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Proof Of Funds for Canada PR

What is Proof of Funds?

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.

In which stage of the Canada PR Process proof of funds needs to be shown?

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.

How many Months old should my bank account be for Proof of funds Canada?

Your Bank account must be at-least 6 months old.

In whose name the bank account should be for Canada PR?

The bank account must be in either primary applicant or secondary applicant name Joint account within primary and Secondary applicant is also accepted.

What are the ways to show proof of funds?

How to submit Proof of funds for Canada PR?

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:.

  1. Primary Applicant name
  2. Personal information
  3. opening date of the account
  4. Bank account number
  5. current balance in the account
  6. average balance in the last 6 months

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?

Number of family members Funds Required in CAD $ Funds required in INR 1 CAD = 60 INR (Approximately)
1 13,213 7,92,780 INR
2 16,449 9,86,940 INR
3 20,222 12,13,320 INR
4 24,553 14,73,180 INR
5 27,847 16,70,820 INR
6 31,407 18,84,420 INR
7 34,967 20,98,020 INR
3560 for every additional family member 2,13,600 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
Frequently Asked Questions (FAQ)
Can I show FD as Proof of funds for Canada PR?

Yes, Fixed deposits are accepted as Proof of Funds for Canada. FD can be either in primary or secondary applicant name.

Can Proof of funds be shown in my home country (INR,USD,AUD) Currency?

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

Can I immigrate to Canada without Proof of funds?

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.

Will Loans be accepted as Proof of Funds for Canada PR?

No, Loans are not considered and not accepted as Proof of funds for Canada PR.

Which banks in India can provide proof of funds Document/Letter 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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