Proof of Funds (also known as Settlement Funds) are required to ensure that the applicants can support themselves and their dependents. The amount required depends on the no. of family members that will be moving in to Canada.
The amount may change so check the CIC site for the updated table list.
During the application, the applicants are required to provide documents that show proof that they have such funds. This can be in the form of:
- Cash in Bank Account
- Financial instruments such as Time Deposits, Bonds, Stocks
- Real Estate
- Automobile
- Guaranteed Cash Value for Life Insurance and Pre-need Plans
- Other Assets that can be valuated
Upon landing, the Immigration Officer on the Port Entry would ask for these funds. Failure to provide can lead to denial of entry.
- The applicant can carry the funds in different forms:
Cash. Maximum amount that can be carried is $10,000 (USD) due to Anti-Money Laundering Act (AMLA) - Bank Draft. Encashment of bank drafts can take up to 30 days.
- Travellers Check.
Note: Bank Statement is not advisable to be used as proof during the entry. There are instances that Bank Statements of International Banks are honored but this is more of a discretion by the Immigration Officer. To be on the safe side use only the three listed above.
Hi,
I just want to ask if the required settlement fund that you will be providing to the CIC upon lodging should be cash or can be in other forms stated above? Because agencies said it should be all cash and problem is we only have limited cash but we have some properties to show. How will this affect our application? Will this be a big ground for refusal?
Hi Ben, The proof of fund required during the application can be in other forms of assets including automobiles, real estate, pre-need plans … It is important that you valuate your assets properly. The settlement fund is only required in cash or bank instrument when you are landing and maybe required to present it on the Port of Entry..
My status in Canada is a student and I have applied for FSW category. Since I am already settled in Canada and my education (graduate, Ph.D. studies) pays me salary to support myself, do I need to show still $11,000? or my pay stubs are sufficient as I am settled in Canada?
Hi. The proof of funds was established to ensure that the applicant can support himself. With that in thought, regardless of your stay in Canada, the VO may still require you to show anything that will substantiate that. So, in my opinion, it’s better to have the POF in hand.