There are plenty of reasons why people would want to immigrate to Canada. It’s a nation that provides a diverse range of sectors for people to apply to. Besides employment opportunities, accessible healthcare is one of its most recognizable systemic infrastructures. These two features alone are enough to convince anyone to consider a new life on new land.
Part of the requirements of immigrating to Canada is to present financial documents or proof of funds. In most cases, this requirement is to ensure that people immigrating and planning to settle in Canada will be financially stable. Requesting proof of funds is necessary even if you’re going to Canada for academic or employment opportunities, at least for the initial period of settling down in the country.
Immigration requirements: Proof of funds
If you’re planning to stay in Canada temporarily or permanently, you must present proof of funds with your visa or residence application. However, there are some exceptions to asking for financial proof. For example, applying for residence through Express Entry with a valid job offer may not require you to present proof of funds. Keep in mind that this will only apply in some cases, considering particular provincial rules and confirmation through a Labor Market Impact Assessment (LMIA).
The need to present your proof of funds
Immigration officials won’t accept all forms of financial documents as proof of funds. For example, equity and real estate funds don’t fit the category for approval since they aren’t liquid assets. Your proof of funds must be readily available for use, even across countries. For students planning to study in Canada, a third party sponsor from family or school must present a financial support letter that is acceptable as a proof of funds.
Requesting an official letter from your bank under your name is sufficient to provide your proof of funds. It must contain the financial institution’s contact information, your name, your outstanding debts, account numbers, balance, and a summary of your average balance for the previous six months. It’s best to let an immigration consultant double-check your paperwork before you include it in your application.
Different financial ranges for different purposes
The required amount that immigration officials will check for your proof of funds will vary, depending on the program you’re applying to. To illustrate, the credit balance for workers and students will be different. Additionally, the length of stay will also affect how much money you should have.
Students planning to study in Canada must show proof of having access to CA$10,000 per year, without including their tuition fees. If they will only stay for less than a year, a balance of at least CA$833 per month will suffice. However, the amount required may vary a little differently if you’re planning to study in Quebec. In contrast, workers who want to immigrate through the Federal Skilled Trades programs must show proof of having access to CA$12,960 at the time of entering Canada.
Although these figures are decent benchmarks, it will slightly vary depending on the program and if you will have additional family members who will immigrate with you. These values will also change every year, so it’s necessary to stay updated on these changes with an immigration agency.
The Canadian government needs to ensure that people moving to their country won’t be liabilities to their community. This is why it’s necessary to ensure that accepted immigrants will be financially stable during their stay in the country.
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