canadian visa either a work, study, or tourist visa, you need to provide proof that you have sufficient funds to sponsor yourself throughout your stay in Canada. It is an essential requirement before you will be issued a visa.
Your proof of funds assures the visa officer that you will not be a burden to the country when you arrive, you won’t have to depend on social relief materials. You can show proof of funds in different ways and in this guide, we will show you the accepted ways to show proof of funds.
What is proof of funds?
Proof of funds is a document required by the Canadian immigration authorities to ensure that as a visa applicant, you possess enough money to settle and support yourself in Canada when you arrive. This requirement varies based on the type of immigration program you are applying for, such as Express Entry, Provincial Nominee Program (PNP), or Family Sponsorship.
Calculating the required funds
The first step you will take in demonstrating proof of funds is for you to understand the amount you need to show to the visa authorities.
The required funds depend on the size of your family and are updated annually, if you are migrating to Canada with your family members, the amount will be higher than when you are moving to Canada alone.
This also applies to the immigration pathways through which you are migrating to Canada, if you are moving through the Express Entry program, the amount you need is different from what you need if you are moving through the study route.
To calculate the exact amount, you need, visit the official Immigration, Refugees, and Citizenship Canada (IRCC) website.
Acceptable proof of funds documents
The Canadian immigration authorities accept various types of financial documents as proof of funds. They include:
- Bank statements: Presenting your official bank statements is one of the most common ways to prove your financial capacity. The bank statement you will provide needs to cover a specific period, usually six months, and it must show all transactions you made during that time, including incoming and outgoing funds. The statements should be on the bank’s official letterhead, indicating your name and the account number.
- Bank drafts: Bank drafts are official documents issued by a bank, serving as a guarantee for the payment of a specified amount of money. You can present a bank draft; it is accepted as proof of funds if it is not older than three months from the date of issue.
- Proof of investments: If you have investments such as stocks, debentures, bonds, mutual funds, etc., you can provide documents that support your investments. For example, you can provide statements from the financial institution or broker where your investments are held.
- Proof of property or real estate: If you own property or real estate, you can use documents such as property deeds, land titles, or mortgage statements as proof of funds.
- Letter of employment: If you have a valid job offer in Canada, you can provide a letter from your employer, it will serve as proof of funds. The letter should include your job title, salary, and the length of your employment contract.
- Education loan: If you have taken an education loan, you can provide the loan sanction letter from a recognized financial institution. This letter should clearly state the sanctioned amount, terms, and conditions of the loan.
- Sponsorship undertaking: If someone in Canada is financially sponsoring your immigration, you need to ask the person to provide a formal letter of sponsorship along with their financial documents. You can then use their letter as proof of funds.
- Affidavit of support: In cases where friends or family members residing in Canada are supporting you financially, you can get an affidavit of support from them and use it as proof of funds.
- Property valuation: If you own agricultural land or a business, you can provide an official government valuation document. This document will state the current market value of your property or business, you can use it as proof of funds.
- Fixed or time deposit statements: If you have fixed or time deposits in a bank, you can provide statements from the financial institution confirming the amount and maturity date of the deposit, the statement will be used as proof of funds.
Tips for successful proof of funds submission
- Validity: Before you submit your proof of funds, make sure that the documents are recent and within the specified timeframe mentioned in the application guidelines.
- Translation: If your documents are not in English or French, provide certified translations to avoid delays in processing.
- Organized documentation: Do not submit your documents without neatly organizing them. Highlight every relevant information in each document.
Conclusion
The amount required in your proof of funds differs from one visa type to another, before starting your visa application, ensure you get the accurate amount required for your type of visa and present a proof of funds that has more than the required amount. The more convincing your evidence of available funds is, the better your chance of getting your visa approved.
More Related Content
- Documents You Can Use as Proof of Funds When Applying for a Canada Study Visa
- 10 Reasons to Open a Checking Account
- Canada Visa Application – Canada Visa Application Requirement for Minors
- Canada Student Visa – How to Apply for Canada Student Visa
- Documents Required to Apply for an Open Work Permit in Canada
