Canada Proof of Funds

Proof of funds is a crucial requirement for many Canadian immigration applications, particularly within the Express Entry system. It serves as evidence that applicants can support themselves and their dependents upon arrival in Canada without relying on social assistance.

Financial sufficiency includes the ability to afford accommodation, transportation, food, utilities, and other living expenses. It ensures that applicants can focus on their purpose in Canada, whether studying or tourism, without concerns about funding.

Additionally, meeting at least the minimum financial requirement assures the immigration authorities that visa holders can contribute positively to the Canadian economy and integrate easily into society.

For pathways like the Express Entry programs, Immigration, Refugees and Citizenship Canada (IRCC) will consider the number of family members dependent on an applicant to determine the amount of settlement funds they should demonstrate.

This applies to whether or not the family members accompany the applicant to Canada. The reason is to ensure that dependents abroad are not stranded due to the applicant’s travel.

Page Contents

• Why Is Proof of Funds Required in Canadian Immigration and Express Entry?
• Who is Required to Demonstrate Proof of Funds for Canada Immigration?
• Settlement Funds Requirement
• How Much Money You Will Need
• What is Accepted as IRCC Proof of Funds for PR?
• What is the Purpose of Showing Proof of Funds for a Study Permit?
• Calculating the Amount Needed for Proof of Funds Canada Student Visa
• Top Ways to Show Proof of Funds for a Canadian Study Permit
• Factors that Determine the Required Amount for Canadian Immigration Applications
• Preparing the Financial Documents for Submission
• How Much Money Do I Need to Bring With Me?
• Reasons for Proof of Funds Rejection
• How to Rectify Issues Leading to Proof of Funds Rejection
• Key Takeaways
• Frequently Asked Questions

Individuals applying for the following programs are obligated to show proof of funds as part of their application:

• Federal Skilled Worker (Express Entry)
• Federal Skilled Trade (Express Entry)
• Provincial Nominee Programs (PNPs)
• Visitor visa
• Study permit

On the other hand, you are not required to show that you have funds to support yourself if you fall under one of the following categories:

• You are applying for the Canadian Experience Class (Express Entry)
• You are authorized to work in Canada and have a valid job offer even if you’re applying for the Federal Skilled Worker Program or the Federal Skilled Trades Program.
• You are applying for the Provincial Nominee Program through the province of Quebec.
• You are sponsored by a family member. In this case, your sponsor will be responsible to show proof that they can financially support you.

Failure to meet the financial requirement or provide adequate proof of funds can result in the application being refused. Even if an applicant meets all other eligibility criteria, insufficient proof of funds will lead to an automatic rejection.

The term ‘settlement funds’ is specifically used for Permanent Residency (PR) applications. It refers to the financial resources immigrants must demonstrate to support themselves in Canada.

Settlement funds differ from those required for Temporary Residence Visas (TRV), such as Study permits. They are a one-off amount you must have available when arriving in Canada. These funds are expected to cater to you and your family until you earn an income or are settled.

On the other hand, study-related funding is required for each year you will be in Canada. If your studies will last for less than one year, you must show proof of funding for the entire duration of your studies.

However, if your studies will be for more than a year, you only need proof of funds covering your first year. You may also need to include a sponsorship letter to prove that you’ll have access to funding for the remaining duration of your academics.

The amount of money you need to settle in Canada will depend on your family size. To calculate your specific settlement fund, you must include the following:

• Yourself
• Your spouse or common-law partner
• Your dependent children
• Your spouse or common-law partner’s dependent children

Keep in mind that whether or not your family members are accompanying you to Canada and whether or not they are Canadian citizens or permanent residents, you must include them in your financial calculation.

The Canadian government explicitly states the settlement funds for applicants, and it is based on Canada’s Low Income Cut-Off (LICO) requirements. This threshold is updated annually with a 12.5% increase in the LICO totals. The most recent updated requirement is listed below:

The primary reason for requiring proof of funds for Study permit applications is to ensure that you have enough money to support yourself throughout your studies in Canada.

