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What You Need to Know About Proof of Funds for Canada Immigration 


You will need proof of fund for Canada immigration when you have decided to relocate to Canada permanently. It is a paper document that you will tender to Canada authorities as an evidence that you are financially capable to support both your and your family for at least a year on arriving into Canada. 

Basically, the two (2) programs that’d require you to show a proof of funds for Canada immigration include:1. Federal Skilled Worker Program (FSWP)2. Federal Skilled Trades Program (FSTP)
Meanwhile, the two programs are under the Express Entry immigration program. 
Therefore, we will be highlighting the necessary information you need to know about proof of funds for Canada immigration, so that you can have a better idea of how much you will need to have when immigrating to Canada. 
How to Show Proof of Funds for Canada Immigration?
It is important that your proof of funds correspond to Canada’s Low Income Cut-Off (LICO) chart. 
The most important point to note when showing your proof of funds for Canada immigration is to demonstrate that the money that you are showing as a proof is yours to use. That being said, all forms of loans or debt pending in your home country must be completely settled for your Canadian proof of funds to count. It is very essential you note this.

Your proof of funds for Canadian immigration must be free from any embargo and you are also expected to clearly show your source of income in your home country.
In the process of showing your proof of funds for Canada immigration, you will need to provide an official letter issued  issued to you by the banking institution that reveals your present financial profile. 
Do note that an online bank statement or statement letter usually received by post doesn’t serve as a proof of funds for your immigration to Canada. 
The IRCC (Immigration, Refugees, Citizenship Canada) has every right to reject your Express Entry application if what you submitted that shows your proof of funds is not an official letter from your banking institution.

The official letter from your bank should rather be printed clearly displaying your financial profile with the bank’s letterhead. Also, this letter should include all your bank accounts and respective account numbers in your home country. The date when the accounts were opened should also be indicated and the current balance in each accounts for at least six months. 
And finally, the official letter from your bank must be signed off by an authorized bank officer, containing the coordinates of your signing officer that will later be used to facilitate due diligence directly with the bank.

You should note that the official letter handed over to you from your bank must contain your bank’s contact information that includes their address, phone number and valid email address. And for sure, you can as well use your provident fund money as proof of funds for Canada immigration. But, this would required you to get a stamped certificate from your provident fund authority.


It is expected that you provide your proof of funds when you are applying for Express Entry immigration program without any delay. This and other documents should be uploaded on your Express Entry online profile. 
How much is needed to show as a proof of funds for Canada immigration?

There is no specific amount you need to show as proof of fund but the nature of your immigration program you are applying for will determine the amount you will show. It’s also dependent on whether or not you’ll be having your spouse or common-law partner (if applicable) accompanying you to your stay in Canada.

The below table shows a general break down of the minimum amount of funds required (in $CAN) per family member that you must show as proof of funds for Canada immigration:
No  of Family Members Proof of Funds1  member     –  $12,9602 members     – $16,1353 members     – $19,8364 members     – $24,0835 members     – $27,3156 members     – $30,8067 members     – $34,299
For each additional family member $3,492
Meanwhile, you aren’t going to deposit the money into any Canadian bank account or credit union. You can decide to keep your money in any financial institution outside Canada province. 
However, you can alternatively show your proof of funds by instruments such as GIG which will require you to have your funds in a Canadian bank. 
What can be accepted as a proof of funds for Canada Immigration?
It is not a must that you have 100% of the total amount required funds for your Canada immigration. You can get your Canadian proof of funds from a combination of different approved financial instruments such as:
1. Official letter from your bank showing your your financial profile for the six months;
2. Proof of investments – fixed/term deposits;
3. Provident fund
4. Stock investment
5. Cash gifts received from parents, relatives or other credible sources. Note that any cash gift received from family members or friends must clearly spell out that the money is for you to use without any limitation and, that it is just a gift and not a loan.
6. Mutual Fund
However, the following are not accepted to show as proof of funds for Canada immigration:
1. Any form of online bank statement
2. Cryptocurrency
3. Property
4. Vehicle
5. Jewelry
6. Money in someone else’s bank account (even though it’s a friend or close relative). The only funds counted as proof of funds here are mutual funds from primary applicant/spouse.
7. Any illiquid financial instrument.
Lastly, Express Entry recommends that you maintain at least 50% more funds of the required amount in your bank savings before considering all the above listed financial instruments to show as proof of funds for your Canadian immigration.


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