You will need to show proof of funds to the Canadian visa office in your home country that shows how much money you have when you apply to immigrate to Canada. To do this, you can get a letter from your financial institution or bank stating how much funds you currently have access to. These funds could be in the form of:
- Documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
- Documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques, or money orders).
Showing proof of funds in Canada is one of the many steps in the process of immigrating to the country. You must show that you have enough money to settle in the country. Ideally, you want to show that you have money for expenses such as housing, food, transit, and other costs. It’s critical to have enough money when you first arrive to cover expenses until you land a job in Canada.
Proof of funds shows that you have enough money for living costs to support yourself and your family (even if your family will be arriving at a later date than you).
What Do I Need to Show Proof of Funds?
To show proof of funds you must provide a letter from your bank or financial institution. The letter must be written on the bank’s letterhead and include:
- the bank’s contact information
- your name
- all outstanding debts such as credit card debts and loans
- account number, the date the account was opened, current balance, and average balance for the last six months for each bank and current investment account.
How Much Money Can I Bring to Canada?
You can bring as much money as you wish to make it easier to move to Canada and find a home. But, you cannot borrow this money from another person.
Note, however, when you cross the border and enter Canada, Canadian customs regulations require you to declare if you are bringing more than C$10,000 into Canada. If you do not tell them, you may be fined or put in prison. To avoid this, declare how much money you are bringing and expect to pay duty (a fee) on the amount greater than C$10,000.
Who Needs to Show Proof of Funds?
You must show proof of funds if you are applying using the:
- Federal Skilled Worker Program
- Federal Skilled Trades Program.
However, you do not have to show proof of funds if you:
- Have a valid job offer in Canada
- Are currently working or authorized to work in Canada, OR
- Have been invited to apply under the Canadian Experience Class.
How Much Money Do I Need for Proof of Funds?
The amount of money for the proof of funds in Canada that you need to show is set by the size of your family. The Government of Canada updates these amounts each year. Below are the current amounts for 2021:
|Number of family members||Funds required (in Canadian dollars)|
|For each additional family member||$3,560|
Showing proof of funds in Canada is part of the immigration process. If you or a family member is planning to move to the country in the near future, make sure you have legitimate proof of funds. It will make your application process easier and it will be one less thing to worry about.
If you have any questions regarding proof of funds, check out the Government of Canada website.
For more information about your financial first steps in Canada, visit our Banking in Canada resource page. Get the essential information you need to manage your finances in Canada!