IRCC revised proof of funds effective from April 25, 2023
Proof of funds must be submitted to Immigration, Refugees and Citizenship Canada (IRCC) by an immigrant who wishes to become a Canada Permanent Resident.
In order to establish a life in Canada, proof of funds is an essential part of the immigration application process since it removes any uncertainty IRCC may have regarding an applicant’s financial stability. Additionally, candidates are required to submit financial documentation to demonstrate their ability to support their families.
Who is required to provide proof of finances and who is not?
The Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) both require applicants to show proof of money in order to be considered for enrolment.
However, candidates for the Canadian Experience Class (CEC) and immigrants with valid job offers who are authorized to work in Canada are exempt from providing proof of finances. This holds true even for candidates to the FSWP and FSTP who fulfill these requirements.
According to family size, the Required Proof of Funds is broken down
Depending on how many family members a candidate has, they will each need to demonstrate a different level of wealth. In addition, even if the applicant is a Canadian or Permanent Resident or will not be traveling to Canada with the application, the size of the applicant’s family must include the spouse or common-law partner (as well as any dependent children) when submitting a “proof of funds”.
The amount of money that various family members will need (in Canadian dollars) as of April 25, 2023, is shown in the table below, per IRCC.
| Number of family members | Updated Funds in CAD (w.e.f. April 25, 2023) | Previous Funds in CAD | undefinedundefined
|---|---|---|
| 1 | $13,757 undefined | undefined$ 13,310undefinedundefined | undefined
| 2undefinedundefined | undefined$17,127undefinedundefined | undefined$ 16,570undefinedundefined | undefined
| 3undefinedundefined | undefined$21,055undefinedundefined | undefined$ 20,371undefinedundefined | undefined
| 4undefinedundefined | undefined$25,564undefinedundefined | undefined$ 24,733undefinedundefined | undefined
| 5undefinedundefined | undefined$28,994undefinedundefined | undefined$ 28,052undefinedundefined | undefined
| 6undefinedundefined | undefined$32,700undefinedundefined | undefined$ 31,638undefinedundefined | undefined
| 7undefinedundefined | undefined$36,407undefinedundefined | undefined$ 35,224undefinedundefined | undefined
| If more than 7 people, for each additional family memberundefinedundefined | undefined$3,706undefinedundefined | undefined$ 3,586undefinedundefined | undefined
Accepted Proof of Funds for Canada PR Visa
According to IRCC guidelines, funds must be readily available to the applicant. As a result, real estate equity cannot be used as proof of settlement funds, and an applicant cannot borrow money to use as settlement funds.
On the other hand, if the applicant is accompanied by a spouse, the money can be maintained in a joint account or an account solely in their name. However, the applicant must demonstrate that he or she has access to the funds.
As proof to be considered for minimum required settlement funds, a letter is required from the bank or financial institution stating:
- Account numbers
- Date each account was opened
- Current balance of each account
- Average balance for the past 6 months
- Outstanding debts such as credit card debts and loans
