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The proof of funds requirement is a crucial aspect for many applicants aiming for Canadian permanent residency through the Express Entry system. This requirement is of utmost importance as it ensures that applicants have sufficient financial resources to support themselves and their families upon arrival in Canada. It guarantees newcomers can cover essential living expenses, including accommodation, food, transportation, and other basic needs, without relying on social assistance programs.
| Number of Family Members | Funds Required (CAD) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member over 7 | $3,958 |
Applicants under these programs are required to demonstrate proof of funds.
The amount of money you need to show as proof of funds is determined by the size of your family. This includes the principal applicant, their spouse or common-law partner, their dependent children, and their spouse or common-law partner’s dependent children. Even if these family members are not accompanying you to Canada, their financial needs must still be included in the calculation.
You must obtain official letters from the financial institutions where your money is held to prove you have the necessary funds. These letters must be:
The funds must be readily available to you when you apply and when a permanent resident visa is issued. You cannot use equity on real property or borrow money to meet this requirement. The funds must be available for your family’s cost of living, even if they are not coming with you.
While you are encouraged to bring as much money as possible to ease your transition, you must declare any amount over CAD 10,000 to border officers upon arrival. Failure to do so can result in fines or seizure of funds. This includes: