BusinessTravel and Leisure

What is proof of funds in Canada for PR visa & Study Visa?

Proof of funds for Canada visa

Imagine you’re going on a long trip to a new land. With all the packing done, you’re not going to take the risk by taking little money, right? You’ll take sufficient money to help you with the expenses throughout the trip. Proof of funds (POF) in Canada is one such thing!

To obtain a Permanent Resident visa and Student visa in Canada, you’ll need to provide proof of funds. This is to prove that you can manage the living expenses of you and your family members (if they accompany you) while moving to Canada. However, there are a few exceptions when it comes to PR.

Hold on! The answers to all your questions on proof of funds are just a scroll away! Read on!

POF for PR

If you’re planning to obtain a Canada PR through the Express Entry program such as Federal Skilled Workers Program (FSWP) and Federal Skilled Trades Program (FSTP), you must provide proof of funds.

However, you need not demonstrate funds if you’re applying through the Canadian Experience Class (CEC) or if you have a valid job offer from a Canadian employer. In this case, you must provide a letter explaining that you either have a valid job offer or you’ve been invited under the CEC program.

POF for Dependents

You might migrate to Canada all alone or at a times with family members. It is necessary to include the following dependents in the application and demonstrate funds:

  • Yourself
  • partner/spouse
  • dependent children
  • spouse’s dependent children

Note: You must include your partner or children even if they’re

  • Canadian permanent residency status or citizens
  • Not accompanying you

How much POF for a PR?

The amount of funds you will demonstrate to the visa officer depends on the size of the family (if they accompany you).

Here is the amount of money you will demonstrate to the visa officers:

Family members POF required (in CAD)
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967

Note: For every additional member, $3,560 is added. The above-listed funds are the minimum amount you must carry as POF. If you have funds above this, you must list them while applying.

You must inform the border officers if you possess money more than $10,000 CAD. Failing which you will be fined, and funds can be seized. The funds you possess include:

  • Cash
  • Property documents
  • Treasury bills
  • Stocks
  • Bonds
  • Cheques
  • Bank drafts
  • Traveler’s cheques
  • Debentures
  • Money orders

Until when?

You must make sure you possess POF during the application and when the visa officers issue the PR visa. These funds must be easily accessible, and you can prove it with a support letter from the bank. After this you don’t have to prove your funds to the visa officers, but having sufficient money will help you with expenses at any cost.

Proof of funds for student visa

Apart from Canadian PR, you must also demonstrate funds enough to pay for

  • Tuitions fees for the duration of your course
  • Living expenses for you (and your family members if they’re coming with you)
  • Return flight ticket expenses for you and your dependent

How to prove your funds?

There are multiple ways in which you demonstrate your proof of funds to the border officers to obtain a study permit, such as

  • Proof of the bank account details where you’ve deposited the money
  • Guaranteed Investment Certificate (GIC) from the bank you’ve registered
  • Proof of education loan details
  • Bank statement for the last 4 months
  • Bank draft
  • A confirmation letter from the person/ dependent or sponsor who will provide you the funds during your stay

How much POF is for a Student Visa?

The proof of funds to obtain a student visa differs between Quebec (a province in Canada) and other provinces/territories. Since Quebec’s administration is quite different than of other provinces/territories. Here’s a look at the minimum amount of funds to show as POF:

For provinces and territories outside Quebec

Persons Amount of funds (per year in CAD) Amount of funds (per month in CAD)
1 (Yourself) $10,000 $833
First family member $4,000 $333
Every additional member $3,000 $255

For Quebec

Persons Amount of funds (per year in CAD) Amount of funds (per month in CAD)
1 person under the age of 18 $6,569 $547
1 person aged 18 and above $13,134 $1,095
2 persons aged 18 and above $19,264 $1,605
2 persons aged 18 and above & 1 person under the age of 18 $21,579 $1,798
2 persons aged 18 and above & 2 persons under the age of 18 $23,290 $1941

Note: These funds don’t include the tuition fees of your study program.

Wrapping Up!

You learned how proof of funds is necessary to obtain a Canadian PR through the Express Entry program and a student visa. Why and who must show the proof of funds (POF). The purpose of demonstrating funds lies not just in satisfying the border officers for visa approval, rather in having enough money will help you settle and study in Canada.

If you’re planning to migrate, study, obtain a visitor visa, proof of funds, you name it and CanApprove has got you covered. With 23 years of immigration and overseas education service, CanApprove is a Canadian registered company spread across five countries.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button