Express Entry candidates must satisfy the proof of funds requirements in order to show the IRCC that they have the money necessary to settle in Canada. Canadian immigration applications require evidence of finances to dispel any uncertainty IRCC has regarding an applicant’s ability to secure financial stability as they establish a new life in Canada. The applicant’s financial documents also demonstrate their ability to support the family.
Moreover, as the IRCC primarily admits immigrants of the economic class through Express Entry, we will focus on proof of money in that context.
Proof of funds requirements – Important details
The applicant must be able to access the money easily in order to meet the requirements for proof of funds. Also, Equity in properties cannot be considered. A loan from someone else cannot be used to cover living expenses, and it must be a genuine available source of funds. Additionally, the funds need to be available at the time of the permanent residency application as well as upon receiving the permanent residency visa.
Moreover, upon arrival in Canada, the applicant must demonstrate to an IRCC official that the funds they intend to utilize are legal.
The applicant must provide an official letter “from any bank(s) or the financial institution(s) where” their money is stored in order to prove that they have sufficient funds to support themselves and their entire family once they arrive in Canada.
Proof of funds letters must include the following information:
- In order to prove the funds, the financial institution’s official letterhead should be used.
- The document must include the financial institution’s address, name, telephone number, and email Id.
- Any unsettled debts, such as balances of credit cards and loans, must be added.
- For each current bank and investment account, the proof of funds must include the account numbers, average balance, opening date, and average balance for the past six months.
Defining who is considered to be part of the family
As a result, any dependent children of the primary applicant must also be included in the family. As well as the spouse or common-law partner of that person.
For the purpose of proving financial resources, the applicant’s spouse or partner, as well as their dependent children, should be listed as family members. Even if they aren’t accompanying the application to Canada or aren’t themselves permanent residents (PRs) or Canadian citizens.
Furthermore, the applicant’s spouse or partner may be able to provide proof of finances by keeping funds in a joint account. Funds held in an account solely in the name of the spouse. As well as a partner can also be considered if the primary applicant can demonstrate they have access to them.
Proof of funds – Who needs it?
In order to qualify for both the FSWP and the FSTP applicants must prove that they have funding to cover their education expenses.
When a person has a legitimate job offer and authorization to work in Canada. They are not required to present proof of finances while applying for the Canadian Experience Class (CEC) or immigration. Applicants fulfilling these requirements are nevertheless subject to this requirement, even if they are part of the FSWP or FSTP.
According to the size of the family, here is the breakdown of requirements for proof of funds
It depends on how many family members an applicant has and how much money they must demonstrate. A person’s spouse, common-law partner, and dependent children must be included in the size of their family for “proof of funds” purposes, regardless of whether they are already Canadian citizens or permanent residents or if they are not traveling with him or her to Canada.
Calculate the amount of money (in Canadian dollars) needed according to the number of family members as of June 9, 2022.
| Number of family members | Required funds in CAD |
| 1 family member | $13,310 |
| 2 family members | $16,570 |
| 3 family members | $20,371 |
| 4 family members | $24,733 |
| 5 family members | $28,052 |
| 6 family members | $31,638 |
| 7 family members | $35,224 |
| Every additional family member | $3,586 |
Every year, the proof of funds requirement is based on a small percentage of the low-income cut-off total. Once the new numbers are posted, be sure to take a look at them.
