What is the Meaning of Proof of Funds (POF)?
An individual has to attach a document of funds to show “Proof of Funds (POF)” along with their immigration application to Canada. These funds are your means of supporting yourself and your family and it is obligated to bring a healthy amount with you at an initial stage to accommodate and adjust yourself and to suffice the daily needs.
Programs Under Which Proof of Funds (POF) is Required
The followings are the programs under which the required amount has to be shown by the candidate:
- The Federal Skilled Worker Program.
- The Federal Skilled Trades Program.
Spouse Bank Account is Also Considered for Proof of Fund (POF)
The applicant can’t borrow this money from another person, this particular required amount should be in their bank account or if his/her spouse is flying with him/her, his money is also countable if he/she has it in a joint account. But the same must be proven that he/she has access to the money. Written proof is required that you are an owner of this amount (cash or cash at bank). Recommended: Procedure to Apply for Canadian Immigration by Express Entry
Cases Where Proof of Fund (POF) is Not Required
Note that you do not need proof of funds if you are currently.
- Authorized to work in Canada.
- Have a valid job offer.
What is the Least Amount of Funds Required?
It depends on the size of the family that how much cash is required to show to the immigration office, to calculate the size of your family you must include: Read more: Requirements to Become a Permanent Resident of Canada
- Yourself (means an applicant).
- Your spouse or Partner.
- Your dependent children (including those who are permanent residents and Canadian citizens).
- Your spouse’s dependent children (including those who are permanent residents and Canadian citizens).
The following summary table exhibits the amount of funds required corresponding to the number of family members joining in the application for permanent residence in Canada.
|S.No.||No. of Family Members||Minimum Funds Required (Canadian Dollars)|
|h||Each Additional Family Member||$3,414|
Acceptance of Funds
- Funds must be immediately available to the applicant. For instance, he/she can’t use property or investment proofs.
- Cash in a bank account under his/her name is highly required and preferred.
- This amount must be available both when he applies and when he/she gets an invitation for a permanent resident visa.
- Applicants have to prove to an immigration officer that they can legally access this cash to settle in Canada when they arrive there, the purpose is to show that they can support themselves along with their families easily.
- As a legal document, the applicant must get official letters from any banks or financial institutions where the money is being kept. Read more: 17 Ways Canadian Employers Become Non-Compliant
The Financial Document that has to be shown (Letter) must be:
- The letter which should be printed on the financial institution’s letterhead;
- Including the applicant’s personal details such as address, telephone number, and email address.
- Mentioninthe name of the candidate
- listing the outstanding debts such as credit card debts and loans.
For each current bank and investment account it must present:
- Account numbers.
- the date each account was opened.
- the current balance of each account.
- the average balance for the past six months.
Updating the Funds
A candidate is advised to keep up-to-date his amounts on their profiles because it is checked by the Canadian Government every year. The system may find that you are eligible for more than one program and probably get more opportunities. Read more: 9 Facts You Need to Know About Canadian Life
Source: Government of Canada