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Published by Gabriel Oliveira on May 21, 2020
Updated on August 11, 2021

Step 13 - Proof of Funds

IRCC (Immigration, Refugees and Citizenship Canada) immigration plan is part of a bigger plan for the Canadian society. So it is imperative that immigrants integration to society happens as smoothly as possible. A big part of that is on the economical side - basically, every immigrant should be able to afford him/herself (and family) while settling down.

From the immigrant perspective, this is also important - the first months can get really expensive, and in many cases there won't be a steady source of income as one might take a while landing a job.

Of course, IRCC needs to make sure you have enough. And they way they do that is by asking you to prove it.

"Enough" is a very subjective term on this context. Therefore, IRCC stabilished a table with minimum amounts, based on number of family members.

These are minimum values, depending on how many family members are moving (including you):

Number of family members Funds required (in Canadian dollars)
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967
For each additional family member $3,560

I have what it takes. How do I prove it?

As important as the values itself, those funds must be readly available for you, so a house, for an example, cannot be used for this.

To prove you have those resources, you will need an official letter from your bank. Letter(s) must:

  • be printed on financial institution's letterhead;
  • include their contact information;
  • include your name;
  • list outstanding debits such as credit card debts and loans;
  • account numbers;
  • date account was opened;
  • current balance;
  • average balance for the past 6 months.

More details on IRCC website.

Note:
When you travel to do your landing, the immigration officer at the airport might ask you for this proof of funds as well.


Important:
Any document that is not in english or french must be translated by a certified translator. More information here.


Frequently Asked Questions

Can I combine my money with my spouse's?
Yes, you just need a letter from each bank where you have your money saved;

Are those values enough to keep us there?
These are the minimum required values by the government. For an estimate on life costs in Canada, do a research on the specific area/city you plan to move.

My bank won't send me a letter with all these requirements. What should I do?
You can try to submit whatever your bank provided you with, along with statements from the website, and a letter explaining that your bank couldn't write on the required format. The most important is to be clear that you have the funds, that they are yours, and that they are available for you to use whenever needed.


Comments

Pataru89 (Guest-122768) 2021-06-16T12:59:34Z

If the bank does not give me a letter stating this information, can I just show them bank statements along with ownership?

Gabriel (Author) 2021-06-17T17:12:50Z

Hm... I don't think so. You need the letter. If the letter is missing some information, then yeah, you might complete it with the statements + a letter of explanation. On my case, for an example, they didn't write the average balance for the last 6 months, so I showed that info through statements.
 

Gabriel (Author) 2021-08-11T13:23:51Z

Hi, just to let you know that I've upated the values of the table above, according to recent IRCC changes :) Y'all have a nice day!
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