The amount of money required for proof of fund depends on the size of your family. 1 person is $13,310 CAD, 2 persons – $16,570 CAD, 3 persons – $20,371 CAD, 4 persons – $24,733CAD, etc. As part of the Canadian immigration process, you will be expected to show the Canadian government proof that you have adequate monetary funds to support yourself and any accompanying family members when you arrive in Canada.

The reason is that the government will not accord any financial support to new immigrants residing in Canada. ICCRC stipulates guidelines for the necessary funds you will need to cater for yourself in Canada. The amount will usually depend on the size of your family, and this amount can vary from time to time. So ensure you always check these figures when finalizing your application.

The funds will also have to be untainted, free of liens, and not borrowed. The money will also need to be available in transferable currency for settlement in Canada. Also, note that you are allowed carry any amount of funds when you arrive in Canada.

You will only be expected to declare if you have $10,000 or more per the prevalent border and customs regulations. You may also be asked to show proof of funds at the time of landing. This can be in the form of cash, bankers’ checks, drafts, updated bank statements from the home country account, or a combination of these.

You will also be expected to provide evidence of the availability of these funds via bank account details that show the required amount ranging over a period of 6 months consecutively or progressively. Most PNP will require the amount to be over a period of 3-6 months. When showing proof of funds in a currency other than CAD$, it is necessary that you maintain funds that will cover the foreign exchange fluctuations.

You can leverage the bank of Canada exchange rate trends to note the current highest point so that you won’t be affected by the exchange rate fluctuation. It is also important that the amount shown in your account remains equal to or more than the applicable amount for your POF on the day CIC will verify your documents.

How Much Money Will You Need For Canadian Immigration?

The amount of money required usually depends on the size of your family. Outlined below is the minimum amount you will need to immigrate to Canada as of June 9, 2022.

  • 1 person – $13,310 CAD
  • 2 persons – $16,570 CAD
  • 3 persons – $20,371 CAD
  • 4 persons – $24,733CAD
  • 5 persons – $28,052CAD
  • 6 persons – $31,638 CAD
  • 7 persons – $35,224 CAD
  • Each additional family member: $3,586

7  Types of Funds You Can Use to Show Proof of Funds for Canada Immigration

Absolutely, not every type of fund can be used as proof of fund for Canada Immigration. The options to consider include:

  1. Savings/Current/Salary Bank Accounts

If you have savings that meet or exceed the amount needed for Canada Immigration, you should present a copy of your bank statement for the past six months to show the funds in your account.

You will also need to show the funds in your account for a minimum of 3-4 months, and if the funds have recently been transferred, you will have to show where they came from. To prove it, you will have to obtain official letters from the bank or financial institutions where you are keeping money. The Letter(s) will have to include;

  • The financial institution’s letterhead
  • Their contact information (address, telephone number, and email address)
  •  Your name
  • List of outstanding debts, such as credit cards and loans
  • The current bank and investment account, account numbers, date the account was opened, the current balance of the account, and average balance for the past 6 months.
  1. Shares and Bonds

These types of investments are not acceptable for Canada Immigration purposes since they are volatile accounts and can barely be accepted at face value. If you intend to leverage this type of funding, then you may have to liquidate them first in a suitable bank account and forward the statements as above.

  1. Possessions

This sort of investment is not acceptable to CIC. With shares and bonds, you will need to liquidate the assets and deposit the money in a suitable account. This applies to vehicles, antiques, value items, jewelry, gold bullion, etc.

  1. Real Estate

Real estate is the most common form of investment in the world today. A good number of persons intend to sell property owned in their home country before landing in Canada and use the equity to establish themselves.

However, real estate cannot be used as proof of fund for Canada Immigration, but you can liquidate it and show the sale deed as evidence of deposit and offer the bank all the details required.

  1. Bitcoins/Cryptocurrency

Owing to the lack of generally accepted legislation on this mode of funds, they are not accepted as proof of funds for Canada Immigration. Aside from that, they are also known to be speculative in nature. If you hold these funds, it is advisable you first encash them in your account and show the transaction receipt.

  1. Joint Accounts and Spouse’s Accounts

If you intend to move to Canada with your spouse, show the funds held together in a joint account to meet the proof of funds requirement. To leverage the funds for meeting the proof of funds requirement, the applicant will need to show proof that they have access to the funds.

You can do this via the dependent spouse stating in writing that the funds are freely accessible by the primary spouse to be used as they deem fit and are free of any obligation. In the same vein, if an applicant has a joint account with their parent, they will be expected to present an affidavit that proves that the applicant can use the funds held in the joint account to meet the proof of funds requirements.

  1. Gift Deeds

If you are invited to apply and you know you cannot meet the proof of fund requirements, then consider meeting the requirements by obtaining the funds in the form of a gift. According to the CIC, a gift is more or less a “voluntary transfer of property (movable or immovable) from one person (the donor or grantor) to another (the donee or grantee) without full valuable consideration (exchange of money or property) or an expectation of return.”

When executing the gift deed (notarized affidavit), ensure that it meets the formalities of the country in which the gift deed is being executed. The gift deed is not expected to overcome the six-month average balance requirement as the funds will be shown as a gift to the applicant.

Conclusion

When applying for Canada Immigration, you will be asked to provide an official letter from the bank. This letter will need to state the account details, liabilities, and average monthly balance for the last six months.

Have it in mind that it is not noted anywhere in the immigration law that the funds must have been maintained for a period of 6 months or more. Most often, this requirement is to verify if there are any recent large deposits in your account that serve to complement the proof of funds requirement.