Why do I need Financial Proof to live in Canada?

Why do I need Financial Proof to live in Canada?

Why do I need Financial Proof to live in Canada?

There are numerous Canada immigration programs available to foreigners. You can immigrate as a skilled worker, a self-employed person, as a refugee, or participate in the family sponsorship program to help you get reunited with your family.

Each program has its own rules and regulations to follow. Many of them require the proof of funds to be attached in the application.

You need to prove that you have a sufficient amount of money to properly settle in Canada within the first months of your stay. While you accommodate and search for job opportunities, these funds will help you to support you and your family.

Proof of funds requirements change annually and depend on the program you choose to apply for.

Express Entry: Proof of Funds

The sufficient amount of money that makes you eligible for the Express Entry Program varies depending on the size of your family. Family members that count while applying for this program are:

  • you and your partner/ spouse
  • your children and your partners’ children (even if they don’t come to Canada, but are dependent on you)

You need to count your partner and your children even if they already have permanent residency in Canada.

Now, for the proof of funds according to the number of family members:

  1. One family member: $12,960
  2. Two members: $16,135
  3. Three members: $19,836
  4. Four members: $24,083
  5. Five members: $27,315
  6. Six members: $30,806
  7. Seven members: $34,299

Each additional family member corresponds to $3,492 of other amounts to attach in your proof of funds. The sums are to be provided in Canadian dollars.

Study permit: proof of funds

If you plan to study in Canada as an international student, you need to obtain a study permit. This requires proving that you have sufficient funds to support yourself financially and your family if they are moving with you.

You can attach bank statements from the previous four months, proof of a student bank loan, evidence of scholarship or being in the Canadian-funded educational program.

For the student permit, the proof of funds differs according to your location as well. Different rates are in and outside of Quebec.

  • STUDENT: $10,000 per year and $833 per month (without tuition)
  • First additional family member: $4,000 per year and $333 per month
  • Each other member: $3,000 per year and $255 per month

The above rates are applicable outside of Quebec; if you’re located in Quebec, the amounts are different.

What is accepted as proof of funds?

The evidence of your own money that you forward to your application must be in a liquid state and available for you to use once you move to Canada.

The money can’t be borrowed or be in the form of property owned. Official letters from any financial institution you use to keep your money in will serve well as the proof of funds.

Your data has to be included in the letter and the list of any outstanding debt on your account. When your application is being considered, the average balance from the recent six months is taken into consideration as well.

Please note that the specific documents may vary depending on the program you’re applying for.

Do you need proof of funds for eTA to Canada?

ETA to Canada is a multiple-entry visa that can be obtained online in less than 15 minutes. You can apply online by filling in an online application form with your data, passport details, your e-mail address and the purpose of your travel.

It can be used for business, tourism and transit purposes. ETA permit is valid for 5 years from the issuing date or until your passport expires.

E-Visa permit allows numerous visits to Canada; however, each stay cannot be longer than 6 months at a time. You can use it before obtaining your residency permit to make sure that Canada would be the right choice for you or to find appropriate job opportunities.

What documents do you need to apply for eTA?

Contrary to applying for any of the immigration programs in Canada, applying online for eTA requires just a few, elementary documents.

Before applying, please make sure that you have the following documents:

  • a valid passport for at least 6 months ahead of the trip
  • an active e-mail address to receive eTA to Canada copy
  • a clean criminal record, with no severe offences

The above-described documents are all you need to apply online for an eTA. This electronic permit costs 49 Euro for 5-year validity and multiple-entry opportunities.

There is no need to prove a sufficient amount of funds when applying for eTA to Canada.

Final Words

If you wish to apply for any of the numerous immigration programs that Canada has to offer, in most cases, you will be asked to prove that you have sufficient funds.

The amounts to provide are different in each program—research thoroughly before applying to avoid delays or refusal of the permit you need.

ETA to Canada does not require proof of funds in the application. It can come as an excellent opportunity to explore Canada properly before moving or applying for a permanent residency.