A Comprehensive Guide to Proof of Funds for Canadian Permanent Residence

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When applying for Permanent Residence in Canada, certain applicants are required to provide proof of funds to ensure they have sufficient financial resources to settle in the country. The amount of funds needed depends on the size of the applicant’s family and is adjusted annually to account for changes in the cost of living. This article aims to provide comprehensive information about the proof of funds requirement, including how to obtain the necessary documentation and exceptions to the rule

Minimum Funds Required:

As of April 25, 2023, the following table outlines the minimum amount of funds required for immigration to Canada based on the number of family members:

1 person: $13,757 CAD
2 people: $17,127 CAD
3 people: $21,055 CAD
4 people: $25,564 CAD
5 people: $28,994 CAD
6 people: $32,700 CAD
7 people or more: $36,407 CAD (an additional $3,706 CAD per family member)

Proving Funds for Express Entry:

Applicants submitting an Express Entry application for Permanent Residence need to follow specific instructions provided by the Immigration, Refugees and Citizenship Canada (IRCC). They are required to obtain an official letter from one or more financial institutions that lists all their current bank and investment accounts, along with details of outstanding debts, such as credit card debts and loans. The proof of funds letter must adhere to a specific format, including the financial institution’s letterhead, the applicant’s name, contact information of the institution, and comprehensive account details.

Bank Statements vs. Official Letters:

While some applicants may consider submitting bank statements covering a period of six months instead of obtaining an official letter from their bank, it is not recommended. IRCC has returned applications as incomplete when bank statements were submitted in place of the requested letter. The Federal court has upheld IRCC’s decision in such cases, highlighting the risk involved in not following the official requirements. Although some applicants have been successful with bank statements, it’s safer to comply with IRCC’s guidelines to avoid potential rejection.

Challenges with Obtaining Bank Letters:

In situations where a financial institution refuses to provide a letter that meets IRCC’s requirements, applicants should write a brief explanation note informing IRCC about the bank’s refusal. They should include any alternative letter or statement provided by the bank and gather additional evidence to demonstrate that they meet the settlement fund requirement. It is crucial to make genuine attempts to comply with IRCC’s instructions to avoid potential misrepresentation.

Understanding Proof of Funds vs. Net Worth Statement:

Proof of funds is not equivalent to a net worth statement. IRCC’s requirement focuses on unencumbered funds, which means the funds should not be pledged as collateral for outstanding debts. Applicants can have student loans, credit card debts, or a mortgage and still meet the settlement fund requirement. The emphasis is on having sufficient unencumbered funds rather than assessing overall net worth.

Proof of Funds for Provincial Nominees:

Provincial Nominees applying for Permanent Residence through the Express Entry system need to consider the federal immigration program that made them eligible for the Express Entry pool. Applicants who received a Provincial Nomination under the Federal Skilled Worker Program or Federal Skilled Trades Program need to provide proof of funds if they are not legally working in Canada with a valid job offer at the time of their application. However, applicants under the Canadian Experience Class category are exempted from providing proof of funds.


Understanding the proof of funds requirement is crucial for a successful Canadian Permanent Residence application. By following IRCC’s guidelines and providing the necessary documentation, applicants can fulfill this important requirement and move closer to achieving their goal of immigrating to Canada. It’s essential to stay informed about any updates or changes to the proof of funds guidelines to ensure a smooth application process.

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