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Bank Statement Needed for Canada Visa Application

October 16, 2019BY Immigrationincanada

In this contemporary era, Canada has become the world’s famous destinations for immigration. It has the reputation of being a diverse country, and its strong economy made it a preferable country among immigrants.

Among 36 OECD countries, Canada has the highest rate of immigration. More than 250,000 people immigrate to Canada per year, and this number doesn’t include 200,000 temporary foreign workers and 1000,000 students. Since 2008 the employment rate for migrating in Canada is also rising.

However, for visa applications in Canada, you have to show proof of funds. The Canadian government requires that to become assured that the visa applicants have sufficient money to support themselves and their family members.

In the following part, I will discuss how many months of bank statement needed for Canada visa application and the specific requirement for an official Proof of Funds letter.

How Many Months of Bank Statement Needed for Canada Visa ApplicationMinimum 6 months of bank statement you have to provide. In this case, most of the banks will give you a letter mentioning your average six months balance.

It will assist you in proving whether you have maintained the balance continuously or you have borrowed it from someone else.

So the answer is preferably six months, but it may still work with fewer months. In this matter, the risk is associated.  Six months is the perfect period for you, and it is safe to apply.

The bank statement is also called proof of funds. Items that must be included in one test of fund letter are:

  • the name of the bank and address of the bank
  • official bank statement
  • savings and checking accounts balance of funds
  • money markets statement and balance’s copy
  • the signature of an authorized bank employee, etc.

Why People Choose Canada?

Let’s discuss some prominent reason which makes Canada an attractive immigration destination.

Canada’s Economy

The economy of Canada is the 10th largest in the world, and it has $48,100 per capita. Canada’s economy is based on the service sector. According to statistics of Canada, 78.9% of Canadians are working in service-related areas.

However, the right producing sector in Canada is relatively small if compared with the service sector.

Diversity in Culture

In Canada, there are no anti-immigrants political parties. It is one crucial consideration factor for immigrants.

It has a reputation for its openness. Also, a large number of the world’s population sees Canada as a Nation. Canada respects individuals’ right and freedom, welcome immigrants, welcome different culture and races, and provides a high standard of living.

Education System

The education system is superior in Canada, and it is also affordable. Immigrants’ parents value the education system, which will give their children a future.

In comparison with any other industrialized country, Canada spends more on education per capita. It also has some worldwide renowned educational institutions.

Final Words

Whereas some countries are showing negative attributes towards immigrants, Canada is providing benefits and showing positive attributes. So it can be said that Canada is one of the best places for immigration. However, bank statement needed for Canada Visa Application along with other documentation is a must.

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