Proof of Funds Requirement for Canada Immigration 2020
Canada is a beautiful country with as many as 60 immigration programs offered by CIC– the immigration authority of the country. There are some programs out of these that require you to showcase Proof of Funds. This is because the government of Canada has to be assured that you are having enough finances to sustain yourself and accompanying family members in the country. The candidates must also be able to meet the daily cost of bread and butter and also a decent accommodation till the time he/she finds a Job in Canada. Thus, need for settlement fund is there.
There are some Provincial Nomination Programs that have a mandatory requirement of enough settlement funds in order to be eligible to apply for immigration.
To apply for the Canada Permanent Residency, the necessary things which you have to show to the Canadian Government to make your file strong is the Funds in your Bank account. Canadian Government required this to submit in your Filing because they wanted to check that whether the Candidate is able to survive in the foreign country or not. As not country want candidature who will survive below the poverty line of the country. To show the funds in your bank account is the compulsory step to follow to apply for the Canada Permanent Residency.
You have to show that funds in the form of Redressal Deposits in your Bank Account, Fixed Deposits in your Bank Account or in the form of Liquid Cash Deposits and GOLD or property would not be counted in the form of showing funds.
Now the question will arrise that- when you have to show funds? Once you received your Invitation or Nomination Letter from the Canadian Government whether by Express Entry or either by Province Nominee Program at that time you have to show your bank statements to show the fund in your bank account. If you receive the nomination Letter by the Express Entry then the funds must be 3 months older in your account but if you received your Nomination Letter from Province Nominee Program then your funds must be 6 months older.
As a Proof of Fund, Canada accepts the following liquid assets:
– Stocks (Shares, Debentures, treasury bills, etc.)
– Bank balance (cheques, deposits, etc.)
The Proof of Fund is required to be maintained few months before the time of filing of the application for Canada PR and it must be maintained till the time of your first land in Canada post grant of PR visa. Note that any kind of borrowed money or leased asset cannot be showcased as Proof of Fund.
Your minimum requirement for Settlement Fund goes up with number of family members accompanying. More number of family members more is the requirement of funds to sustain them.
As of January 5, 2017 following is the fund required to be maintained as Settlement Fund:
|Number of family members||Funds required|
|7 or more||$33,528|
Financial Instruments accepted as proof of funds: in 2020
Canadian authorities accept only those funds which are dissolvable or in other words readily available to you. Thus funds which are cashable like cash and equivalent are allowed to be showcased and other equity on real property cannot be showcased as proof of settlement funds.
Also note that these funds must be available with you both when you apply and when you are issued a permanent resident visa. You must be able to prove to an immigration officer that you can legally access your funds once you settle in the country.
The following are the financial instruments that are taken as proof of finances by IRCC:
Financial Letter(s) which must:
- be printed on the financial institution’s letterhead only
- consist of financial institute’s contact information (address, telephone number and email address)
- consist of your own name
- list all the outstanding debts such as credit card debts and existing loans
Include, for each current bank and investment account:
- account numbers
- the date each account was opened
- the current balance of each account
- the average balance for the past six months
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