aptechvisa logo
canada immigration process
Canada Immigration News
Home Canada immigration proof of funds

Canada Immigration Proof Of Funds - How to Show Proof of Funds For Canada Immigration
underline

If you’re applying for a Canada Immigration / PR visa, you must provide documentary evidence that you have enough money to maintain you & your family comfortably while you are in Canada.
You must submit proof that you have funds that will support your household during your employment search after you arrive. The minimum amount required for your application (canada Immigration Proof of Funds) is based on the size of your family, as listed in the table below.

Get a quote on your profile from an expert canada immigration proof of funds

What is proof of funds

A proof of funds (POF) is a document or bank statement proving that a person has the financial ability to perform a transaction.For instance, a POF is generally obligatory for people seeking mortgages as bankers are often more willing to issue them to those who have the sufficient funds to pay their mortgages off as opposed to those who cannot do so. Thus, a POF letter provides the selling or lending party with confidence that the funds are obtainable and legitimate.

Acceptable Evidence of Funds

The following funds will be accepted:

  • Personal chequing or savings accounts
  • Bonds
  • Cash value life insurance
  • Guaranteed Investment Certificate (GICs) or Certificates of Deposit
  • Mutual Funds
  • Provident Funds (an official letter from the provident fund organization indicating the amount of funds that are accessible is required)
  • Registered Retirement Savings Plans (RRSPs)
  • Stocks
  • Tax Free Savings Accounts (TFSAs)
  • Term deposits and time deposits (must be valid at the time of application and remain valid throughout the entire application process)
  • Treasury Bills
Number of Persons in Household Funds Required (in Canadian dollars)
One person $12,960
Two people $16,935
Three people $19,836
Four people $24,083
Five people $27,315
Six people $30,806
Seven people $34,299
For each additional family member $3,492

Canada Immigration Proof of Funds Must be Attached to Your Application.

They must:

  • Be official letters, official statements, and/or certificates from one or more financial institutions.
  • have been maintained at least 3 months prior to submitting your application and maintained throughout the entire immigration process.
  • Be in the name of the principal applicant and/or spouse only.

Fund statements must show a detailed transaction history for at least three months before the date your SINP application is submitted and must include the type of currency, fund holder’s name, contact information of the financial institution, account numbers, transactions and balances.


LATEST ARTICLES



OUR TESTIMONIAL


Pay Online

online payment

Stay Updated

News     Blog     Jobs