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As a minimum requirement for programme eligibility, applicants to two of the three Express Entry programmes must show proof of funds. Learn more about proof of funds in the sections below.

Proof of funds is how a prospective Canadian immigrant demonstrates to Immigration, Refugees, and Citizenship Canada (IRCC) that they have sufficient funds to settle in Canada.

Proof of funds is an important part of the Canadian immigration application process because it removes any doubt that IRCC may have about an applicant's ability to support themselves financially as they begin to build a life in this country. Furthermore, proof of funds demonstrates an applicant's ability to care for their family members.

Because Express Entry is the primary pathway through which IRCC welcomes economic class immigrants to Canada, the following will concentrate on proof of funds.

Important information about proof of funds

The applicant must have access to the money used as proof of funds. In other words, property equity does not qualify for these purposes. Furthermore, this money cannot be borrowed from another person and must be available when it comes time to pay living expenses. Finally, any money used to demonstrate financial resources must be available "both when [an individual applies for Canadian permanent residence] and when [the applicant is issued] a permanent residence visa."

Upon arrival in Canada, the applicant must be prepared to demonstrate to an IRCC officer that they have legal access to the funds.

Using an official letter "from any bank(s) or financial institution(s) where" an immigration applicant holds money, the applicant must demonstrate that they have enough money to support themselves and all members of their family upon arrival in Canada.

Any proof of funds letter must include the following information:

• be printed on the letterhead of the financial institution
• include their name and contact details (address, telephone number and email address)
• Make a list of any outstanding debts (credit card debts and loans)
• Include the following information for each current bank and investment account: account numbers, open dates, current balances, and average balances over the last six months.

understanding who is qualified as family member

Members of a family for these reasons include the primary applicant, their dependent children, their spouse or common-law partner, and any dependent children of that person.

Note : Even if they are themselves permanent residents (PRs)/Canadian citizens or are not coming to Canada with the applicant, the applicant's spouse/partner and the spouse/dependent partner's children should be included as members of the family for proof of funds.

If an applicant's spouse or partner will accompany them to Canada, funds in a joint account may be counted as proof of funds. Funds held in an account in only the spouse/name partner's can also be counted if the principal applicant can demonstrate access to the money.

Who is required to show proof of funds and who is not?

To meet the minimum eligibility requirements for the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP), applicants must present proof of funds.

Meanwhile, applicants for the Canadian Experience Class (CEC) and immigration applicants who are authorised to work in Canada and have a valid job offer are not required to provide proof of funds. This is still true for FSWP and FSTP applicants who meet these requirements.

Breakdown of proof of funds requirements based on family size

The amount of money that each applicant must demonstrate that they have varies depending on how many family members they have. Once more, even if they are already Canadian citizens or permanent residents or they are not travelling to Canada with the applicant, the size of one's family for "proof of funds" purposes must include the spouses and common-law partners (as well as their dependent children) of the principal applicant.

According to IRCC, the funds required (in CAD) by number of family members as of June 9, 2022 are shown in the table below.

Note : Although minor, proof of funds requirements are adjusted annually based on 50% of low-income cut-off totals. Be sure to check the new numbers once they’re posted.

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