What Proof of Funds You Should Submit for a Canadian PR Application

Applying for Canadian permanent residency (PR) often involves demonstrating your financial stability and ability to settle in the country. Providing the right proof of funds is a crucial step in the application process. Here’s a comprehensive guide on what documentation and financial evidence you need to submit to meet Canadian immigration requirements.

Types of Proof of Funds You Can Submit

To showcase your financial stability, you can submit the following types of documents:

Bank Statements: These include statements from your savings accounts, fixed deposits, and recurring deposits. Ensure that the statements reflect your financial position accurately over a specific period, typically the past 6 months. Investment Statements: Including shares, stocks, and other investment instruments owned in your name. Gift Deed from Parents: While a gift deed works, you may need to return it to your parents at a later date. Nonetheless, it can serve as a valid proof of funds, especially if the gift is large enough to cover your living expenses. Provident Fund Statement (PF Statement): Your PF statement can be used as proof of funds if you are in India.

It's essential to note that the amount of funds required may vary depending on your family size, intended location in Canada, and other individual circumstances.

Official Documentation Required

Your proof of funds documents must be supported by official letters from financial institutions. These letters should contain the following detailed information:

The official letterhead of the financial institution Contact information, including address, telephone number, and email address Your name Outstanding debts such as credit card debts and loans For each current bank and investment account, the account numbers, date of opening, and current balance The average balance for the past six months

For example, if you are applying with a fixed deposit, you would need to provide the fixed deposit certificate along with the official letter from the bank detailing the account number, opening date, and balance. Similarly, for a foreign currency account, you would need the relevant statement and any necessary official documentation from your bank.

Additional Considerations for Dependent Family Members

If you are bringing a dependent along with you, your proof of funds must be substantial enough to cover both your expenses and those of your dependent. Specifically:

80% of the funds must be in your name. Although this seems restrictive, it ensures financial predictability and avoids complications during the settlement process.

The general guideline suggests that around 7 lakhs Indian Rupees (INR) should be in your name. This amount is based on the assumption that the average cost of living in Canada can be approximately covered by this sum.

Expert Assistance and Success Stories

A client of mine, for instance, was able to arrange 8 lakhs INR without borrowing money. This was made possible with the help of experts in the IELTSMaterial GIS program. Their team not only assisted him with his visa application but also found a job match that aligned with his profile. This holistic approach helped ensure a smooth and peaceful settlement in Canada.

This experience highlights the importance of having professional guidance throughout the application process. The IELTSMaterial GIS team provided valuable support, from visa processing to job placement, making the transition to Canada easier and more manageable for my student.

If you are seeking reliable assistance with your Canadian PR application, consider reaching out to reputable organizations or professionals who can provide the necessary support and guidance.