Proof of funds is a key requirement when you’re immigrating to Canada. Canada wants to ensure that its new immigrants have the means to establish themselves and their families in the country. However, this requirement does not apply to everyone. For example, those applying under the Canadian Experience Class or those with a valid job offer usually do not need to show proof of funds.
As of 2021, here’s the required proof of funds for Express Entry programs:
- For one family member: CAD $13,000
- For two family members: CAD $16,135
- For three family members: CAD $19,836
- For four family members: CAD $24,083
- For five family members: CAD $27,315
- For six family members: CAD $30,806
- For seven family members: CAD $34,299
- For each additional family member, add: CAD $3,492
These numbers are subject to change, so it’s best to check the most recent information from the Government of Canada’s website.
To show proof of funds, you would typically provide official letters from banks or financial institutions where you keep your money. The letter(s) must be printed on the financial institution’s letterhead, have their contact information (address, telephone number and email address), have your name listed, list outstanding debts such as credit card debts and loans, include all bank and investment accounts, and include the average balance for the past six months.
Remember, funds must be readily available. This means you can’t use equity on real property as proof of settlement funds. Also, you must be able to use this money to pay the costs of living for your family. The funds must be available both when you apply and when (if) we issue you a permanent resident visa.
For the most accurate and updated information, visit the official website of the Government of Canada.