Proof of funds are required to support yourself in Canada during your first month of stay in Canada in other terms uttered as Show money or proof of funds
Potential Immigrants looking to settle down in Canada under PR must prove to the Canadian government that they have sufficient funds to take care of them and their family in the initial stages of reaching Canada. Proof of Funds are also called Settlement Funds or Show Money.
Proof of Funds is mandatory for Canada PR process. But during the initial stages of the process proof of funds is not necessary. Once we receive ITA (Invitation To Apply) from the Canadian Government we must submit a Proof of funds Document along with other documents to be verified by the government. On an Approximation we might require proof of funds in 6 to 8 months of the process.
Your Bank account must be at-least 6 months old.
The bank account must be in either primary applicant or secondary applicant name
Joint account within primary and Secondary applicant is also accepted.
A Detailed statement of the last 3 to 6 months is required. The statement must be in the form of a letter from your banking partner.
The Letter must include the details furnished below:.
What is not Accepted as Proof of Funds for Canada PR?
Jewels
Assets
Loan
Liquid cash
Money borrowed from friends or relatives
How to submit Proof of funds for Canada PR?
This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023.
| Number of family members | Funds Required in CAD $ | Funds required in INR 1 CAD = 60 INR (Approximately) |
|---|---|---|
| 1 | 13,757 | 8,26,075 INR |
| 2 | 17,127 | 10,28,436 INR |
| 3 | 21,055 | 12,64,303 INR |
| 4 | 25,564 | 15,35,058 INR |
| 5 | 28,994 | 17,41,022 INR |
| 6 | 32,700 | 19,63,558 INR |
| 7 | 36,407 | 21,86,155 INR |
| 3706 for every additional family member | 2,22,536 INR |
When do I need not show Proof of funds?
If you qualify under CEC stream under Express Entry Proof of funds is not necessary
If you have a valid LMIA job offer from a Canadian Employer Proof of Funds is not mandatory
How to show Proof of funds for Canada Study visa:
For SDS stream:.
GIC is mandatory (Guaranteed Investment certificate). The student must have paid the 1st year tuition fee. A minimum of 10,000 CAD$ must be shown.
For Non SDS stream:.
Student can just pay 1st term tuition fee or Semester fee and can show around 3 to 4 lakhs on an average for their living expense in Canada.
My spouse is Accompanying me with Open work permit along with my study visa how can I show proof of funds?
| Person Count | Funds Required in CAD $ | Funds required for a month in CAD$ |
|---|---|---|
| Student | 10,000 | 833 |
| 1st family member (Spouse or Child) | 4000 | 333 |
| Additional family member (Spouse or child) | 3000 | 255 |
Yes, Fixed deposits are accepted as Proof of Funds for Canada. FD can be either in primary or secondary applicant name.
Yes, Proof of funds can be shown in your home country bank account and currency however the equivalent CAD funds are required to be maintained
No, Proof of funds is mandatory you cannot immigrate to Canada without Proof of funds. However, qualifying under CEC stream, QNP (Quebec Nomination program) or Owing a Valid LMIA job offer can be proof of funds exempt.
No, Loans are not considered and not accepted as Proof of funds for Canada PR.
All financial institutions registered under RBI and following RBI guidelines can provide Proof of funds letter/Document.
You must hold an account with your financial institution and it must be minimum 6 months old to be considered for Proof of funds document.
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