Proof of Funds for Canada Trip
This is a complete guide to show proof of funds for Canada meeting requirements for a visa.
You can’t fully enjoy your adventure if you’re stressed about proving you have enough funds.
Whether you’re visiting family, exploring the stunning landscapes, or diving into the lively cities, uncertainty about financial proof can cloud your excitement.
Luckily for you, we’ve got you covered! In this ICONS blog post, I will explain how to effortlessly prove that you have the funds for your Canada Tourist Visa.
Plus, see how ICONS Valuation can simplify the process for you.
Prepare for a smooth, worry-free application and start packing for your Canadian adventure!
Why Proof of Funds is Important for a Canada Tourist Visa
When you apply for a Canada Tourist Visa, the Canadian government wants to ensure you have enough money for travel, accommodation, and daily expenses.
This helps ensure that you don’t overstay or rely on public assistance in Canada.
Showing proof of funds means you can support yourself (and your family) during your visit.
How Much Money Do You Need for a Canada Tourist Visa?
The amount of money you need depends on:
- Length of stay: A short trip costs less than a month-long stay.
- Many people travelling: More people means you need more funds.
- Accommodation: Staying with friends or family costs less than hotels.
On average, you should show between CAD 1,000 and CAD 4,000 per person for a short stay. If you’re staying longer or visiting expensive cities like Toronto or Vancouver, you might need to show more money.
Types of Proof of Funds for Canada Tourist Visa
You can submit various documents demonstrating you have enough funds for your Canada Tourist Visa. These documents should be up-to-date and accurately reflect your current financial status.
Here are some common forms of proof:
- Bank Statements: Provide 3-6 months of recent bank records showing your name, account balance, and transaction history.
- Pay Stubs: Include the last three pay stubs to show a regular income.
- Income Tax Returns: Submit recent tax returns to show financial responsibility.
- Employment Letter: A letter from your employer stating your position, salary, and duration of employment can show financial stability.
- Proof of Accommodation: Provide hotel reservations or a letter of invitation from where you’ll be staying.
- Investment Statements: If you have investments, submit statements from your investment accounts showing their value.
- Property Ownership Documents: If you own real estate, include property ownership documents as supplementary evidence.
I hope this clarifies how to show proof of funds for your Canada trip! If you have any other questions or need more information, don’t hesitate to ask.
Can we show gold as proof of funds for Canada?
Yes, you can show short-term investments in gold as proof of funds for Canadian immigration. You can also use other investments like shares and bonds. You’ll need a professional gold valuation from an approved valuer to provide proof of funds. These letters should include:
- The govt. approved valuer’s letterhead
- The valuer official’s contact information
- Your name
- Details of all your banking and investment accounts, including account numbers, opening dates, current balances, and average balances for the past six months
- A list of outstanding debts, such as credit card debts and loans
You can show proof of funds from your home country’s bank account. Your banker can provide the CAD value of your funds on the balance certificate. However, Immigration, Refugees and Citizenship Canada (IRCC) will calculate the equivalent in CAD using the exchange rate.
Other acceptable proof of funds documents include bank statements, investment statements, and evidence of property or real estate.
The bottom line is a net worth certificate comes into play. The best part prepare
You do not need to provide proof of funds if you’re immigrating to Canada through the Canadian Experience Class, Quebec Nominee Program, or with a qualifying job offer.
However, assets that are not easily liquidated, such as real estate investments or equity in property, are not considered acceptable proof of funds.
Study Permit: Essential Documents
To apply for a study permit, essential documents such as a valid passport, an acceptance letter from the educational institution, proof of financial support, and a completed application form are required. Ensure that all documents are up to date and accurate to facilitate a smooth application process.
Proof of Financial Support
When applying for a study permit in Canada, you must demonstrate that you can financially support yourself and any family members accompanying you.
Accepted Proof of Funds
You can provide evidence of your financial capability through any of the following:
- Proof of a Canadian bank account in your name if you’ve transferred money to Canada
- A Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution
- Evidence of a student or education loan from a bank
- Your bank statements for the past 4 months
- A bank draft that can be converted to Canadian dollars
- Evidence that you’ve paid tuition and housing fees
- A letter from the person or institution providing you with funds
- Proof of funding from within Canada if you have a scholarship or are part of a Canadian-funded educational program
If your country has foreign exchange controls, you must also demonstrate that you can export funds to cover all your expenses.
Required Funds
All provinces/territories except Quebec:
| Number of Family Members (including the applicant) | Amount of Funds Required per Year (not including tuition) |
| 1 | CAN$20,635 |
| 2 | CAN$25,690 |
| 3 | CAN$31,583 |
| 4 | CAN$38,346 |
| 5 | CAN$43,492 |
| 6 | CAN$49,051 |
| 7 | CAN$54,611 |
| Each additional family member (if more than 7) | CAN$5,559 |
Example
If you plan to accompany 2 family members to a province or territory (other than Quebec) for a year, you’ll need CAN$31,583 for living expenses.
FAQ
What is accepted as proof of funds for Canada?
Accepted proof of funds includes an authorized letter from a bank or financial institution where the applicant holds funds. This letter must confirm the balance in their savings account, fixed or recurring deposits, gift deeds, PF account balance, and other short-term investments such as gold, shares, and bonds that can be easily liquidated.