Can I show FD as proof of funds for a Canada visa?

Planning to move to Canada? One of the most common questions applicants ask is: Can I show a Fixed Deposit (FD) as proof of funds for a Canada visa? The answer is yes—but there are important conditions, documents, and tips you must know to avoid delays or rejection.

In this guide, we’ll break down everything you need to know about using FDs as proof of funds for your Canada visa, including the documents required, key considerations, and common mistakes to avoid.

Understanding Proof of Funds for Canada Visa

Why Proof of Funds Matters

The Canadian government needs to be sure that visa applicants have enough money to support themselves (and family members, if applicable) during their stay. Proof of funds demonstrates financial stability, ensuring you can cover tuition, living expenses, and other costs without relying on public support.

Without proper proof of funds, your application may face delays or even rejection.

Types of Proof Accepted

Canada accepts several forms of proof of funds, including:

• Bank statements showing a consistent balance over 3-6 months
• Fixed Deposits (FDs) in your name
• Guaranteed Investment Certificates (GICs)
• Investment statements or liquid assets

FDs are widely recognized because they show a fixed, substantial amount of money that can be cashed if needed. However, they must meet specific requirements.

Using Fixed Deposit (FD) as Proof of Funds

Ownership Requirements

To use an FD as proof of funds, the deposit must be in your name. If the FD is in someone else’s name, such as a parent or spouse, you may need to transfer funds to your account and maintain a stable balance for at least six months before submitting your visa application.

Liquidity and Accessibility

Authorities require that your funds are cashable and readily accessible. An FD that cannot be liquidated quickly may not qualify. Always ensure your FD can be encashed or partially withdrawn to cover your expenses in Canada.

Supporting Documents

To submit an FD as proof, you’ll typically need:

1. Bank Statements: At least 3-6 months showing a consistent balance.
2. Bank Letter: On the bank’s letterhead, confirming the FD is in your name, the account number, and the last 6 months’ average balance.
3. Fund Transfer Proof (if needed): If you’ve transferred funds from another account, provide transfer details.

Required Documents for Showing FD

Bank Statements

• Your name as the account holder
• Current balance
• Transaction history showing stability

Consistency is key—random deposits or withdrawals can raise concerns.

Bank Letter

A bank letter is mandatory for most Canada visa applications. This letter should include:

• Your name and account details
• Bank’s contact info (phone, address, email)
• Confirmation of funds availability
• Average balance over the last six months

Fund Transfer (If Needed)

If the FD is not in your name, you need to show funds in your account for at least 6 months before applying. Keep records of the transfer for verification.

Key Considerations When Using FD

Visa Type Matters

Requirements may vary depending on whether you are applying for:

• Student Permit (study visa)
• Visitor Visa (tourist visa)
• Permanent Residency

For Express Entry or study permits, proof of funds must meet specific thresholds depending on the number of applicants.

Minimum Balance Requirements

Ensure your FD plus other liquid assets meet Canada’s minimum proof-of-funds requirements. The government provides a funds calculator for applicants—check the latest numbers before applying.

Supplementary Proof

While FDs are accepted, it’s a good idea to include other proofs, such as additional bank statements, GICs, or investments, to strengthen your application.

Pros and Cons of Using FD for Canada Visa

Pros

• Shows a substantial, stable amount
• Easily verifiable by authorities
• Widely accepted by Canadian immigration

Cons

• Must be in the applicant’s name
• May require additional proof if FD alone is not sufficient
• Inaccessible FDs may be rejected

Tips for a Strong FD Submission

1. Keep the FD in Your Name: Always ensure you are the account holder or co-holder.
2. Provide Consistent Statements: 3-6 months of statements showing stable balances.
3. Avoid Future or Non-Cashable Funds: Only funds that are currently accessible count.
4. Include Other Proofs: Supplement with GICs, bank balances, or investments.
5. Consult Experts: A Canada visa consultant can review your documents to ensure compliance.

Common Mistakes to Avoid

• FD not in applicant’s name
• Submitting FD alone without bank statements
• Ignoring liquidity requirements
• Showing insufficient balance
• Using recent, inconsistent deposits to inflate funds

Final Thoughts

Yes, you can show an FD as proof of funds for a Canada visa, but proper documentation and compliance with IRCC guidelines are essential. Ensure the FD is cashable, in your name, and supported by consistent bank statements and a bank letter.

Using an FD along with supplementary proofs increases the likelihood of a smooth visa application. Always double-check visa type requirements and consider consulting a professional to avoid common mistakes.

If you’re planning your Canada visa application, consult a trusted Canada visa consultant to review your FD and other proof-of-funds documents. Proper preparation can save time, reduce stress, and improve your chances of approval.