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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.

Amount Required in Your Bank Balance for a Canadian Visa

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, 2024, 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.

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FAQs on Bank Balance Requirement for Canadian Visa

Is a specific bank balance required for obtaining a Canadian visa?

Yes, individuals applying for a Canadian visa, such as a visitor visa, study permit, or work permit, may be required to demonstrate sufficient funds to support themselves and their dependents during their stay in Canada. However, the required bank balance varies depending on factors such as the type of visa, duration of stay, and the applicant’s circumstances.

How much bank balance is typically required for a Canadian visa?

The exact amount of bank balance required for a Canadian visa depends on various factors, including the cost of living in Canada, the duration of the stay, and whether the applicant has any additional sources of income or financial support. As a general guideline, Immigration, Refugees and Citizenship Canada (IRCC) recommends that applicants have access to a minimum amount of funds to cover expenses such as accommodation, transportation, and living costs.

What are some examples of the required bank balance for different types of Canadian visas?

Visitor Visa: For a short-term visit, applicants may be required to show they have sufficient funds to cover their expenses during their stay, such as accommodation, transportation, and daily living expenses. The specific amount varies but is typically around CAD $10,000 for a single applicant.

Study Permit: Students applying for a study permit are generally required to demonstrate they can cover their tuition fees, living expenses, and other costs associated with studying in Canada. This amount can vary widely depending on the institution, program, and location but may range from CAD $10,000 to CAD $20,000 per year.

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Work Permit: Individuals applying for a work permit may need to demonstrate they have enough funds to support themselves until they start earning income from their employment in Canada. The required amount can vary but is typically similar to the funds required for a visitor visa, around CAD $10,000.

What documents are needed to prove the required bank balance for a Canadian visa?

Applicants are usually required to provide documentation, such as bank statements, showing their financial situation and the availability of funds to support their stay in Canada. The bank statements should cover a specified period, typically the past three to six months, and should clearly show the account holder’s name, account balance, and transaction history. Additionally, applicants may need to provide other supporting documents, such as proof of employment or income, to demonstrate their financial stability and ability to support themselves in Canada.

 

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