For a lot of people, the mere mention of showing your finances to another person causes a lot of anxiety. Unfortunately there is no way out of it if you are interested in coming to Canada temporarily such as to travel for leisure or to attend college or university.
Proof of funds is how you show to the Canadian Immigration you have enough money to support yourself and the people you are traveling with (in the case of families). If you are coming as a student, you need to prove to the government that you have enough funds to pay your tuition and living expenses.
If you are applying under the Federal Skilled Worker Program or the Federal Skilled Trades Worker Program under the Express Entry system, you will need to show your financials. You must submit documentation to Canadian Immigration that you have enough money to settle in Canada. They would like to be assured that in the case you are not able to find a job right away, you have enough funds to tide you through the first couple of weeks or months.
How Much Money You Need
For show money needed in temporarily travel applications, this is calculated based on how many individuals are in the application, for how long you will be staying in Canada, and the purpose (travel or study). Please note there are different computations for this and submitting the wrong documents could result in a refusal. Once you sign with us, all MVC clients are provided full guidance to ensure there are no mistakes in their application.
For settlement funds, you must calculate the size of your family. As the minimum requirement is constantly changing due to inflation and other factors, it is better to seek the help of a registered immigration consultant. Contact us today!
Written Proof of your Finances
You will need to request official letters from your bank. These are usually called bank statements or certifications and should contain the following information:
- your name and address
- account numbers (investment, savings, checking)
- current balance of each account
- average balance for the past 6 months
- bank’s letterhead and contact information
Aside from banking documents, other proof of your finances that are crucial include proof of investments such as stock or bond certificates and the like. Proof of real assets such as properties, vehicles and businesses can also be used to further support your financial situation. This is especially important in Tourist and Student Permit applications. If you have a parent or relative funding your studies or travel, proof of their financial situation will be submitted as well in your application.
Show money and settlement funds are indeed a very crucial part of your application to come to Canada. When in doubt, it is best to talk to a professional. At MVC, we have 45-minute consultations available via Zoom, Google Meet or in-person and you can ask all your questions regarding immigration based on your own profile and circumstances for a reasonable fee. Contact us today!