Many Nepalis dream of moving to Canada for study or permanent residency, but a common area of confusion and stress is understanding the financial requirements. This thread aims to clarify "Proof of Funds" (PoF) and other essential initial expenses you should budget for before and immediately after your arrival.
Proof of Funds demonstrates that you have enough money to support yourself and your family when you come to Canada. It's a critical component of many visa applications, ensuring you won't become a burden on the Canadian social system.
For international students, PoF typically covers your first year's tuition fees plus living expenses. As of 2024, IRCC requires a single applicant to show proof of at least CAD 20,635 for living costs alone, in addition to tuition. Many students opt for a Guaranteed Investment Certificate (GIC) from a Canadian bank to meet a portion of these funds, which also helps with initial financial stability.
For Express Entry candidates applying for permanent residency, settlement funds are required unless you have a valid job offer from a Canadian employer. The amount needed depends on your family size and is updated annually by IRCC. Acceptable forms of funds include cash, bank statements, demand deposits, or investments that can be readily converted to cash. It is crucial these funds are unencumbered and available to you.
Beyond the official PoF, there are significant initial settlement costs that new arrivals often overlook. These include your airfare to Canada, temporary accommodation for the first few weeks (like an Airbnb or short-term rental while you search for permanent housing), initial grocery runs, public transportation passes, setting up a phone plan, and potentially purchasing essential winter clothing or basic household items.
To manage these costs effectively, research the specific city you plan to live in, as living expenses vary widely across Canada. Create a detailed budget before you leave Nepal, factoring in all these arrival costs. While international students can work part-time, it’s wise to have sufficient funds for at least the first few months before relying on potential employment.
Please share your experiences and tips regarding financial planning for Canada. What unexpected costs did you encounter? What advice would you give to others about managing their initial expenses or fulfilling the proof of funds requirement? Your insights can be invaluable to future newcomers.
Proof of Funds demonstrates that you have enough money to support yourself and your family when you come to Canada. It's a critical component of many visa applications, ensuring you won't become a burden on the Canadian social system.
For international students, PoF typically covers your first year's tuition fees plus living expenses. As of 2024, IRCC requires a single applicant to show proof of at least CAD 20,635 for living costs alone, in addition to tuition. Many students opt for a Guaranteed Investment Certificate (GIC) from a Canadian bank to meet a portion of these funds, which also helps with initial financial stability.
For Express Entry candidates applying for permanent residency, settlement funds are required unless you have a valid job offer from a Canadian employer. The amount needed depends on your family size and is updated annually by IRCC. Acceptable forms of funds include cash, bank statements, demand deposits, or investments that can be readily converted to cash. It is crucial these funds are unencumbered and available to you.
Beyond the official PoF, there are significant initial settlement costs that new arrivals often overlook. These include your airfare to Canada, temporary accommodation for the first few weeks (like an Airbnb or short-term rental while you search for permanent housing), initial grocery runs, public transportation passes, setting up a phone plan, and potentially purchasing essential winter clothing or basic household items.
To manage these costs effectively, research the specific city you plan to live in, as living expenses vary widely across Canada. Create a detailed budget before you leave Nepal, factoring in all these arrival costs. While international students can work part-time, it’s wise to have sufficient funds for at least the first few months before relying on potential employment.
Please share your experiences and tips regarding financial planning for Canada. What unexpected costs did you encounter? What advice would you give to others about managing their initial expenses or fulfilling the proof of funds requirement? Your insights can be invaluable to future newcomers.
