Canada wants newcomers to succeed. One way it ensures this is by asking many applicants to show proof of settlement funds. These funds confirm you can support yourself and your family once you arrive. Without them, your application may be refused.
Who Needs to Show Settlement Funds
Not all applicants must show proof of funds. If you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program, you need to prove funds.
You don’t need proof if:
- You apply under the Canadian Experience Class
- You already have a valid job offer in Canada
- You are allowed to work in Canada when applying
For most skilled worker applicants, proof of funds is required.
How Much Money Do You Need?
The amount depends on the size of your family. Immigration, Refugees and Citizenship Canada (IRCC) updates these amounts each year. As of July 2025, the minimum required funds are:
Family MembersFunds Required (CAD)
1 $15,263
2 $19,001
3 $23,360
4 $28,362
5 $32,168
6 $36,280
7 $40,392
Each extra +$4,112
Even if family members are not moving with you, they must be counted when calculating funds.
What Counts as Settlement Funds
Funds must be liquid, easily available, and in your name or shared with a spouse or partner. Acceptable sources include:
- Savings accounts
- Chequing accounts
- Fixed deposits that can be cashed out anytime
Funds cannot include:
- Borrowed money
- Property equity
- Assets that cannot be accessed immediately
IRCC must be sure you can use the funds as soon as you land in Canada.
How to Prove Funds
You need an official letter from your bank or financial institution. The letter must:
- Be printed on the bank’s letterhead
- Include the bank’s address, phone number, and email
- Show your name and account details
- List all outstanding debts like loans or credit cards
- Provide account numbers, opening dates, current balances, and average balances for the last six months
If you and your spouse share accounts, both names should appear on the documents. If the account is only in your spouse’s name, provide proof you can access the funds.
Why Proof of Funds Matters
Settlement funds show the government that you won’t struggle to meet basic needs. Rent, groceries, and transport in Canada can be costly. Proving funds gives officials confidence that you can adapt without immediate financial aid.
For applicants, this is not just paperwork. Having funds set aside also helps reduce stress during the first few months in a new country.
Tips for Meeting the Requirement
- Keep funds stable for at least six months before applying
- Avoid large unexplained deposits before submitting proof
- Maintain funds above the required amount, not at the bare minimum
- Save in Canadian dollars if possible to avoid currency fluctuations
Applicants who fail to show consistent, accessible funds often face delays or rejections. Careful planning prevents this.
Final Thoughts
Proving settlement funds is a key step in Canada immigration. The required amount depends on family size, and the money must be liquid and available. Official letters from banks provide the proof.
While it may seem like a hurdle, it serves an important purpose: ensuring newcomers can start life in Canada with stability. For skilled workers, preparing this proof early can make the immigration process smoother and less stressful.
