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.
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.
It depends on how many family members are moving. Here is a table from IRCC :
|Number of family members||Funds Required (in Canadian Dollars)|
|For each additional family member||$3,560|
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.
If she/he is coming with you, then yes. You will need to get proof of funds for it too.
So, IRCC requires that you show letter(s) from your bank(s) as proof of funds.
These letters must:
Official list of requirements here.
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.
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.
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:
Yes. The proof of funds has to be in English or French. If the original letters are not, you can use a certified translation.
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.