What is Proof of Funds (POF)?
Proof of Funds is specifically required if you are applying PR under FSWP (Federal Skilled Worker Program) or FSTP (Federal Skilled Trades Program). These programs fall under Express Entry. Each Year IRCC updates the funds requirement after analyzing the Cost of Living and Labor Market requirements. So those who have submitted Express Entry applications, do keep an eye on Proof of Funds requirement.
What is accepted as POF?
- Savings Bank Account
- Fixed Deposit Bank Account
- Provident Fund (India) to some extent
- Gift Deed from Parents (only)
| Number of Family Members (including Primary Applicant) | Funds Required (In CAD) |
|---|---|
|
1 |
$13,757 |
|
2 |
$17,127 |
|
3 |
$21,055 |
|
4 |
$25,564 |
|
5 |
$28,994 |
|
6 |
$32,700 |
|
7 |
$36,407 |
|
each additional member |
$3,706 |
Some quick facts and explanations about POF doucments
- Get Balance Certificate and Statement for last 6 months from Bank where funds are available.
- If the funds are saved at multiple banks, then get Balance Certificate and Statement for last 6 months from each bank.
- These documents should have the amount of money written for respective bank accounts.
- There is no specific format for Balance Certificate, Let the bank decide what they are printing for you. It will work.
- Joint account works, however only with spouse. Joint accounts with parents or anyone else will not be acceptable as Proof of Funds.
- POF documents should be on primary applicant's name, If funds are available in spouse's account, then alongside Balance Certificate, please add consent letter from spouse stating "you have full access to funds". Its mandatory.
- Gift deed or affidavit should include cheque details (copy).
- Funds must be available throughout the complete PR application process.
