You will need to prove to CIC (IRCC) that you have enough money when you apply to immigrate. This money cannot be borrowed from another person. This money should be available for you to pay the costs of living for your family. All applicants must meet the minimum requirement of proof of funds Canada express entry unless they are currently authorized to work in and have a valid job offer (LMIA approved) from an employer in Canada, or they have been issued ITA under Canadian Experience Class.
Required Settlement on Proof of Funds Canada Express Entry
The following chart (Last updated January 1, 2020) provides the required Settlement funds amount based on the number of family members.
|Number of family members||Funds required (in Canadian dollars)|
|For each additional family member||$3,492|
Track updated PoF cut-off here
To prove that you have the necessary proof of settlement funds in Canada, you must follow the below instructions.
Documents Required for Proof of Fund for Canada Express Entry
The applicant should provide official letter(s) from a financial institution(s) that list all current bank and investment accounts as well as outstanding debts such as credit card debts and loans.
The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance in the past six months.
Other documents may also be requested, as necessary.
While the above instructions by CIC (IRCC) regarding Proof of funds for Canada express entry appear to be simple, the ground reality is that several applicants face a lot of challenges arranging the required documents for settlement funds.
FAQ Related to Proof of Funds
The following will provide you further insights into the issues that other applicants have commonly reported. Note that the suggestions are based on research from online sources and some of options that were recommended by other Express Entry applicants.
1) Is proof of funds mandatory for Express Entry?
While creating your Express Entry profile, you will be asked to enter the amount of money you will have to help you settle in Canada. This is to show that you will be capable of supporting yourself and any family member who comes with you to Canada. It also helps in a better assessment of programs you are eligible for.
You will only be required to meet the settlement fund requirement in case it applies to the program you are invited to apply under.
In case you are invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, you will be asked to show that you meet the settlement funds requirement. However, if you are currently authorized to work in Canada and you have a valid job offer from an employer in Canada, you may not need to show proof of funds.
For proof, you need to get official letters from any banks or financial institutions where you are keeping money. These letters must list all your current bank and investment accounts as well as any outstanding debts like loans and credit cards.
Note: If you were invited to apply under the Canadian Experience Class, you do not need to submit proof of funds.
2) Is there a fixed format for the Express Entry proof of funds Bank letter?
There is no fixed format for the letter. Applicants have to make sure that the letter they submit contains all the requested information.
For most up-to-date requirements refer to the Proof of Funds section in the link below.
For a quick reference, the bank letter must be provided by the principalprinciple applicant and cover the following requirements
- List all current bank and investment accounts.
- List outstanding debts such as credit card debts and loans.
- The letter(s) must be printed on the letterhead of the financial institution.
- Letter must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance in the past six months.
3) Proof of Funds Sample Letter for Canada Immigration
Please note that this is not an official format (there is no fixed format!). The text below is made available to you only for reference purposes.
“TO WHOMSOEVER IT MAY CONCERN
I am writing this letter at the request of APPLICANT who is applying for Permanent Residence for Canada.
This is to confirm that APPLICANT is a customer with XYZ Bank and holds below accounts at the closing hours of DATE.
APPLICANT has (“FULL OR JOINT” DEPENDING ON YOUR ACCOUNT TYPE) access to the accounts mentioned below.
- A/c Number
- A/c Open Date
- A/c Type
- Status of Account
- Current Balance
- Average Closing Balance maintained in last six months for account number:
- Month 1 – Average balance
- Month 2
- Month 3 …continue for 6 months
*** If you have multiple accounts in the same bank then repeat the above info for all accounts.
Debts – Loans and Credit Cards
I certify that the below listed debt products are issued to APPLICANT NAME.
Type of product : Loan
Open Date / Sanction Date
Balance Outstanding as on date :
Type of product : Credit card
Open Date / Sanction Date
Balance Outstanding as on date :
For verification of this letter, please contact “signing authority”.”
4) My bank refused to provide me with a letter as per IRCC requirements
It is a common problem that many applicants face during the document collection stage. Several large banks have fixed formats for most of their letters and show little flexibility when it comes to accommodating CIC’s requirements. However, a bank letter not covering all information that CIC needs should not become a barrier to your application if you are able to convince the Visa Officer that you have put your best efforts to get the proof of funds documents for Canada express entry in the preferred format. You obviously do not have the powers to change the format that banks have. It is at the discretion of bank officials to modify their letters, some bank officials oblige and some do not.
- First priority should be to convince your bank officials to comply with your request. However, if your bank letter does not cover all the information, here are a few tips that could be of help:
- Try to have as much information in the letter as possible and explain why you were unable to obtain other information in a Letter of Explanation.
- Also explain in your Letter of Explanation, the alternative document that you have provided that contains the required information.
- Try to keep e-mail records of your correspondence, so you can include this in your letter of explanation.
- Try to convince the Bank officials to include a note on the letter stating their inability to comply with CICs requested format.
- If your letter does not show the average monthly balance : Provide your 6- months bank statements, highlight savings and explain your situation through a letter of explanation
- If your letter does not show debts : Explain your situation through a letter of explanation, state/declare all the debt products that you have. Provide your 6- months bank statements, highlight loan EMIs, highlight credit card statements. You can also include debt repayments / outstanding letter that banks issue.
Please note that the above situation is not an ideal situation. The additional supporting documents and letter of explanation that you provide does not guarantee that the application will be approved. The decision to accept your supporting documents is at the discretion of CIC. That being said, you should still truthfully disclose everything and provide sufficient evidence that the issue is with your bank not willing to comply with CIC’s requirement and you have tried everything in your control to comply with CICs requirement.