Everything You Need to Know About Proof of Funds for Canadian PR
Do you plan to settle in Canada and apply for Permanent Residency (PR) through Express Entry? An important aspect of your application will be demonstrating that you will be able to support yourself and your family upon arrival. Learn everything you need to know about proof of funds for Canadian PR, including when it’s required, how it’s provided, and what you need to do if you’re applying under different programs.
Do I Need to Show Proof of Funds to the IRCC?
To qualify for Canadian PR, you need to demonstrate that you can support yourself and your family financially. This requirement may, however, be waived under certain circumstances.
When Should I Show Proof of Funds?
For those applying through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) under Express Entry, you must meet the minimum settlement fund requirements. This proof of funds ensures that you will not need social assistance from the Canadian government.
When Is Proof of Funds Not Required?
You do not need to provide proof of funds if you receive an invitation to apply under the Canadian Experience Class (CEC) or have a valid job offer with a positive Labour Market Impact Assessment (LMIA). In these cases, the financial requirement is waived, as your job offer or Canadian work experience already demonstrates your ability to support yourself.
Comparing Proof of Funds: Previous vs. Updated requirements
The following chart compares the previous and updated proof of funds requirements according to IRCC data:
| Number of Dependents | Previous Proof of Funds | Updated Proof of Funds | Percentage Increase |
|---|---|---|---|
| 1 | CAD 13,757 | CAD 14,690 | ~6.8% |
| 2 | CAD 17,127 | CAD 18,288 | ~6.8% |
| 3 | CAD 21,055 | CAD 22,483 | ~6.8% |
| 4 | CAD 25,564 | CAD 27,297 | ~6.8% |
| 5 | CAD 28,994 | CAD 30,690 | ~6.8% |
| 6 | CAD 32,700 | CAD 34,917 | ~6.8% |
| 7 | CAD 36,407 | CAD 38,875 | ~6.8% |
| 7+ (additional) | CAD 3,958 | CAD 3,958 | 0% |
Updated (02-June-2024).
Can I Use Property as Proof of Funds for Express Entry?
In most cases, real estate holdings outside of Canada cannot be used as proof of funds for Express Entry. A realtor can provide you with documentation showing the property’s market value if you plan to sell it to meet the financial requirement.
How Does IRCC Verify Proof of Funds?
IRCC verifies proof of funds by requesting official letters from banks or financial institutions. Letters must include the following information:
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Be on official letterhead
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Include institution contact information
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List all your accounts (checking, savings, and investments).
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Detail current balances
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Show any outstanding debts (loans, credit cards).
How Much Money Should I Have When I Arrive in Canada?
Upon entering Canada, you should have at least CAD 10,000 on hand to meet customs requirements. Carrying more is allowed, but you must declare the minimum amount to avoid fines or seizures.
Reference: IRCC Table: Proof of Funds
FAQ
1. Who Will Check My Proof of Funds When I Reach Canada?
Visa officers verify your financial proof when you apply for Permanent Residency. They need to ensure that you have adequate financial resources to support yourself and your family during your initial period in Canada.
2. Which Bank Will Provide Me with a proof of Funds Letter to Apply for Canada PR?
You can obtain proof of funds from your bank or financial institution. The letter must be on the bank‘s official letterhead and include your name, account details, and current balances, as well as any outstanding debts.
3. Do I Need to Show Proof of Funds While Applying for Canada PR, or Can I Submit It After Receiving an ITA?
Proof of funds is not required at the initial application stage. You should include an estimate of your settlement funds in your Express Entry profile. However, you will need to provide actual proof of funds only after receiving an Invitation to Apply (ITA).
