Canada Proof of Funds
You will need to be able to show that you will be able to live in the country you are moving to as part of your immigration plan. So, proof of funds is needed.
Some people don’t understand how the proof of funds works. The goal of this article is to teach you everything you need to know about proof of funds.
First, let’s talk about what “proof of funds” means and why you need it.
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What is Proof of Fund Canada and Why it is Needed?
This is basically a letter that looks like a bank statement and shows how much money is available for a certain purpose.
So, you need to show that you can take care of yourself in terms of the main reason you are moving to the country you are moving to.
In places like Canada, immigrants don’t always have to show proof that they have enough money to live there.
Who needs Proof of Fund in Canada and who doesn’t?
People who want to live in Canada must show proof that they have enough money.
- Federal skilled Worker Program
- Federal skilled Trade Program
There are some groups of people who might not need proof of funds.
- People who use the Canadian Experience Class to apply
- People who already have a job offer and are allowed to work in Canada. It doesn’t matter if they apply through the Federal Skilled Worker Program or the Federal Skilled Trade Program.
Please keep in mind that this is only for Canada. If you want to apply for a job in another country, make sure to find out more.
Proof of Funds: Everything You Need to Know
This page has all the information you need to know about proof of funding. It tells you what you need to know and pay attention to while getting it ready.
1. How much cash you need.
How much money you need depends a lot on how many people are in your family. If you have a family member in Canada, you’ll need about $13,310. You should add $3586 for each family member. This is something only Canada has.
If you are going to be an international student in Canada, your proof of funds will be the sum of your tuition fee for one year and the amount you will spend on living expenses for one year (expenses). This is the bare minimum for students from outside the U.S.
Canada’s official site on immigration says that the cost of living is about $10,000 per year. If you are a student and want to bring a family member with you, it will change how much it will cost you to live there. The costs of living will be $14,000. That’s an extra $4,000 for the first person in the family. If you have anyone else, most likely a child, you have to pay an extra $3,000. That adds up to $17,000.
So, you can see that how big your family is has a lot to do with this proof of funds.
2. You can show other kinds of money in the proof of funds.
A Guaranteed Investment Certificate is another way to show that you have money. This is a situation in which you give a certain amount of money to a Canadian bank. The bank will decide how much money will be sent to you every month from the money you gave them.
Assets and investments are another way to do it. These can also be used to show that you have money. If you own a house in your home country, or if you own multiple houses that you rent out to different people, you may be able to buy a car. It could be stocks, bonds, or something else. Also, they are a kind of fund.
You can list or talk about them in your proof of funds, but they shouldn’t be the main focus. The money should be the most important.
Then, if you get some kind of help when you come to the country, that could also be helpful. Most likely, you have a family member who lives in the country you want to move to and can give you a place to stay, food to eat, and money to get by.
You can also show proof with your school fees receipt and your flight receipt. Show the receipt for what you bought.
3. If you are a student, figure out how many years you will be in school.
Now, this can get complicated. If you are going to school for two years, you will need to figure out how much money you will need. This will almost certainly make your chances better.
4. Let it be natural as possible
Now, this must make sense. You can’t expect to get approved if you’ve only had a bank account for three months and have only made a few small transactions. Then, all of a sudden, a huge amount of money comes in. It looks like the proof was faked to get approval, which is very strange.
If you ever got a lot of money, it’s best to explain what it’s for so it doesn’t have as much of an effect on you.
5. Even if you have a Guaranteed Investment Certificate, you still need to show your bank account.
Even if you have a GIC, you still need to show your bank account. This way is better. Most GICs are between $10,000 and $50,000. That can really help you get money to pay for your living costs. Because of how GIC works, it may not be easy to prove tuition fees.
6. There’s still a chance, especially if your main source of money is from renting.
You might want to use the houses you’ve put up for rent as proof that you have money. This is almost always an extra, not the main thing.
You can use it if the money keeps coming in and is a lot. Make sure they know how much you are making each month from it.
This will show that it is pretty safe and secure to count on it.
7. Even if you have people who will help you, you still need a bank statement.
You might be lucky enough to have family or friends who can put you up and feed you. This will cut down on your costs. But there are more costs than just these. So, showing the bank statement is still a good idea.
8. If you are getting help, you will need to show proof.
You will need an affidavit of support, your income tax return, a copy of your pay stub, and your bank statement.
The affidavit of support should say what you will get out of supporting the person. This gives you a sense of how much help you will be getting.
Mistakes that could be made when showing proof of funds
There is a chance that you will make a mistake when you show proof of funds. Please note these mistakes.
1. There isn’t enough money.
People have trouble getting approved when they show bank information that isn’t enough. It is important to find out what you need to know about the country you are trying to reach. Make sure that your accounts add up to the same amount.
If they don’t, think of other ways to get money that could show how easy it is for you to settle down. Make sure you use the right rate of exchange between the two currencies.
2. Don’t use someone else’s account.
If you need to show proof of money, it’s best to just use your bank account. When you use someone else’s account, this adds a bit of doubt.
Only your parents’ account or your own account are safe to use.
3. Being unnatural
I gave an example of how strange it might look for a lot of money to just show up in an account that has been getting a small amount of money.
Or you make a new account that might look so strange. Use your account, and make sure that enough money is going into it that you can use it as proof of funds.
Do I need to use the Bank Rate to convert the exchange rate?
This is a tricky situation, and the only advice that can be given is to make sure you are safe. Make sure you are doing a lot more than just the bare minimum. That’s good.
Do I need my personal bank statement if my parents are paying for everything?
If your parents are paying for you to go to college, you might not need it. Just give them a copy of your parents’ bank statement to prove that they are paying for everything and that will do the trick.
One Last Thing
Don’t say I didn’t help. You have everything you need to show that you have enough money. You thought it would be harder than it is. Just follow the instructions and make sure you know what to do. I hope that your plan to move to another country goes well.