How Much Bank Balance Is Required For A Canadian Visa?

How Much Bank Balance Is Required For A Canadian Visa?

Are you about to embark on a journey to Canada, and you desire how much you need to have in your bank account before you will be eligible to apply for a visa?

So you’re applying for your Express Entry – Federal Skilled Worker Program or Express Entry – Federal Skilled Trades Program application, or you just want to be prepared and informed to immigrate to Canada.

As you might start to realize, you will need to provide quite a few details about yourself. Usually this is the part where things start to get tricky, and this is when most of our clients come to us with questions and one of the most important ones is How to show proof of funds for Canada immigration.

Proof of Funds – Skilled Immigrants

As of the February 21st, 2020, the funds you will need in order to settle to Canada are as follows:

What this means

To apply for Permanent Residence without Canadian skilled work experience, you will need to provide proof that you have enough funds to settle and support yourself. To work this grid out, simply count yourself as 1, and then if you wish to bring another person (your spouse/common-law) and/or your children (dependents), simply count how many you are in total and look at the amount required. Please note that after 7 people, any extra family member will be another $3,492.

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For example, if you’re bringing your partner, yourself and two children, you will need to prove that you have at least $24,083 in funds to settle in Canada.

Please note you will need to prove funds for ALL your dependents even if they are not travelling with you.

What proof of funds is accepted?

You will need to prove that the money you have is readily available to you. This means no equity on property, and no borrowing money from another person. You can, however, use the funds in a joint account with your spouse as proof if they’re coming with you.

Moreover, if you are bringing your spouse and want to use an account under their name as part of proof, you may do so only if you have proof of access to their account.

For proof, IRCC (Immigration, Refugees and Citizenship Canada) requires official letters from Banks or financial institutions with the following requirements:

Letter(s) must:

be printed on your financial institution’s letterhead
include their contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account, the
account numbers
date each account was opened
current balance of each account
balance for the past 6 months

Once you have these, please keep them with you and note that your funds must be available when you register your profile, apply for Permanent Residency, and when they issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use when you arrive.

READ This: How Many Months Of Bank Statement Do I Need To Show For Canada Visa Application?

Conclusion

We do hope this article will be of help to you. If it is, kindly share with others.