Table of Contents
Showing Proof of Funds
Planning on applying for immigration into Canada? You may have heard the term “proof of funds.” If you are planning on entering Canada under the Express Entry program, you will need to show proof of funds. This applies to your proof of funds for express entry – Federal Skilled Worker Program or Express Entry – Federal Skilled Trades Program application; additionally, you may just want to know this information. The amounts may change with time, so it is best to check here. Fund amounts are updated every year. As a certified immigration consultant, we want you to have the latest information as well as answers to your questions.
What are proof of funds
What does it mean? It means that you have to show that you have enough funds to support yourself and your family members as you settle in Canada. It could mean the support of your partner or spouse, dependent children or your spouse’s dependent children. At the present time, $13,310 is needed for one family member (yourself.)
When you are invited to apply, you will need to meet the minimum proof of funds. If you are applying under the Canadian Experience Class or you have a valid job offer and are authorized to work in Canada, you do not need to show proof of funds. This is the case, even if you are part of the Federal Skilled Worker Program or the Federal Skilled Trades Program.
It is important to keep your funds up to date in your application profile. Always check the new requirement numbers, as they could make a difference in your eligibility.
Some funding examples
As mentioned above, if you are coming by yourself, you would need $13,310. If traveling with a spouse or partner and one child (total of 3 people), the amount would be $20,371. The following is the chart, with amounts in Canadian dollars:
Number of Family members = Funds required (in Canadian dollars)
1 = $13,310
2 = $16,570
3 = $20,371
4 = $24,733
5 = $28,052
6 = $31,638
7 = $35,224
For each additional family member = $3,586
If you have more than seven people coming to support, add $3,586 for each additional person above the $35,224 figure.
What proof is needed?
The money has to be quickly available to you. Stocks, equity on property or borrowed money from another person cannot be included. You can count funds together, if coming with a spouse or partner, but you must have a joint account. If the account is in their name, you must be able to prove that you have access to that money.
As proof, you will need official letters from the bank or financial institution where the money is located. This letter must include the following:
- Printing on official bank letterhead
- Bank’s address, telephone number and email address
- List of your outstanding debts, such as from credit cards and loans
- Investment accounts, with account number, date of opening, current balance and average balance for last 6 months
How much will it cost to live here?
You should do your research on how much money you will need to live in Canada. What will your apartment cost? This will vary according to the city and province. See more in our separate section below, Renting an apartment in Canada.
When coming into Canada, you should bring as much money as you are able. You’re allowed up to CAN$10,000. If you bring more, you must tell the border officer or your funds may be seized. You could also receive a fine. Find out more about this here. The money that you bring can include the following:
- Proof of funds document that show money payable to you, such as stocks and bonds or treasury bills
- Documents guaranteeing a certain amount of money, such as travellers’ checks, money orders, bank drafts or cheques
Remember to keep these papers with you; do not pack them in your suitcase. You will be proving, with these papers when you arrive, that you can legally access this money.
Renting an apartment in Canada
What are the average costs to rent? You may be fortunate and will stay here with family already living in Canada when you first arrive. However, if you need to find a rental, it will be helpful to know more about the average costs.
For example, a one bedroom apartment in Toronto is $1761. The same size apartment in Ottawa is a bit less, at $1667. Montreal boasts a price of $1507 for this size, while Vancouver is more expensive at $2267.
Edmonton and Calgary are the lowest, with Edmonton at $1060 and Calgary at $1342.
The province of Ontario, where Toronto is located, has a variety of costs. In Mississauga, the average for a one bedroom is $1926, while in Hamilton, it is $1639.
Finding an apartment that suits your needs is important. You will be able to view the apartment in person, once you are in Canada, by contacting the landlord or property manager. If you have friends or family here, they might view it for you first.
Most of the apartment rentals are not furnished. Landlords are responsible for some things, however. These include the stove, refrigerator, hot water system and the heating. You may or may not have a washer/dryer in your house. On the other hand, there may be one that is shared or nearby, for an apartment, that you can use for a small fee.
Get help from Canada’s government
As a newcomer to Canada, you may get help from a number of services. Each province will have different rules, when it comes to rent collecting and property management.
As a tenant in a house or apartment, you must pay your rent on time, contact the landlord is something needs to be fixed, keep your apartment clean and maintain it well. The landlord can enter your apartment to do repairs or show it before you move out. Find out more about renting a house or apartment when you are new to Canada.
Want your immigration questions answered?
You now know more about proof of funds. We can also tell you more about the Express Entry Skilled Worker and Skilled Trades programs. We also have information on permanent residency. At CSHI, we have notary public services that can help you with documentation. Our trained and professional staff is here to answer questions and assisr with your immigration needs.
Contact us with any questions and concerns. We are located in Ontario. There are helpful links to reach us, for those outside of Canada.