According to records, thousands of Nigerians migrate to Canada every year to study or in search of greener pastures. Over the last few years, this number has greatly increased due to the current situation of the Nigerian economy and more people are joining the trend. One of the important documents you must have if you plan to migrate to Canada is the Proof of Funds, which typically demands a lot of money. Fortunately, everything’s easy with LoanSpot. Read through this article to learn how to get Proof of Funds for Canadian immigration in Nigeria.
How to get a Proof of Funds For Canada Immigration in Nigeria
You can obtain your Proof of Funds through LoanSpot. While LoanSpot doesn’t directly provide Proof of Funds to customers, our primary role is to connect individuals in need with trusted Proof of Funds providers.
With the numerous legit Proof of Funds providers in Nigeria, getting your PoF for Canada has become easier than ever.
On the LoanSpot platform, you can get millions of Naira as your Proof of Funds in no time.
Who Needs Proof of Funds For Canadian Immigration?
The Canadian system currently asks all visa applicants to present a proof of funds document. However, you wouldn’t have to present one if you already have a valid job offer waiting for you in Canada.
Here are the programs you need to present proof of funds to satisfy the minimum requirements:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
These programs were created for skilled workers who hope to become permanent residents in Canada based on being qualified and properly equipped in a skilled trade.
Who Does Not Need Proof of Funds For Canadian Immigration?
If you’re applying for PR (Permanent Residence) under the Canadian Experience Class (CEC) program of Express Entry, then you wouldn’t need to provide a PoF (proof of settlement funds). This is because if you are applying under the CEC program, the Canadian embassy will assume that you are already settled in Canada. You are only eligible to apply under CEC if you already have at least one year of work experience in Canada.
Also, the proof of funds mandatory requirement is waived for Federal Skilled Worker (FSW) and Federal Skilled Trades Program (FSTP) applicants who already have a legal and valid Canadian job offer and are permitted to work in Canada. In simple terms, this means that you don’t have to provide Proof of Funds if you’re already working in Canada with an authorized work permit.
How Much is Canada Proof of Funds in Naira?
If you plan to relocate to Canada alone, your PoF (proof of funds) should be roughly N11,000,000 or more. Essentially, the amount you need to present as proof of funds (POF) primarily depends on the number of people who are relocating to Canada together with you. Check out the table below for a brief breakdown:
| Number of family members | Funds required (in Canadian dollars) | Exchange rate in Naira (N) |
| 1 | $13,757 | NGN11,005,600 |
| 2 | $17,127 | NGN13,701,600 |
| 3 | $21,055 | NGN16,844,000 |
| 4 | $25,564 | NGN20,451,200 |
| 5 | $28,994 | NGN23,195,200 |
| 6 | $32,700 | NGN26,160,000 |
| 7 | $36,407 | NGN29,125,600 |
| If more than 7 people, for each additional family member | $3,706 | Plus extra NGN2,964,800 |
This table indicates the minimum amount of money you need to immigrate to Canada from Nigeria as of April 25, 2023.
What Canadian Immigration accepts as Proof of Funds
If you are planning to migrate to Canada, the Canadian embassy has stipulated what your Proof of Funds must look like. For your PoF, you must obtain official letters from reputable commercial banks or financial institutions where you already have an account.
The letters you obtain must be printed out on the bank or financial institution’s letterhead and must include:
- The bank or financial institution’s contact information (which includes their address, phone number, as well as their email address)
- Your name
- All your outstanding debts, if any (such as your credit card debts and loans)
- The details for each current banking as well as the investment account you have with them
- Your account numbers
- The date each bank account was opened
- Your current account balances
- Your average account balance for the last 6 months
FAQs
Here are some other frequently asked questions:
Can I Show Stocks for PoF For Canada?
Any asset that cannot be easily liquidated and has q price that cannot be verified immediately cannot be utilized to satisfy the Canadian PoF requirements. Hence, stocks, and real estate assets cannot be used as PoF for Canada immigration.
How Many Months of Bank Statement Do I Need to Show For Canada Visa Application?
If you are going to pay for your own trip, you must submit a PoF (proof of sufficient funds) to cover your travel and the expenses involved in Canada. This should be the bank statements from your personal account for the last six months. Therefore, you need your last 6 months’ bank statement to show for a Canadian visa application.
Can I go to Canada Without a Bank Statement?
Yes, you can go to Canada without a bank statement. However, this opportunity is only available to the participants of the International Experience Canada (IEC) program. If you fall into this category and can’t get a bank statement, you may show this as your proof of funds when you arrive at the Canadian port of entry:
- A letter on authorized letterhead from your bank or financial institution, that was issued not more than one (1) week before you departed for Canada and clearly indicates your account balance.
- The letter must be signed and preferably stamped.
Does the Canadian Embassy Verify Bank Statements?
The Canadian embassy may decide to verify bank statements presented as part of an applicant’s visa application process. Essentially, this verification aims to guarantee the accuracy and authenticity of the financial information provided. So to be on the safe side, it is best you don’t try to forge your bank statement, as you could be heavily penalized.
How Much Money Can I Bring Into Canada?
Canada doesn’t place any restrictions on the total amount of money you can bring into or take out of the country. Also, it is not illegal to bring any amount of money into Canada. However, anytime you want to cross the Canadian border, you have to declare any currency or other monetary instruments you hold in your possession that have been valued at CAN$10,000 or more.
