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

Proof of funds for Canada immigration is needed if you plan on relocating to Canada permanently. It is what you’ll show to Canadian authorities as proof that you have the necessary amount of funds to support both you and your family for at least a year on arriving into Canada.

This just goes to make sure that your coming to Canada doesn’t add extra burden to Canadian taxpayers money. Canada does not want to take up funds in the period from social benefits and other bodies within the country to cater for your needs, and the needs of your household, thus, you’ll need to have a minimum amount of funds at your disposal on coming into Canada to live permanently.


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)

All which are under the Express Entry immigration program.

Thus, this guide will break down everything that you must know about proof of funds for Canada immigration, so as to have a pretty great idea of how much you’ll need to have when immigrating to Canada.

How to Show Proof of Funds for Canada Immigration?

Your proof of funds must correlate with 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.

Your proof of funds for Canadian immigration must be free from any embargo, and you should also be able to show proof of your source of funds in your home country.

In the process of showing your proof of funds for Canada immigration, you’ll be required to provide an official letter issued to you by the banking institution that indicates your current financial profile.

That being said, an online bank statement or statement letter often received by post doesn’t count as a proof of funds for your immigration to Canada.

The IRCC (Immigration, Refugees, Citizenship Canada) has every right to decline 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 must be a well printed financial profile of yourself that clearly shows the bank’s letterhead. The letter must contain all your bank accounts and respective account numbers in your home country, as well as the date in which each account was opened and the current balance in each account for the last six (6) 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.

Note: The official letter handed over to you from your bank must also contain your bank’s contact information that includes their address, phone number and valid email address.

And ya… 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.

The certificate looks something like this:


Your proof of funds would be requested of you on applying for the Express Entry immigration program, and you’ll need to submit it with no delay. This and other required documents should be uploaded on your Express Entry online profile.

How Much Money Do I Need to Show as Proof of Funds for Canada Immigration?

The amount of money you must show as proof of funds all depend on the type of immigration program that your application falls under. 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:

Number of Family Members Proof of Funds
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299
For each additional family member $3,492

And NO!!! You won’t be requested to deposit any of this amount into any Canadian bank account or credit union. Your money can be kept in any financial institution outside the province of Canada.

Alternatively though, you can show your proof of funds by instruments like the GIC which will require you to have your funds in a Canadian bank.

What is Accepted as Proof of Funds for Canada Immigration?

It’s not compulsory that you have 100% of the total required funds in your bank account to show as proof of funds for your Canadian immigration. Your Canadian proof of funds can also come from a combination of different approved financial instruments as seen below:

  • Official letter from your bank showing your your financial profile for the six months;
  • Proof of investments – fixed/term deposits;
  • Provident fund
  • Stock investment
  • 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.
  • Mutual Fund

Below is a template for how you should submit a gift deed content as a proof of funds for Canada immigration:


For a cash gift deed content, the following must be included for it to count as a proof of funds for Canada immigration:

  • It must be shown on a government stamped paper with an authorized person signing off on it.
  • It must contain the name of the person gifting you the funds.
  • Details of your relationship with the person gifting you the funds
  • The exact amount of money being gifted to you
  • The date of you getting the gifted funds
  • It must mention that the person gifting you the funds will never at any time request to claim the money back from you.

All of the above must be uploaded to your Express Entry profile in the form of an official letter (not just a mere online financial statement) from your financial institution.

However, the following are not accepted to show as proof of funds for Canada immigration:

  • Any form of online bank statement
  • Cryptocurrency
  • Property
  • Vehicle
  • Jewelry
  • 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.
  • Any illiquid financial instrument

Express Entry also recommends that you should 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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