Proof of Funds Advice as Canada Immigrant: 4 Things You Need to Know

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Once an applicant gets an invitation to apply for Canadian permanent residence under the Express Entry system, one of the requirements is proof of funds. Having enough money upon entry to Canada helps a new immigrant settle with the costs and expenses related to settling in.

Things you need to know about proof of funds

  • The amount of funds an applicant needs to secure is based on minimum requirements of immigration programs such as the Federal Skilled Worker Program and the Federal Skilled Trades Program.
  • Proof of funds in the above programs is needed unless the applicant is currently authorized to work in Canada and has a valid job offer in Canada.
  • Funds must be readily available or can easily withdraw for applicants to use when they settle in Canada. This means applicants can’t use the equity on real property as proof of settlement funds.
  • Written proof of access to funding must be provided by an applicant once he or she is invited to apply for Canadian permanent residence.
  • For the applicant’s spouse is also part of the application, they together can combine their income in a joint account. It is also possible to count money under a spouse’s account, but the proof is needed that an applicant has access to the money.
Calculating income. Photo credit: FirmBee / Pixabay

The minimum amount of money needed

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The amount of money needed to support an applicant’s settlement in Canada and shown in the proof of funds depend on the size of the family. In this context, family members include the applicant, his/her spouse/partner, applicant’s and spouse’s dependent children, including those who are permanent residents and Canadian citizens.

The following table illustrates the number of funds required corresponding to the number of family members joining in the application for permanent residence in Canada.

[table id=10 /]

Acceptable proof of funds

Upon entry to Canada, the applicant must be able to prove to the immigration officer that the applicant can legally access money as declared in the proof of funds.

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Official letters must be provided from any banks or financial institutions where money is kept.

The letter(s) to be provided by the applicant must:

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number, and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account:
    • account numbers
    • the date each account was opened
    • the current balance of each account
    • the average balance for the past six months

Proof of funds document may look similar to the sample below and includes information required as listed above.

proof of funds document

Amount of money to bring to Canada

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Bringing an adequate amount of money to Canada helps an immigrant settle in to the country and cover expenses such as accommodation, food, education, medication, etc. Therefore, bring as many funds as possible.

However, please note that you need to declare if you are bringing more than C$10,000 into Canada. Failure to do so could mean fine or even confiscation of funds. Declaration of funds covers:

  • cash
  • documents that show property or capital payable to you, such as:
    • stocks
    • bonds
    • debentures
    • treasury bills
  • documents that guarantee payment of a set amount of money, which are payable to you, such as:
    • banker’s drafts
    • cheques
    • travelers’ cheques
    • money orders).


Unless they are already working in Canada, applicants are required to provide such proof of funds. As immigrants to Canada come from foreign countries, applicants are required to provide proof of funds they can use to sustain their initial settlement in their destination province. Having funds allows new immigrants to secure a new house, provide for education, medical, and other daily expenses.

The amount required is based on the cost of living in Canada. Permanent residents can avail of Canada’s public services such as free education and healthcare, but they are also expected to spend on other costs, that is why having enough money to bring to Canada is crucial in the initial weeks of stay there.

For more information, please refer to the Skilled Immigrants page of the Government of Canada.

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