The short answer
Proof of funds is how you show IRCC that you have enough money to settle in Canada. Some routes ask for it and some do not. Where it applies, the amount you must show depends on your family size, and the government updates the figures from time to time. This guide explains what the proof looks like and how to prepare. It deliberately does not quote amounts: open the official page for the current table.
Who is asked for it
It depends on the programme. On the Express Entry page, IRCC says proof of funds is part of the minimum requirements for the Federal Skilled Worker Program and the Federal Skilled Trades Program, and lists situations where you do not need to show it. Other routes, such as work permits or family sponsorship, have their own financial rules or none at all. Check the page for your route.
Key terms in plain English
- Settlement funds: money you show you have available to settle in Canada.
- Family size: you, your spouse or common-law partner, your dependent children and your partner's dependent children. IRCC says to count them even if they are not coming with you.
- Bank letter: an official letter from your bank or financial institution, on its letterhead, which IRCC accepts as proof.
What a bank letter usually shows
IRCC lists what the letter must include. In general it needs:
- the bank's contact details
- your name
- your outstanding debts, such as loans and credit card balances
- for each current account, the account number, the date it was opened, the current balance and the average balance over a recent period
Check the official page for the exact list, because requirements for the letter can change.
When the funds must be available
IRCC states that the funds must be available to you both when you apply and when the visa is issued, if your application is approved. Do not move the money elsewhere in between.
Preparing step by step
- Find out from your official route page whether proof of funds applies to you.
- Open the official table and look up the row for your family size.
- Ask your bank for the letter, and tell them it is for an immigration application so they include the required details.
- Gather any other evidence the official page accepts.
- Check that every figure is shown in the way IRCC asks, and keep translations if any document is not in English or French.
- Upload the documents to your application when asked.
Checklist
- To do: Confirm on the official page whether your route asks for proof of funds
- To do: Work out your family size the way IRCC counts it
- To do: Look up the current figure for that family size on the official table
- To do: Request bank letters on letterhead with every required detail
- To do: Include debts and every relevant account in the letter
- To do: Keep the funds in place until your application is decided
- To do: Keep copies of every letter and statement
Common mistakes
- Using an old figure from a blog post. IRCC updates the table regularly.
- Forgetting family members who are not travelling. They still count towards family size.
- A letter missing details. A letter without account opening dates or balances may not be accepted.
- Moving or spending the money before the decision. The funds must still be there when the visa is issued.
- Assuming every route needs it. Some do not. Read your own page.
Things that change
The required amounts are reviewed and updated by the government, and the rules about who must show them can change. If your profile or application was prepared earlier, check whether you need to update it.
Verify before you act
This guide explains the idea in general terms. The current table and the full list of accepted proof are on IRCC's proof of funds page. For advice on your own situation, speak to a licensed professional.