Published by Gabriel Oliveira
on April 18, 2020

FSW 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:

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.


FSW Steps

FSW Step 1 - Understand the whole process

FSW Step 2 - Check eligibility

FSW Step 3 - Inform dependents

FSW Step 4 - Find out your NOC

FSW Step 5 - Get passport(s) ready

FSW Step 6 - Do English Exam

FSW Step 7 - Get an ECA

FSW Step 8 - Create and submit profile

FSW Step 9 - Wait for ITA

FSW Step 10 - Fill out the online form

FSW Step 11 - Get Police Certificates

FSW Step 12 - Get Medical Exams

FSW Step 13 - Get Proof of Funds

FSW Step 14 - Get Work Experience Letters

FSW Step 15 - Translate all documents

FSW Step 16 - Scan and upload documents

FSW Step 17 - Pay the fees

FSW Step 18 - Submit application

FSW Step 19 - Receive request for Biometrics

FSW Step 20 - Schedule and do Biometrics

FSW Step 21 - Wait for approval

FSW Step 22 - Send passport to VAC

FSW Step 23 - Receive COPR + visa

FSW Step 24 - Arrange travel

FSW Step 25 - Do the landing

FSW Step 26 - Receive PR Card


Comments

Pataru89 Jun 16, 2021 12:59:34

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

Gabriel (Author) Jun 17, 2021 17:12:50

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) Aug 11, 2021 13:23:51

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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