Proof of funds is a core requirement for many Canadian immigration programs. IRCC needs to confirm you can support yourself and your family when you arrive in Canada without relying on government assistance. This guide explains exactly what you need, how much, and how to document it properly.
The Canadian government wants to ensure immigrants can support themselves during the settlement period. Without adequate funds, newcomers may struggle to pay rent, buy food, and cover basic expenses while finding employment. The proof of funds requirement protects both immigrants and the Canadian social support system.
| Family Size | Minimum Funds Required |
|---|---|
| 1 person | $14,690 CAD |
| 2 persons | $18,288 CAD |
| 3 persons | $22,483 CAD |
| 4 persons | $27,297 CAD |
| 5 persons | $30,964 CAD |
| 6 persons | $34,917 CAD |
| 7 persons | $38,875 CAD |
These figures are set at approximately 50% of Low Income Cut-Off (LICO). IRCC updates them periodically — always verify on the official IRCC website before applying.
The most common proof of funds document. Requirements:
A letter from your bank is a strong supporting document. It should include:
GICs (Guaranteed Investment Certificates) and fixed deposits are accepted. Include the certificate showing the deposit amount, interest rate, and maturity date. Note: if the deposit is locked-in, you may need to show other liquid funds as well.
For stocks, mutual funds, or bond portfolios, brokerage statements showing current market value are accepted. Be aware that the value may fluctuate, so maintain a buffer above the minimum.
All amounts are calculated in Canadian dollars. If your funds are in USD, EUR, GBP, or another currency, IRCC uses the Bank of Canada exchange rate. Steps to follow:
If you are self-employed, business assets and revenue may be considered, but personal liquid savings are preferred. Provide both personal bank statements and business financial statements if relevant.
Canadian graduates applying under CEC don't need proof of funds. International graduates applying from abroad under FSWP still need to meet the standard thresholds.
If you are applying alone first and planning to bring family later, you still need to declare all family members and meet the threshold for your total family size, even if they are not immigrating immediately.
IRCC reviews your proof of funds documentation as part of the admissibility assessment. If the officer has concerns, they may send an additional documentation request. Respond promptly and comprehensively to any IRCC requests for clarification.
Once approved and landed in Canada, you can begin converting and depositing your settlement funds into Canadian accounts. Having a no-fee bank account ready from day one is helpful — look into newcomer banking packages from major banks as well as digital options like KOHO that require no credit history to open.
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