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Navigating the Proof of Funds Requirement for Canadian Permanent Residence Applications

Blog posted on by Evelyn Ackah

Navigating the Proof of Funds Requirement for Canadian Permanent Residence Applications


One of the first things you should know about Canada is that it has a surprisingly high cost of living. After relocating to Canada, many immigrants are shocked at the high prices in grocery stores. Many Canadians who live close to the United States regularly cross the border in order to purchase cheaper goods. While Canada offers numerous economic opportunities for new arrivals, it is important to budget for your new life in the True North. You may receive higher pay after moving to Canada, but you will likely need to spend more on living expenses. These factors help explain the “proof of funds requirement” for Canadian permanent residence applications. To learn more about this concept, consider a consultation with an immigration lawyer in Vancouver.

Canada is Taking a Tougher Stance Toward Immigration

Within the past few months, Canada has adopted a tougher stance toward its immigration policies. Many of the most recent changes limit opportunities for foreign student visas and temporary work visas. However, the government has also made recent changes to the minimum required funds amounts for two notable permanent residence programs:


  • Federal Skilled Worker (FSW)

  • Federal Skilled Trades (FST)


Both of these programs fall under the “Express Entry” stream, and they have become quite popular. Express Entry is an online system that collects and ranks skilled workers who want to immigrate to Canada. Three programs fall under this system. Alongside FSW and FST, there is also the “Canadian Experience Class” or “CEC.”

Proof of funds is only one requirement for FSW and FST applicants. You must also demonstrate work experience, English or French language proficiency, and the completion of post-secondary education.

What Is the Proof of Funds Requirement in Canada?

The proof of funds requirement is often overlooked by immigrants who wish to settle in Canada. You do not need to pay this sum to anyone, and you merely need to show that you have the required amount in your possession. As we have seen, the Canadian government may adjust these amounts from time to time based on changing economic factors (notably inflation).

The most recent changes increase these minimum requirements. As of this writing, a single person applying for Express Entry under the FSW or FST programs needs about $15,000. This amount increases based on how many people you have in your family. If you are arriving alongside your spouse, you need about $18,000. If you have a spouse and two children, you need approximately $27,000. Let’s say you are arriving with two children plus two senior dependents (seven people in total). In this case, you would need approximately $39,000 in order to immigrate to Canada.

The Canadian government understands that some families may arrive with more than seven people. If you have more than eight people in your family, you simply need to add about $4,000 per person to the $39,000 amount for seven family members.

Note that all of these figures are in Canadian dollars, and they are subject to change. In addition, the Canadian government states that you must have enough money to support your entire family – even if they are not coming with you to Canada. Speak with an experienced immigration lawyer in Canada for the most up-to-date information.

How Do I Prove I Have the Necessary Funds?

The Canadian government only accepts certain types of proof when determining whether you have the necessary funds to fuel your settlement in Canada. Only “official letters” from your bank or financial institution are acceptable.

These documents must have official letterheads with the bank’s name and contact information – including address, phone number, and email address. The document must also clearly show your name, proving that you are the account holder.

The Canadian government must be able to see your debts as well as your credited balance. Make sure that your letter clearly indicates how much you owe as well as how much you have.

Finally, the letters must include the following data:


  • The account number

  • The date you opened your account

  • The current bank balance

  • The average balance for the past six months


Note that you may have multiple bank accounts, and you may need to obtain letters from each of the relevant institutions to show the net amount. For example, you might have $5,000 Canadian dollars in three different accounts. If you are immigrating by yourself, you would need to obtain letters from all three institutions to show a net amount of at least $15,000 for express entry.

How Long Do I Need to Keep My Funds Available?

You might have to keep your cash set aside for a prolonged period while you navigate the Express Entry process. According to Canada Immigration rules, you must have the necessary funds available when you apply for your permanent residency. However, these funds must still be available when the Canadian government issues your permanent residency visa. If you lose or spend the money after you apply but before you receive your visa, your application could be denied.

This could be challenging for some families, especially if you have urgent plans for the funds. You might consider speaking with an experienced financial expert to assess methods to protect your funds while you wait for approval.

You cannot borrow the necessary funds from someone else in order to meet Canada’s immigration requirements. You also cannot use equity from your home to meet these requirements (also known as a reverse mortgage).

Contact Ackah Law Today

If you are ready to move ahead with your permanent residence application, consider planning alongside an experienced Canadian immigration lawyer. These legal professionals can help you approach every aspect of your application with confidence and efficiency. The proof of funds requirement is a crucial step, and it is often overlooked by new applicants. That being said, there are many other aspects of your application worth discussing before you begin. To continue this conversation in more detail, consider a consultation with Ackah Law today. Reach out now to get started with a consultation.



Evelyn L. Ackah, BA, LL.B.

Founder/Managing Lawyer

Ms. Ackah is passionate about immigration law because it focuses on people and relationships, which are at the core of her personal values. Starting her legal career as a corporate/commercial ...

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