Immigrating to a foreign country requires you to possess some amount of wealth beforehand. When you land in Canada, there will be a plethora of actions that will require you to spend money, such as reaching your new house or your relatives or friends, arranging a new place to live, going grocery shopping, making arrangements for other smaller expenses, etc. Moreover, if you have people dependent on you financially, you need to take care of them, even if they are not coming to Canada with you.
You must have money arranged in your bank account before you come to Canada so that you can support yourself financially. Hence, the Canadian immigration authorities require you to prove that you have the funds when you are immigrating to Canada.
How to Show Proof of Funds for Canada Immigration?
To show proof of funds for Canada immigration, you need to submit official letters from banks or financial institutions, wherever you have kept your money or have an account. This official letter becomes the proof of your money.
Moreover, the official documents must be printed on the letterhead of that financial institution. The letterhead needs to include the following information:
- name of the applicant
- any outstanding debts (like- credit cards and loans)
- contact information of the bank/ financial institution (includes- telephone number, email address and address)
- you need to show the following details for each investment and current account that you have with them-
- current bank balances
- account numbers
- dates when the account was opened
- average balance that has been for the previous 6 months
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How much proof of funds is required for Express Entry?
Below is the amount you need to show according to each family member for Express Entry:
To calculate the size of the family, including those under a Canada dependent visa, consider:
- Oneself
- Dependent children
- Spouse/ common-law partner
- Dependent children of spouse/ common-law partner (include even if they are Canadian citizen/PR and/or when they are not coming to Canada)
Who needs (and doesn’t need) to show proof of funds?
One needs to show proof of funds so they can meet the minimum requirements of:
Those who are applying under the Canadian Experience Class (CEC) do not need to provide proof of funds.
Moreover, if you are permitted to work and have a valid job offer you don’t need to prove your funds. This applies even if you are applying under FSTP or FSWP.
How much money can I bring to Canada?
Though there’s no limitation on how much money you can bring to Canada, if you are bringing over CAN$10,000 just tell the border officers.
Remember, you may be fined if you don’t tell the border officer about the money.
Proof of Funds for Other Immigration Programs
If you are applying for Canada PR through other immigration programs, the proof of funds will be different.
Calculate proof of funds for the following programs:
| No. of Members in your Family | Funds Required(CAD) |
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If there are more than 7 people, for each additional family member | $3,706 |
| No. of family members | Funds you need(CAD) |
| 1 | $2,367 |
| 2 | $2,947 |
| 3 | $3,623 |
| 4 | $4,399 |
| 5 | $4,989 |
| 6 | $5,627 |
| 7 | $6,265 |
| In case there are more than 7 dependents, for each member | $637 |
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