Proof of Funds: How much money do you need to move to Canada?

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proof of funds

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.

Applicants who are applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program are required to submit this requirement.

Applicants under the Canadian Experience Class as well as Overseas Filipino Workers (OFWs) who are authorized to work in Canada and already have a valid job offer are NOT required to submit this requirement.




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 SHOW MONEY DO I NEED FOR CANADA?

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.




MINIMUM AMOUNT NEEDED (PER NUMBER OF FAMILY MEMBERS)

1 – CAD$12,960.00
2 – CAD$16,135.00
3 – CAD$19,836.00
4 – CAD$24,083.00
5 – CAD$27,315.00
6 – CAD$30,806.00
7 – CAD$34.299.00
Additional family members (in excess of 7) – $3,492.00




WHERE CAN I GET PROOF OF FUNDS?

You can get a certificate from your bank or financial institution. The certificate 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




FOR MORE INFORMATION ABOUT PROOF OF FUNDS

For the latest information about, please go to: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html





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