How Much Bank Balance is required for Canada Visa?
Bank Balance required for Canada Visa
Among the requirements needed for a Canada visa, there is always a minimum amount you must have in the bank before travelling. The amount serves as proofs of funds.
Yes, when immigrating to Canada using the Express Entry system, the state immigration service requires that you have money for the first time after moving.
The main goal is to make sure that if you do not immediately find a job in Canada, you can still rent a house and provide for yourself and your family, and not ask for support from the state.
The immigration officer needs to prove that the current amount in your account belongs to you
Therefore, the option to borrow money for the period of consideration of the profile and documents, and then return it, will not work.
Let’s take everything in order and start with the minimum amount that will be required.
Minimum Amount of Funds
This will tell you how much amount is needed for a Canada visa.
Yes, the minimum amount varies depending on how many people are in your family which include yourself, your spouse or civil partner, your children and your spouse’s children.
Even if your spouse or children are not travelling with you, they still need to be considered.
Below are the minimum amounts per number of people in the family;
- The minimum amount for 1 family member is 12 960 CAD
- The minimum amount for 2 family members are 16135 CAD
- The minimum amount for 3 family members are 19 836 CAD
- The minimum amount for 4 family members are 24 083 CAD
- The minimum amount for 5 family members are 26315 CAD
- The minimum amount for 6 family members are 30806 CAD
- The minimum amount for 7 family members are 34299 CAD
- For each next family member + 3 492 CAD.
Who Needs Confirmation of Funds, And Who Does Not
In most cases, this will be required by anyone who immigrates using Express Entry. However, there are 2 cases when you do not need to confirm your funds;
- You are counting on immigration through the Canadian Experience Class program. This means that you have already worked in Canada for at least 1 year.
- You are allowed to work in Canada and have a valid job offer.
How to Prove the Availability of Funds in your Bank Account
Before diving into the process, you should see the requirements;
Primary Requirements;
A mandatory requirement for Proof of funds is a certificate (s) from the bank (s) which must have the following information;
- The official letterhead of the relevant financial institution.
- Their contact information, such as an address, phone number, e-mail.
- Your name and surname.
- Outstanding debts (loans, credits). If there are none, then you should indicate.
For each bank and accounts (if stored in different banks and on different accounts), the following should be indicated;
- Account number.
- Date of account opening.
- Current account balance.
- The average balance for the last 6 months.
The last line is one of the most important. If it is not clear what the average balance means; the amount is taken from the account at the end of each month for the last six months. For example, if we get 6 digits. We add, divide by 6 (months), we get the average balance.
Ideally, the average balance for six months should not be lower than the minimum required amount (we mean the one indicated earlier), and even better by 10-20% more.
In this situation, the likelihood that the immigration officer will have questions tends to be minimal.
If the bank cannot provide information on the average balance for six months, then ask for an extract of all transactions during this time. And in LoE (Letter of Explanation) indicate why this particular document was provided.
Frequently Asked Questions about Proof of Funds
- Can You Keep Funds In Different Accounts?
No problem. Information is simply provided for each account. It is better to write about this in the Letter of Explanation (LOE): indicate how much money is on each account, and then sum it up.
- What If The Money Is In Non-Main Applicant’s Account?
When money is held in the account of a spouse who is not the main applicant, this is also a valid situation.
In this case, you must have access to this account. It is better to clarify how to provide such access to the bank. Do not forget that you will need to collect all the documents proving this.
- What Currency Should The Money Be Stored In?
At any currency. If you do not store your money in Canadian dollars, then it is better to store it with a margin so that the floating exchange rate does not spoil everything.
Conclusion
I believe that this article has explained how much amount is needed for a Canada visa. It is only left for you to prepare well if you are going to be presenting your proof of funds.
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