Proof Of Funds Needed
Many immigrants are faced with the problem of having to provide the required proof of funds to be able to successfully get settled in Canada. These funds are over and above any other immigration costs, such as visa fees or traveling costs to Canada.
You would need to provide proof of funds at the border if the immigration officer requests to verify it.
Spousal sponsorship applicants, refugee claimants, work permit holders, and Canadian Experience Class applicants are exempt from this requirement.
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How Much Money Will You Need?
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The required amount depends on the stream or program that you are applying under as well as the size of your family.
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The following family members count towards the total amount:
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Principal applicant
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Principal applicant’s dependent children
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Spouse or common-law partner
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Spouse or common-law partner’s dependent children
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All family members need to be included when calculating required proof of funds, even if they are not accompanying you to Canada.
Required Proof of Funds Per Program
* Updated April 2023
Parents and grandparents needs to be included as family members when calculating proof of funds for Super Visa and Parents/ Grandparents sponsorship
Required Proof of Funds For Parents/Grandparent's Sponsorship
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If you’re invited to apply, you have to provide proof that you meet the income requirements for each of the 3 tax years before the date you apply.
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Since many sponsors may have been affected financially by the COVID-19 pandemic, the income requirement for the 2020 tax year has been reduced to the minimum necessary income, instead of the minimum necessary income plus 30%.
Also, family class sponsors will be able to count these benefits in their income calculations for the 2020 tax year:
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regular Employment Insurance benefits (rather than just special Employment Insurance benefits)
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any Canada Emergency Response Benefits issued under the
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Employment Insurance Act or
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Canadian Emergency Response Benefit Act
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other temporary COVID-19 related benefits
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as long as they’re not part of provincial social assistance programs
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Note: This does not affect the income requirements for the 2019 and 2018 tax years.
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* Updated December 2022
What Is Accepted As Proof?
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Funds must be readily available and cannot be borrowed. The funds must be available when you apply and when you are issued a permanent resident visa.
Official letters from any banks or financial institutions where you're keeping money must be obtained and must contain the following information:
Letter(s) must
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be printed on the financial institution’s letterhead
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include their contact information (address, telephone number, and email address)
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include your name
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list outstanding debts such as credit card debts and loans
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include, for each current bank and investment account, the
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account numbers
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date each account was opened
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current balance of each account
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average balance for the past 6 months
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It often happens that banks are not able to provide these letters. Official bank statements for the last six months will be accepted along with a letter of explanation as to why the banks were not able or willing to provide the letters.
Assets such as shares, property, and vehicles are not accepted as proof of funds. A signed sale agreement for your house along with a calculation of net proceeds after the mortgage is settled (if applicable) will be accepted. Shares and other investments need to be made liquid before they can be used as proof of funds.
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