How much Money as proof of funds for Canada PR is required?
Proof of Funds for Canadian Immigration
The Proof of funds for Canada PR is also known as Settlement funds for Canada Permanent Residents. The proof of money refers to a letter which states that you have sufficient money in your Bank account for living in Canada. To know the need for Proof of Funds for Canada PR and how to get the POF Letter, read the blog or contact the Best Immigration Consultants in South Delhi.
Why do you need proof of funds for Canadian immigration?
The Proof of Funds for Canada PR is an important part which shows that you are not a burden on the Canadian Economy. The Canadian government does not sponsor the immigrants’ living expenses, so your money is proof that you have enough money to bear your expenses on your own.
The main essential is Proof of Funds for the Canada PR process, as same as the other
What are the Fund requirements based on family size for Canada PR?
The minimum amount of required funds for the Canada PR process is dependent on the number of family members you are moving with. So, here are the funds’ requirements based on the family size.
Number of Family Members | Funds Required(INR) | Funds Required(CAD) |
1 | 8,07,901 | 13,310 |
2 | 10,05,810 | 16,570 |
3 | 12,36,539 | 20,371 |
4 | 15,01,317 | 24,733 |
5 | 17,02,787 | 28,052 |
6 | 19,20,467 | 31,638 |
7 | 21,38,136 | 35,224 |
For additional family member | 3,586 | 2,17,674 |
Documents which can prove the Funds for Canada PR
The documents which can prove your funds for Canada PR are mentioned below:
Savings Banks and Cheques
Mutual Funds
Provident Funds
Cash
Bonds
Tax-Free Savings Account
GIC – Guaranteed Investment Certificate
Movable and immovable properties
How to show Proof of Funds Letter for Canada PR?
You must show proof of funds on a letter for the Canada PR process. Here are certain requirements of the proof letter discussed below:
A letterhead of the Banking Institution
Address, Mobile No and Email Address of the Institution
Immigrant details including Name
All your bank statement details including loan statements, credit & debit debts, etc.
Also, your details of the current balance and the average balance for the last 6 months.
Step to apply to get Proof of Funds for Canada PR
- You need to calculate the funds required in your bank account based on the family member.
- Collect all the financial documents that support your funds for Canada PR.
- You need to choose a financial institution which can provide your funds’ details and be recognized by the Canadian Government.
- Request for a Proof of funds letter that includes all the details of your financial requirement for immigration to Canada.
- Get your Proof of funds for Canada PR, now you can attach it to your immigration application.
So, in conclusion, proof of funds is an essential requirement for immigration to Canada. The applicant must ensure that he has sufficient funds in the account or in any form to meet the documentation part of the application for Canada PR.