Proof of funds
We updated the amount of money you need
We’ve updated the table that shows how much money you need to settle in Canada. We update these numbers every year based on 50% of the low income cut-off totals. This change could affect your eligibility. You should double-check that, based on the new cut-off, you still have enough money to support yourself and your family if you immigrate to Canada.
Settlement funds
You must prove that you have enough money to support yourself and your family after you get to Canada, unless you’re already working in Canada.
How much money you need
The amount of money you need to support your family is based on the size of your family.
To calculate the size of your family, include
- yourself
- your spouse or common-law partner
- your dependent children
- your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and all dependent children, even if they’re
- Canadian citizens or permanent residents
- not coming to Canada with you
The table below shows the minimum amount you need to immigrate to Canada.
Minimum amount of money you need to immigrate to Canada based on the size of your family
Updated June 3, 2024
| Number of family members | Funds you need (in Canadian dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member, add | $3,958 |
What we accept as proof
Your funds must be available to you both when
- you apply
- we issue you a permanent resident visa (if we approve your application)
You must prove to us that you can legally access the money when you arrive.
For example, this means that
- you can't use equity on real property as proof of settlement funds
- you can’t borrow this money from another person
You must be able to use this money to pay for your family’s costs of living (even if they aren’t coming with you).
- If your spouse is coming with you, you can count money you have together in a joint account.
- You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
For proof, you must get official letters from any banks or financial institutions where you have an account.
These letter(s) must be printed on the financial institution’s letterhead and include
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance over the past 6 months
Your proof can be 1 or more of the following:
- bank account statements
- documents that guarantee payment of a set amount of money payable to you (such as banker’s drafts, cheques, traveller’s cheques or money orders)
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