As an international student, you’ll need to cover various expenses beyond tuition fees, including textbooks, school trips, university fees, accommodation, food, transportation, and other daily living costs. If you have dependents joining you, you must demonstrate sufficient funds to support them as well.

Note that you only need to show funds for the first year of your academic program. Furthermore, your financial documents must be credible. Any inconsistencies or red flags in your proof of funds may raise concerns and impact your study permit application.

IRCC states the minimum funds international students must have for each year they’ll be in Canada. This official amount only covers living costs; it does not include tuition fees or visa-related costs.

Here is a breakdown of the required funds for all students living in all provinces besides Quebec:

Students residing in Quebec will need to demonstrate the following:

In addition to IRCC-required minimum funds, other essential costs students should consider include the following;

• Application fees: CAD150
• Tuition: CAD20,000 to CAD40,000
• Biometrics: CAD85 (if applicable)
• Health insurance: CAD600 to CAD1,000 (varies by province and specific plans)
• Attorney costs: CAD1,500 to CAD6,000 (optional but advised)

You can establish your exact living expenses and tuition using tools like the University of Toronto or the University of British Columbia’s cost of living calculators. There are also third-party cost-of-living calculators to help estimate the amount you need to study in Canada.

To demonstrate you have the required funds to apply for a Canadian Study permit, you must submit at least one of the following documents:

• Bank statements for the last 4 months
• Proof of a Canadian bank account in your name if you’ve transferred money to Canada
• Proof of in-Canada funding if you received a scholarship or are in a Canadian-funded educational program
• A Guaranteed Investment Certificate (GIC) from a participating Canadian institution
• Proof of student or education loan from a bank
• Evidence of paid tuition and housing fees
• A bank draft that can be converted to Canadian dollars
• A signed letter from a person or school sponsoring your education

IRCC does not favour one method of demonstrating proof of financial support over another. Its primary concern is ensuring that the required funds are readily available for use. Therefore, you should select the most appropriate method based on your financial situation and ensure your evidence meets all relevant requirements.

Note that if you have a large deposit in your account, you must provide evidence of the source of such funds to avoid any ambiguity that may lead to visa rejections.

The amounts that applicants must demonstrate that they have differ depending on certain factors, including the following:

•  Application type
• Length of stay in Canada, particularly for Study permit and Visitor visa applications
• Number of family members who depend on the applicant
• Economic changes in the living cost across Canada.

To get your financial documents, you must contact your bank, sponsor, or any other institution responsible for providing you with the relevant evidence you need.

You can submit proof of funds from financial institutions with a recognized presence in Canada. If you use an institution based outside Canada, ensure it is certified and regulated by the appropriate body in its domiciled country.

All financial documents must be in English or French. If they are in another language, you must provide their certified translations. It’s imperative to ensure the accuracy of information when submitting documents because misrepresentation could lead to a rejection. Additionally, check that the information in your financial documents is clear and legible.

When moving to Canada, the money you need to bring should be equal to or greater than the settlement fund for your family size. Your cost of living will vary depending on the city or town you choose to settle in. Having more money than the required minimum requirement is advisable to help you settle in quickly.

Note that if you have more money than the minimum requirements, you should list the total amount in your application. When you arrive in Canada, you must declare your funds with the officer at the border or airport as long as they exceed CAD10,000.

If IRCC rejects your proof of funds, they will state so in a rejection letter. You can reapply with new and improved financial evidence, particularly if the reason for refusal is valid.

However, if you believe IRCC made a mistake in their decision-making, you can file a reconsideration request petitioning them to reconsider the decision. Note that the presiding officer is not legally obliged to reopen the application even if you request a reconsideration.

Alternatively, you can appeal the decision to the Immigration Appeal Division (IAD). An appeal is possible for specific pathways like Permanent Residency or Family sponsorship refusals. You may also apply for a judicial review in the Federal High Court of Canada if the IAD is unsuccessful.

Appealing a Canadian visa decision is complicated and can be overwhelming, particularly if you are unfamiliar with immigration laws and the processes. It is advisable to hire a qualified immigration lawyer to oversee the process. Speak to a Total Law attorney at +1 844 290 6312 to discuss your case.