Change in the amount of Proof of funds

Applicants, in order to stay eligible, may need to update the settlement fund required amount in the Express Entry profile. It is important to know that the update must be done no later than June 8, 2022.

Updating your profile doesn’t change the date and time that we received it, so you’ll keep your rank if you’re in a tie-breaker situation.

Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money.

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

Include your spouse or dependent children even if they’re

• permanent residents or Canadian citizens
• not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada as of June 9, 2022. If you have more money, you should list the full amount in your profile or application.

What are accepted as proof?

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

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).

If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

The funds must be available both when you apply and when the confirmation of the permanent resident visa is issued. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

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:

1. account numbers
2. date each account was opened
3. current balance of each account
4. average balance for the past 6 months

We update the minimum amount you need every year, based on 50% of the low-income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.

How much money you should bring?

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined, and your funds could be seized. This includes:

• cash
• documents that show property or capital payable to you, such as:

1. stocks
2. bonds
3. debentures
4. treasury bills

• documents that guarantee payment of a set amount of money, which are payable to you, such as:

1. banker's drafts
2. cheques
3. money orders
4. travellers’ cheques