Showing proof of funds to meet the financial requirement for skilled immigration is an important condition to apply to the Express Entry system. Complying with the fund requirement is true for applications under the Federal Skilled Worker and Federal Skilled Trade categories. You have to prove you have sufficient financial resources because the Canadian government will expect you to pay for your family’s living expenses, whether or not they accompany you.
If you are applying as a Federal Skilled Worker or to the Federal Skilled Trades Program, the settlement fund amount in your profile is essential for your continued eligibility. Therefore, if the fund requirement increases, you have to update your Express Entry profile.
There is no need for you to show proof of funds if you are:
- Applying under the Canadian Experience Class.
- Authorized to work in Canada, and you have a valid job offer.
The financial requirement changes because the government updates the required amount based on existing economic conditions in the country.
If your maintenance funds are ready, check if you qualify for the FSW program. Do a self-assessment or get tips from us to increase your migration points.
Your family size will dictate the amount you must prepare. You have to include all family members, whether or not they immigrate with you, even if they are Canadian citizens or permanent residents. These are the family members you must include in your calculations:
- Yourself.
- Your spouse or partner.
- Any of your or your spouse’s dependent children.
The table below shows the minimum amount needed to immigrate to Canada.
| Number of Family Members | Funds Required in CAD |
| 1 | 13,310 |
| 2 | 16,570 |
| 3 | 20,371 |
| 4 | 24,733 |
| 5 | 28,052 |
| 6 | 31,638 |
| 7 | 35,224 |
| For each additional family member | 3,586 |
Proof of funds for skilled immigrants acceptable to IRCC
As you must have access to the funds, you cannot use the equity on your real estate property. To comply with the financial requirements, you may not borrow money from another person or bank. However, joint accounts with your spouse are acceptable, but you must prove that you have access to the funds.
Some of the acceptable proof of funds include:
- Official letters from the banks or financial institutions where you keep the money. The letters must follow standards including:
- Your account number, current balance for the past six months, the date you opened each account
- The bank or financial institution must use their official letterhead that includes their contact information.
- You may bring cash, stocks, bonds, treasury bills, bank drafts, money orders, and traveler’s checks.
To meet the financial requirements, IRCC recommends that you bring as much money as you can to make it easier for you to settle in Canada. Remember to inform the border officer if you are bringing over CAD 10,000 into Canada! If you do not, you may be asked to pay a fine or have IRCC seize your funds.
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