Proof of funds, or “show money” is needed when submitting an application to immigrate to Canada. This will be money in your bank account at the time of your application.
Why do I need to provide Proof of Funds?
Unless you have arranged employment, you will not have employment upon arrival in Canada. You will need to have enough money to cover rent, transportation, food, utilities and clothing until you get a job.
How much money do I need to show?
How much you need depends on how many family members you have. You will need to have this money readily available to you. It needs to be there when you submit your application, and at the time you are granted your permanent residency.
# of family members – minimum funds required
1 – $12,300
2 – $15,312
3 – $18,825
4 – $22,856
5 – $25,923
6 – $29,236
7 – $32,550
Additional family members (in excess of 7) – $3,314
Where can I get Proof of Funds?
You can get a certificate from your bank or financial institution. The proof of funds must have the following details:
- it must be printed on the bank’s official letterhead
- it must include the bank’s contact information (address, telephone number and email address)
- it must indicate your name
- it must list outstanding debts such as credit card debts and loans
for multiple banks and accounts:
- each individual account number
- the date each account was opened
- the current balance of each account
- the average balance for the past six months
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