Proof of funds - How much money you need to declare for immigration

Many newcomers who arrive from outside of Canada, land here without having a job in hand or any other source of income. If you are one of those, it is important that you bring some money with you to sustain your lifestyle for a few months while you search for a job. The Government sets a minimum requirement that depends on your family size and you have to prove that you have at least that amount available with you.

IRCC would like to verify if you have that minimum amount when you submit your application and that’s why it asks you for a proof of those funds. If you are planning to show many times more than the minimum amount to make your application stronger, then don’t worry about it. Your application won’t become any better if you have a million dollars in your bank account.

How much you’ll need to show

The amount of money varies with family size, which includes you yourself and your dependents (spouse, live-in partner, children, etc). If you are single, then you will have to show the required funds for 1 person. If you are a couple, then for 2 and so on.

Remember that even if you have dependents and you are planning to come alone, you will still have to show the amount meant for all of your family members.

Family members	Funds required
1	$12,960
2	$16,135
3	$19,836
4	$24,083
5	$27,315
6	$30,806
7	$34,299
For each additional family member	$3,492

All amounts are in Canadian Dollars. You can use xe.com to see how much of your local currency is needed to have enough funds in Canadian Dollars.

Note: You don’t have to exchange your money to Canadian Dollars at this stage. That will need to happen when you move.

Pro tip: Have at least 20-30% more than what is required. Exchange rates keep fluctuating and IRCC would probably consider the exchange rate on the date you submit your application. If you are already onHave at least 20-30% more than what is required. Exchange rates keep fluctuating and IRCC would probably consider the exchange rate on the date you submit your application. If you are already on the edge and your home currency slides down, your total amount will not meet the minimum requirements when converted in CAD. When we applied, we saw a lot of people from South Africa getting into trouble for that reason. South African Rand (ZAR) had tanked around that time and what they thought was enough, wasn’t so anymore.

Also, the government changes the minimum requirement every year, so you may be fine this year but next year, you may become ineligible.

Who needs to show proof of funds

Applicants who apply under Federal Skilled Worker or Federal Skilled Trades programs need to show proof of funds.

If you are applying under Canadian Experience Class (that is you already have 1 year of Canadian work experience) then you don’t need to provide proof of funds. You also don’t need it if you have a valid work permit along with a valid job offer.

What can be shown as a proof of funds

There can be many sources of funds but you can only show the ones that can be readily used. For example, funds in your bank accounts or any fixed deposits that can be liquidated easily.

You may also have stocks that can be cashed quickly but if I were you, I would not show them as proof of funds because their value can go down any time. I would rather play it safe and have minimum required funds in bank accounts or deposits.

If your spouse is coming with you, then you can definitely add money from their account in your total if you have a joint account. You can even show that money if you don’t have a joint account if you can prove that you have access to that money. Our advice would be to keep it plain and simple. Just have all the minimum required funds with the primary applicant and save yourself from hassle later. You don’t want your application to get delayed or rejected because of this.

What can’t be shown as a proof of funds

Anything that can’t be readily available can’t be used as proof of funds. You can’t use your property or jewellery to show as proof of funds because it takes time and effort to sell them. Although, you can sell them if you wish and show that cash under proof of funds.

Also, you cannot borrow money to fulfil the requirements, not even from your parents. Remember, that you will also need to bring all or most of this money when you land in Canada, so it’s not a short term requirement. However, you can get money from your family as a “gift”, which means that it’s not a loan and you don’t have to pay it back. You may also need to get a notarized gift deed to prove that this money is now yours.

Try not to arrange funds at the last moment or they may attract IRCC’s scrutiny. Funds that have been in the account for over 6 months get less attention, so it’s better to make sure your finances are in order well before you get your ITA.

How to get proof of funds

You will need an official letter from your banks and financial institutions and the letter should:

Be printed on the bank’s letterhead
Have bank’s contact information
Have your name
Mention any outstanding debts such as loans and credit card dues
Include all account numbers, date each account was opened, current balance of each account, and average balance for the last 6 months

Can you bring more than the minimum requirement

You can absolutely bring more than that. It’s your own money after all. In fact, you should bring more just in case there are any unforeseen circumstances and you need money urgently. It will just make your life easier knowing that you have some emergency funds with you.

We talked about the best ways to exchange your currency, so go through that to get the best exchange rates.

Just remember to declare to the CBSA officer whenever you are bringing in more than $10,000 in Canada, whether it’s cash, cheques, stocks, bonds, money orders, etc. You don’t have to pay any penalty or tax to bring money into Canada but you can be fined if you don’t declare.