Proof of funds – Skilled immigrants (Express Entry)
You must show that you have enough money to settle in Canada to meet the minimum requirements of:
- the Federal Skilled Worker Program or
- the Federal Skilled Trades Program
You can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (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 their name only, but you must prove you have access to the money.
If you are invited to apply, you must give written proof that you have this money.
You don’t need to show that you have enough money to support yourself and your family to meet the program requirements of the Canadian Experience Class (this includes provincial nominees who are part of the CEC stream).
Note that you do not need proof of funds if you are currently:
- authorized to work in Canada and
- have a valid job offer
Keep your funds up-to-date in your profile. The system may find that you are eligible for more than one program. You don’t always know ahead of time which program you will be invited under.
How much money you will need
The amount of money you need to support your family is set by the size of your family. To calculate the size of your family you must include:
- your spouse or partner
- your dependent children and
- your spouse’s dependent children
This includes your spouse or dependent children who are permanent residents or Canadian citizens.
You will need to show proof that you have enough money when you apply to immigrate. This table shows the minimum amount you need. If you have more money, you should list the full amount in your profile or application.
(in Canadian dollars)
|For each additional family member||$3,414|
What we accept as proof
Funds must be readily available to you. For example, you can't use equity on real property as proof of settlement funds.
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access them to use to settle here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you are keeping money.
- 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
Updates to fund requirements
We update the proof of funds numbers every year based on 50 per cent of the low income cut-off totals. The changes are small but there is a chance it could affect your eligibility. Be sure to check the new numbers to your own once they’re posted.
How much money you should bring
Research how much it costs to live in the place where you plan to settle in Canada.
Bring as much money as you can to make moving and finding a home in Canada easier. Canadian customs regulations require you to declare if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. This includes:
- documents that show property or capital payable to you, such as:
- treasury bills
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker's drafts
- travellers’ cheques
- money orders).
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