Tips on proof of funds and different ways you can prove your funds

By Nneka Odilichukwu

Before deciding to apply for express entry, work and study visa. visit visa or just for tourism, you must be able to show that  you can take care of yourself , when you get to your host country.

You need to have the right amount of money in your account, for adequate living expenses. 

It's one of their requirements and among the documents you'll asked to upload, during filling of form.

For example, the proof of funds for the Canadian student visa is CA$10,000 at present, for every year of your stay.

But in Quebec the amount of funds required per year of your stay is CA$11,000

YOU CAN PROVE YOUR FUNDS BY

• Proof of a Canadian bank account in your name, if you have transferred the money to Canada.
• Investment Certificate (GIC), from a participating financial institution.
• Your bank statement for the past 4 months
• Proof you paid tuition and housing fees
• Proof a student education loan from a bank.
• A letter from school or person giving you money
• A bank draft that can converted  to Canadian .
• Proof of funding paid from within Canada, if you have scholarship or in a Canadian educational funded program. 

PROOF OF FUND FOR EXPRESS ENTRY

To meet the minimum requirements for express entry, proof of funds is also needed. All candidates are required to show proof of funds and this proof of finds must be readily available.

The Government of Canada has introduced a slight increase to its settlement funds requirement and is urging Express Entry candidates to ensure their profiles reflect the change. 

The increase raises the required minimum settlement funds by just over 1.5 per cent for each family level.

For a single person arriving unaccompanied in Canada, this translates to an increase from $12,474 to $12,669.

All Federal Skilled Worker Class and
the Federal Skilled Trades Class
candidates must show proof of funds, which are required to ensure the principal applicant and her/his accompanying family members have the means to support themselves financially upon landing in Canada as permanent residents.

Canadian Experience Class candidates who are working in Canada on an eligible work permit are exempt from having to prove
they have the minimum settlement funds.

However, Canadian Experience Class candidates invited to apply for Canadian permanent residence through the Federal Skilled Worker Class will have to show proof of funds.

The total amount of money needed to support your family, depends on the number of family members, which includes

• Yourself
• Your spouse or Partner
• Your dependent Children

The total amount of money needed as proof of funds, required for express entry and the amount for each accompanying family member are HERE.

The  total cost depends on the number of family members.

We can guide you through your Express Entry process.