Check out our FREE 26-steps guide for FSW!
Published by Gabriel Oliveira on August 04, 2020
Updated on August 11, 2021

Proof of Funds - How to Get It

What is "Proof of Funds"?

Is a document stating how much money you have available. In summary, is a letter from your bank with details about it.

There are specific requirements on how the document should be, which are explained later on this article.

Why do I need proof of funds?

Canada is looking for (skilled) immigrants, nothing new there. But it is not only about attracting the immigrants. It is also about making sure they integrate to the society as smoothly as possible.

Imagine if you were moving from your current house or apartment to the one right next it. It would already be stressful enough, right?

Moving to another country, probably without a job offer, different language, etc., is whole other level!

Money is a huge factor on anyone's quality of life. Imagining getting there (in Canada) with enough to afford a job hunt for 6 months, against having only enough to go by for a couple of weeks. Big difference, right?

Canada is really concerned about immigrants fitting in. Nobody wins if people go there, stay a couple of months, and decide to go back.

One of the processes in place to mitigate that risk on the financial side, is to make sure immigrants have enough money to provide for their families while they settle, find a job, a house, etc.

And they way Canada makes sure immigrants have enough money, is asking for a proof of funds.

How much money do I need to have (and prove)?

It depends on how many family members are moving. Here is a table from IRCC :

Number of family members Funds Required (in Canadian Dollars)
1 $13,213
2 $16,449
3 $20,22
4 $24,553
5 $27,847
6 $31,407
7 $34,967
For each additional family member $3,560

Can I consider a house or a car as "funds"?

No. Those items have their value, but IRCC is very specific when they say "Funds must be readily available to you". And those items would take some time to be sold and convert to actual money on your bank account, so those are not accepted.

Can I use money from my spouse?

If she/he is coming with you, then yes. You will need to get proof of funds for it too.

How to get the proof of funds?

So, IRCC requires that you show letter(s) from your bank(s) as proof of funds.

These letters must:

  • Be printed on the bank's letterhead
  • Include bank's address, phone and e-mail
  • Include your name
  • List any outstanding debits, such as credit cards, mortgages, car loans, etc.
  • Include account numbers, opening dates, current balances, average balance for the past 6 months.

Official list of requirements here.

Proof of Funds Sample

Here is a (real) sample of a letter used as proof of funds:

Note that it doesn't have all the required items - which is most likely to happen to you too.

In this case, the applicant supported the missing items with other documents such as explanation letter, bank statement, etc. And it was successfully approved.

My letter doesn't have all those requirements

The analysis of the proof of funds is made by a human agent. I mean, it is not a computer that will check if you have what it takes or not.

That said, if you don't have some of the items - let's say it doesn't have a phone number, don't worry. The critical here is to make it clear that you have the money, and that is legit!

You can (and should) also fill any gaps with an explanation letter of your own, saying what is missing, why it is missing, and trying to make it up somehow - be creative and serious about it.

My bank won't provide me with the letters

It might be harder to get letters with all these specifications from some institutions, specially big ones. But often is just a matter of finding the right person in there.

Tip of advice: Don't even bother looking for something like that on their website or app. The quickest way is just to call or write you account manager or branch.

If that's your case, the recommendation is to get as much as you can from the institution, and fill in the gaps with items like:

  • Bank statements
  • A letter of explanation, written by you
  • E-mails or other responses from the bank that might help make your case

Does it have to be in English?

Yes. The proof of funds has to be in English or French. If the original letters are not, you can use a certified translation.

Do I need to take all the money with me to Canada?

No. You just need to make it clear that the money is immediately available to you when you apply, and when you move to Canada.


I hope this article helps you on your immigration journey!

If you are going through the Federal Skilled Worker program, check out our step-by-step guide and tracking system.

It is 100% free.


Gabriela (Guest-75694) 2021-04-16T19:23:12Z

Should the total amount of money be presented (in the letter) in US dollars or CAD? What about currency devaluation?

Gabriela (Guest-75694) 2021-04-16T19:26:04Z

I just asked that because, in your model letter, it's presented in US dollars

Gabriel (Author) 2021-04-19T12:21:03Z

It can be in any currency - they (Canada) will just convert it to CAD. But you are right about worring about devaluation. You should have some extra $ there (above the minimum), so that if your currency value goes down, the equivalent in CAD is still above minimum. Makes sense?

Moyin (Guest-173441) 2021-07-29T04:47:39Z

Will be husband need to show his account balance if he sends part of the money to me

Gabriel (Author) 2021-08-02T17:05:18Z

No, only you need to show yours. But it the $ went in all at once, you might want to write a letter of explanation explaining the origins :)

Gabriel (Author) 2021-08-11T13:20:05Z

Hello everyone, just to let you know that I've updated the values of the table above, according to recent changes from IRCC :) Hope y'all have a nice day!

Resmi Mathew (Guest-170035) 2021-08-12T16:32:42Z

Hello, My question is when I am showing the 13000$ in the account and I am mentioning that I have a debt amount over 13000$ will it affect badly?

Gabriel (Author) 2021-08-16T16:24:52Z

Yeah, I think it does affect it badly. They do consider your debts, so in that case, pretty much you have zero balance, right? But you might want to double check with an immigration consultant, just to be on the safe side.

Resmi Mathew (Guest-170035) 2021-08-16T20:17:17Z

I have one more question, Should it be in the form liquid money or any other forms like ornaments will be okay too?

Gabriel (Author) 2021-08-20T21:41:36Z

So the rule is that it needs to be immediately available to you anytime. So, for an example, the value of a house or a car that you own, won't work.

Babs (Guest-454634) 2022-11-17T18:44:01Z

I have a question. I have 4 accounts with my current bank. One of the 4 accounts has the required funds for the proof of funds. So in the letter, is it supposed to specify the amount and average 6 months balance for all the accounts? Or is it just the concerned account with the funds?

Express Entry Totals

215 Draws
549,177 ITAs
196,685 Profiles

More data...

Latest Articles

Different Ways to Immigrate to Canada - FULL LIST

Express Entry - What are my chances?

Why were there no FSW draws in 2021?

Express Entry with Different NOCs

Will the CRS Score Go Down in 2022?

Follow us on Instagram!

About | Privacy |