Frequently Asked Questions - Proof of Funds

Who needs proof of funds?

You need proof of funds to meet the minimum requirements of 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 .
• you’re authorized to work in Canada 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 you’ll 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 partner or spouse.
• 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.

What IRCC accepts as a proof?

Funds must be readily available to you. For example, you can't use 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 (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

The letter(s) must be

• 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
• Each account's opening date
• Each account's current balance

Updates to fund requirements

IRCC updates the minimum amount you need every year, based on 50% of the low income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.

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 inform the border officer If you are bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. These are some examples:

• cash.
• Documents demonstrating property or capital owed to you, such as:
  • stocks
  • bonds
  • debentures
  • treasury bills
• Documents that guarantee payment of a specific amount of money to you, such as:
  • banker's drafts
  • cheques
  • money orders
  • travellers’ cheques