Proof Of Funds Canada for Canada Immigration

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Last Updated On : June 15 , 2024

If you plan to settle in Canada , you must prove to Canadian immigration authorities as a part of your Express Entry application that you can afford to sustain yourself and your family for a long period in the form of official letters from your bank or financial institutions.

This confirms that you do not require any social assistance from the Canadian Government. You will need Proof of funds for the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program.

Do I need to show Proof Of Funds to IRCC?

When applying for Canada PR, most candidates must show proof of funds, although there are some conditions under which financial proof is optional.

When to show Proof of Funds?

Individuals applying for Canada PR through Express Entry under Federal Skilled Worker (FSWP) and Federal Skilled Trades (FSTP) programs. In that case, you must meet the minimum settlement fund requirements.

When a person does not need to show Proof of Funds?

Suppose you receive an invitation to apply under Canadian Experience Class (CEC) or have a legitimate job offer backed by a favourable Labour Market Impact Assessment (LMIA). In that case, you are exempt from the evidence of financial requirement.

Comparing previous Proof Of Funds with updated data from IRCC

Number of dependents

Previous Proof of Funds

Updated Proof of Funds

Percentage rise


CAD 13,757

CAD 14,690



CAD 17,127

CAD 18,288



CAD 21,055

CAD 22,483



CAD 25,564

CAD 27,297



CAD 28,994

CAD 30,690



CAD 32,700

CAD 34,917



CAD 36,407

CAD 38,875


7+ (additional family member)

CAD 3,958

CAD 3,958


UPDATED (02-June-2024)

Can I show property as a Proof of funds for the express entry program?

Generally, properties outside of Canada are ineligible as they are the only source of funding for Express Entry. However, to fulfil the minimal criteria, you might require a document from a realtor stating the projected market value if you intend to sell the home.

Proof of Funds Verification by IRCC

IRCC typically verifies proof of funds through official letters from your bank(s) or financial institutions. These letters should:

  • Be on official letterhead
  • Include contact information for the institution
  • List all your accounts (checking, savings, investments)
  • Detail current balances
  • Show any outstanding debts (loans, credit cards)

How much money should I have once I arrive at the Canadian Border?

You need to have at least CAD 10,000 before moving to Canada, according to customs requirements in Canada. You are welcome to bring extra, but the specified amount must be shown to avoid paying a fine and having the money seized.

Reference: IRCC Table -Proof of Funds


When you apply for Permanent Residency (PR), visa officers will verify your proof of funds to ensure you have enough money to sustain your family and yourself in the early days of settling in Canada.
Formal letters from banks or other financial bodies are acceptable forms of proof of funds. This correspondence must include the letterhead of the financial institution, your name, contact details, account information for your investments and banking, and a list of your existing obligations.
Proof of funds for Canada PR is not required when seeking permanent residence in Canada. An estimate of the settlement money must be included in your Express Entry profile; however, the proof of funds must be presented only after you have received an ITA.