Proof of funds: amounts, rules and acceptable evidence
Who needs to show settlement funds, how much is required for each family size, and which documents are rejected most often.
- Proof of funds is separate from the fee you pay to apply.
- The amount depends on the size of your family, not just the number of applicants.
- Letters must show available funds, account history and the currency conversion.
- Borrowed money or unexplained deposits can lead to a refusal.
Who needs to show funds
Candidates applying through the Federal Skilled Worker Program and the Federal Skilled Trades Program normally need to show settlement funds. Canadian Experience Class candidates are not required to show them, although an officer can still ask about your ability to settle.
You must show the required amount at the time you submit your application and again when the visa office reviews it. Funds must be available and transferable, not tied up in property or long-term investments.
Family size, not applicant count
The threshold is based on your family size, including a spouse or partner and dependent children, whether or not they are immigrating with you. Update the family size if your situation changes before a decision is made.
IRCC publishes updated minimum amounts each year. Check the current table on the official website before you prepare bank letters, because using an outdated amount is a common avoidable error.
Evidence that is usually accepted
Bank statements and letters should clearly identify the account holder, account number, date, current balance and the average balance over the previous six months. If the account is in another currency, include the conversion to Canadian dollars.
For accounts held jointly with a spouse or partner, include evidence of the relationship. If a gift was used, provide a signed letter from the donor confirming that the money is a gift and does not need to be repaid.
Red flags to avoid
A large deposit shortly before applying without a clear source is likely to trigger questions. Avoid moving money between accounts simply to make one balance look stronger, and never submit altered statements.
If you cannot meet the threshold with your own funds, consider whether a spouse can contribute, whether a qualifying job offer changes your program requirements, or whether waiting and saving is the safer route.