How Much Bank Balance Is Needed for Canada Work Visa?

The amount of bank balance required for a Canadian work permit varies based on the specific visa program and your individual circumstances. Here's a breakdown:

1. Temporary Foreign Worker Program (TFWP)

• Proof of Funds: Not typically required if you have a valid job offer from a Canadian employer.

• Recommendation: It's advisable to have at least CAD 10,000 to cover initial living expenses upon arrival.

2. Open Work Permit (e.g., Spousal Open Work Permit)

• Proof of Funds: Generally required to demonstrate financial self-sufficiency.

• Minimum Amount: Approximately CAD 2,500 to CAD 3,000 for a single applicant.

3. International Experience Canada (IEC)

• Proof of Funds: Mandatory.

• Minimum Amount: At least CAD 2,500.

• Note: Funds must be readily accessible; credit cards are not accepted as proof.

4. Express Entry (Federal Skilled Worker Program)

• Proof of Funds: Required unless you have a valid job offer or are currently authorized to work in Canada.

• Minimum Amount: Varies based on family size. For example:

o Single applicant: CAD 14,690

o Family of two: CAD 18,288

o Family of three: CAD 22,483

o Family of four: CAD 27,297

Acceptable Proof of Funds Documentation:

• Bank Letters: Official letters from financial institutions detailing:

o Account numbers

o Date each account was opened

o Current account balances

o Average balance for the past six months

o Outstanding debts (e.g., credit card debts, loans)

• Bank Statements: Recent statements showing consistent balances.

• Other Financial Documents: Such as Guaranteed Investment Certificates (GICs), pay stubs, or investment statements.

Key Points to Remember:

• Ensure that the funds are readily accessible and unencumbered.

• Funds must be in your name or that of your accompanying spouse/common-law partner.

• The required amounts are updated annually; always refer to the latest guidelines before applying.