For most of the immigration to Canada programs, you will have to show the IRCC that you have enough funds to support yourself and your family for at least one year after you come to Canada as a permanent resident. This is applicable to most of the immigration programs like the Federal Skilled Worker and Federal Skilled Trades under the Express Entry Program and other programs like Agri Food Pilot and Start-up Visa.
The programs that do not require any proof of funds are where the applicant has a valid job offer or in case of being sponsored by a relative who is a Canadian Citizen or Permanent resident like in case of spouse or Parents.
To prove that you have sufficient funds you will need to show that the money is yours, liquid and you have full access to it. For this you will have to get a letter / certificate from your bank or a financial institute where your money is deposited.
The letter must be on the Bank’s letterhead and show the following information:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
The minimum funds you need to show are:
The minimum funds that you need to show depends on the number of family members. For most of the immigration programs, namely Federal Skilled Worker and Federal Skilled Trades under Express Entry, Start-up Business Class and Agri-Food Pilot, the amount of funds required are as per the table below:
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7 people, for each additional family member | $3,706 |
For Atlantic Immigration Program the funds required are:
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $3,439 |
| 2 | $4,281 |
| 3 | $5,263 |
| 4 | $6,391 |
| 5 | $7,248 |
| 6 | $8,175 |
| 7 | $9,101 |
| If more than 7 people, for each additional family member | $926 |