How Many Months Of Bank Statement Do I Need To Show For Canada Visa Application?
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N.B. You do not have to show that you have these funds if you have arranged employment in Canada and are applying under CEC
Age of Funds Requirement
IRCC asks for an official letter from the bank that states the account details, liabilities and average monthly balance for the last 6months.
This does not mean that CIC wants to see the funds to be 6months old. Nowhere in the immigration law does it specify that the funds must have been maintained for a period of 6months or more.
This requirement is simply to check if there are any recent large deposits in your account contributing to the proof of funds requirement and there are then these must NOT be borrowed or a loan. These funds MUST be unencumbered and free from any liens.
Progressive build-up of funds over the last few months through savings, deposits, sale of assets is all acceptable and fine.
So if you have any large deposits contributing to your proof of funds, then be prepared to show a source of these funds and explain this in your LOE.
Under PNP (like SINP) some provinces insist that the funds must have been strictly maintained for at least 3months prior to the application. If the funds are newer in age then the adequate source of funds must be provided, but this may not be accepted by the province. Hence always refer to the updated province application guide for settlement funds requirement.
Though, Some PNPs will accept following under their POF (however, same may not be applicable to IRCC under EE)
- Personal chequing or savings accounts
- Cash value life insurance
- Guaranteed Investment Certificate (GICs) or Certificates of Deposit
- Mutual Funds
- Provident Funds (an official letter from the provident fund organization indicating the amount of funds that are accessible is required)
- Registered Retirement Savings Plans (RRSPs)
- Stocks (only for PNPs. May not be accepted by IRCC during federal application processing)
- Tax-Free Savings Accounts (TFSAs)
- Term deposits and time deposits (must be valid at the time of application and remain valid throughout the entire application process)
- Treasury Bills
Debentures, credit cards, lines of credit, gold, cash, property or businesses are not accepted as settlement funds.
Provident Funds (PF) or any similar retirement funds: It is largely accepted by PNPs as well as CIC. However, it has not been mentioned by CIC. A recent email to IRCC New Delhi confirmed that they will accept it as POF. Since in most cases, POF will be checked at LVO and they are aware of the local country-specific funds and requirements, hence going by that I would safely say that PF or similar retirement funds will be accepted. It will continue to be at the discretion of the VO.
Mutual Funds: Mutual funds are subject to market risks and conditions and hence cannot be liquidated at face value and demand. Therefore there is a large grey area in its acceptance as POF. Some applicants have managed to produce their MF statements from the holding institution and have succeeded in getting their PPR, but in most cases, the amount that they were able to show was far greater than the actual amount required on their application.
I know of a few applicants who got procedural fairness asking for clarity on MF and to further show why these funds should be considered as safe instruments. In those cases, they had to liquidate their funds and show their liquid funds as POF.
Life Insurance Policy – If you can provide a certificate from the institution holding your funds, stating the surrender value of the policy which can be encashed on demand, then that amount may be used as #POF
Proof of Funds at the time of first landing
While #POF is not commonly asked for at the time of landing, however its best to have it available with you if the Border Officer does choose to ask for it. Most people are not asked for proof of funds or it’s just a fleeting question – “How much money are you carrying with you today?”
You must be prepared to show #POF if and when asked by the border officer at the time of examination of your CoPR during your first landing.
In response to a recent query sent to New Delhi Visa Office with regards to Proof of Funds at the time of landing, they replied:
Acceptable proof of funds are:
-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Not acceptable are:
-bank accounts in someone else’s name;
-bank accounts which are joint in your name and someone else (other than your accompanying spouse/common-law partner);
-bank accounts in the name of your spouse who is not accompanying you to Canada ;
- property valuations;
- vehicle valuations;
- jewelry valuations.
You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments) and that they can be transferred to Canada.
A port of entry officer in Canada may seek to confirm these funds before granting you permanent residence along with your dependents.
As per this CIC link, you may bring any amount of money to Canada as you wish, there is no limit. However, if you are carrying cash or other financial instruments equal to or greater than $10,000 then you must declare it to the border officer.
We hope this article is detailed enough, to let you know how many months of bank statements you need, to be able to show a Canada Visa application.