Update: Proof of Funds as of January 16, 2019

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Proof of Funds for Canada Express Entry

Immigration, Refugees and Citizenship Canada announced updates to the proof of settlement funds required for skilled immigration through the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC).

How much money you’ll need

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

  • yourself
  • your spouse or partner
  • your dependent children and
  • your spouse’s dependent children
This is our own experience about Proof of Funds

Please be reminded of the following

1.) Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.

2.) You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

3.) The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

4.) For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months
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