Proof of Settlement Funds

Proof of funds – Skilled immigrants (Express Entry) & study permit

  1. Who needs proof of funds?

You need proof of funds to meet the minimum requirements of the

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program
  • Self-employed class or start-up
  • Your salary in Canada can’t meet the LICOs (Low-income cut-offs (LICOs)
  • Study permit
  • Temporary Resident Visa (TRV)

  1. 2. Who does not need proof of funds？

You don’t need to show that you have enough money to support yourself and your family if

  • you’re applying under the Canadian Experience Class or
  • you’re authorized to work in Canada, and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program
  • Your salary in Canada meets the LICOs(Low-income cut-offs (LICOs)

3. How much money you’ll need

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family, you must include

  • yourself
  • your spouse or partner
  • your dependent children and
  • your spouse’s dependent children

Include your spouse or dependent children even if they’re

  • permanent residents or Canadian citizens
  • not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the total amount in your profile or application.

TABLE 2 Proof of Settlement Funds (表二：加拿大永久移民安居资产证明表)

 

Number of
family members家庭人数		 Funds required in 2022需提供的资金证明
(in Canadian dollars加元)
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（每增加一位家庭成员） $3,560

4. What IRCC accept as proof

Funds must be readily available to you. For example, you can’t use the equity on real property as proof of settlement funds.

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

If your spouse is coming with you, you can count the money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the funds.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past six months

  1. How much money you should bring

Research how much it costs to live in the place where you plan to settle in Canada.

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. You may be fined if you don’t tell them, and your funds could be seized. This includes:

  • cash
  • documents that show property or capital payable to you, such as:
    • stocks
    • bonds
    • debentures
    • treasury bills
  • documents that guarantee payment of a set amount of money, which are payable to you, such as:
    • banker’s drafts
    • cheques
    • money orders
    • travellers’ cheques

  1. You can meet the requirement in Table 2 through one or a combination of any of the following:

  • funds as demonstrated by the balance listed in bank statements, or statements of accounts showing other investments such as non-locked in, fixed-term deposits, mutual funds, etc.
  • annual earnings from ongoing employment
  • a job offer

Example: You have checked how much money you must have available and, based on your family size, you must have $24,553 (CAD). You have a job offer with an annual wage of $21,000, and you have a balance of $5,000 in your savings account for a total of $26,000. By using a combination of your job offer and bank statement, you would meet the settlements fund requirement.

Note: If you provide bank statements that include a one-time large deposit, IRCC may ask you to provide additional documentation to support that your funds are free of debt or liability.