Financial Readiness for Your Canadian Dream
Securing your place in Canada requires financial preparedness, and at MAPDAT, we guide immigrants through this crucial step. Aspiring residents must demonstrate sufficient funds to support themselves and their families, with requirements varying based on the family members immigrating. Whether it’s recurring or fixed deposits, MAPDAT ensures your financial proof aligns seamlessly with your immigration pathway.
Understanding Proof of Funds
Proof of Funds is a crucial requirement for immigrants aspiring to settle in Canada. It serves as evidence that individuals and their accompanying family members possess sufficient financial resources to support themselves. This financial proof can take various forms, including recurring or fixed deposits in a bank account. While applicants under programs like Express Entry or Provincial Nominee Program must submit proof of funds, those entering through CEC, Quebec Nominee Program, or job offers are exempt. Ensuring financial stability, this documentation plays a vital role in the Canadian immigration process.
The Timeline
A candidate must display the proof of funds upon receiving ITA either through Express Entry or Provincial Nominee Program.
Proof of Funds Showcase
MAPDAT ensures comprehensive assistance to navigate through the intricacies of the proof of funds process.
The Submission
The fund statements should provide a detailed transaction history for the past three months before the application submission. Applicants need to submit an official letter from their financial institution, including contact details and the applicant’s personal information, along with bank account details, outstanding debts, and other relevant information.
For Students
International students must also demonstrate proof of sufficient funds to be eligible for a Canadian student visa. The requirements differ for Student Direct Stream (SDS) and Non-Student Direct Stream (Non-SDS).
SDS Requirements: Students need to pay one year of tuition fees and submit a Guaranteed Investment Certificate (GIC).
Non-SDS Requirements: Students must pay the first term or semester fee and showcase living expenses as proof of funds.
Required Documentation
Documents required for students include a Canadian bank account, GIC from a Canadian financial institution, proof of a student or educational loan, a four-month bank statement, proof of tuition or housing fee payment, and evidence of scholarships or funding from within Canada.
Minimum Amount for Immigration
| Number of Family Members | Funds Required (in Canadian Dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7 people, for each additional family member | $3,706 |
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