When you are applying for Canadian immigration through a Federal skilled worker then the Canadian government requires you to have some proof of funds. This fund shows that you have enough money to support yourself and your family when you come and settle in Canada. Being able to show this fund is one of the essential requirements when applying for Canadian Immigration.

You need to provide written proof to show this fund. It can either be your bank statement or some gift deed agreement in case you don’t have the funds in your own account and a family member gives you this money.

• This cost depends on the number of family members.
• This fund needs to be in your account for 6 months when submitted as proof. So ideally you should maintain this balance throughout your immigration process in order to avoid any problem. As they can ask you for updated bank statements at any point.
• Cost is updated occasionally by the Canada Government so keep the funds up to date.

Note: There are other cost that you need to bear throughout the immigration process. Check this blog to know about the actual cost of immigration.

There are some specific categories where you do not need to show this proof of funds. This applies to people who are:

• Applying under the Canadian Experience Class (CEC)
• People who have work authorization for Canada and have a valid job offer (including those applying through the Federal Skilled Worker Program or the Federal Skilled Trades Program)

As of April 25, 2023, the following table shows the minimum amount needed to immigrate to Canada.

You must both have access to your funds at the same time.

• you apply
• we issue you a permanent resident visa (if we approve your application)
• You must prove to us that you can legally access the money here when you arrive.

For example, this means

• Real estate equity cannot be used to prove settlement funds
• This money can’t be borrowed from anyone else
• Your family’s costs of living must be covered by this money (even if they aren’t coming with you).

In the case of bringing your spouse along, you can count money from a joint account you have together.

You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.

Obtain official letters from any bank or financial institution where you have an account as proof.

These letters must be printed on the financial institution’s letterhead and include

1. the bank or institution contact information (address, telephone number and email address)
2. your name
3. your outstanding debts (such as credit card debts and loans)
4. these details for each current banking and investment account you have with them
5. account numbers
6. date each account was opened
7. current account balances
8. average balance for the past 6 months

You can check this website for update details.

Feel free to comment and ask questions!