If you’re looking to move to Canada, one of the first things you’ll need to do is prove that you have the financial resources necessary to support yourself and your family. The Canadian government has strict guidelines in this area, so it’s important that you understand what’s required and how to provide proof of funds.
This article will discuss everything you need to know about showing proof of funds for your Canada PR. Let’s get started!
How much does it cost to emigrate to Canada?
Here are some of the estimations of typical costs (per person) that you’ll need to consider:
In addition, you’ll need to consider the following variable costs:
This could include things like bank statements, investment portfolios, property ownership, and/or business equity.
The Canadian government has set a minimum amount of money that you’ll need to show, which varies depending on the size of your family.
Furthermore, you’ll need to prove that you have access to this money and that it’s available for use. This means that you can’t borrow the money or use funds that are tied up in investments, like property or stocks. The government wants to see that you have liquid assets that can be used to cover your expenses.
Proof of funds is required for all immigrants who plan to settle in Canada, regardless of their intended province of residence. This includes skilled workers, business immigrants, and family members who are accompanying a primary applicant.
You do not need to show proof of funds if you’re already living in Canada and you’re applying for permanent residence from within the country. This includes applications under the Canadian Experience Class that is open to temporary foreign workers and international students who have graduated from a Canadian post-secondary institution.
You may also be exempted from the proof of funds requirement if you already have a valid job offer from a Canadian employer. Check with your provincial or territorial government to see if this exemption applies to you.
There are a few different ways that you can show proof of funds for your Canada PR application.
The most common way is to provide bank statements from the last four months. These should be in your name and show all deposits, withdrawals, and transfers during that time period. If you have joint accounts, you’ll need to provide statements for all account holders.
Another way to show proof of funds is through investment documents, such as stock portfolios and mutual fund statements. These should be dated within the last 30 days and show all transactions during that time. Again, if you have joint investments, you’ll need to provide documentation for all account holders.
You can also show proof of funds through property ownership documents, such as the deed to your home or land. You’ll need to provide an official appraisal that’s dated within the last six months and shows the current market value of the property.
If you’re self-employed, you’ll need to provide business documents, such as your business license, incorporation documents, and tax returns. These should be dated within the last 12 months and show that your business is profitable.
There are a few different types of official letters that you can use to show proof of funds for your Canada PR application. The most common examples are bank letters and investment account statements.
So, these are the requirements for showing proof of funds when applying for Canada PR. Make sure you have all the necessary documents and information ready before you begin your application to avoid any delays.
Confused by the process, or need a helping hand? Here at Express Entry PR, we’re here to help. As an authorized Canadian immigration consulting firm we have first-hand experience in helping applicants make their dream of emigrating to Canada a reality.