How to Deal with Proof of Funds Requirement for Canada Immigration

Proof of funds is how you show Canadian immigration that you have enough money to settle in Canada. When you apply for most visas, you will need to give proof in the form of documents that you have this money. Essentially, the reason behind this is to ensure that you will be able to take care of yourself in Canada and not be a burden to the place.

In this post we explain all you need to know about the proof of funds requirement and how to navigate your way through it.

Who needs proof of funds?

You need proof of funds to meet the minimum requirements if you’re applying for the

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Who does not need proof of funds?

You don’t need to show that you have enough money to support yourself and your family if

• you’re applying under the Canadian Experience Class or
• you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program

How much money will you need?

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

• yourself
• your spouse or partner
• your dependent children and
• your spouse’s dependent children

Include your spouse or dependent children even if they’re

• permanent residents or Canadian citizens
• not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada. If you have more money, it is a good idea for you to list the full amount in your profile or application.

What can serve as proof?

Funds must be readily available to you. For example, you can’t use the equity on real property as proof of settlement funds.

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

The funds must be available both when you apply and when you are issued a permanent resident visa. You must prove to an immigration officer that you can legally access the money to cater for your own needs in Canada when you arrive.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months

How much money you should bring?

Research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. This includes:

• cash
• documents that show property or capital payable to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• documents that guarantee payment of a set amount of money, which are payable to you, such as:
  • banker’s drafts
  • cheques
  • money orders
  • travellers’ cheques