How much money you need
These are IRCC's current minimum amounts (table updated July 7, 2025). IRCC updates them every year, based on 50% of the low income cut-off.
| Number of family members | Funds you need (CAD) |
|---|---|
| 1 | $15,263 |
| 2 | $19,001 |
| 3 | $23,360 |
| 4 | $28,362 |
| 5 | $32,168 |
| 6 | $36,280 |
| 7 | $40,392 |
| Each additional family member | $4,112 |
Count everyone in your family, including a spouse or dependent children who aren't coming with you. If you have more than the minimum, list the full amount in your profile.
What IRCC accepts as proof
You need an official letter from each bank or financial institution where you hold money, on its letterhead, showing:
- the institution's address, phone number and email
- your name
- your outstanding debts, such as credit cards and loans
- for each account: the account number, date opened, current balance and average balance for the past 6 months
The money must be available when you apply and when IRCC issues your permanent resident visa.
Money that doesn't count
- Equity in property: you can't use the value of a house or land.
- Borrowed money: you can't borrow the funds from another person.
- Money you can't access: you must be able to use it legally when you arrive.
A joint account with your accompanying spouse counts. Money in your spouse's name only may count if you prove you can access it.
Common mistakes
- Sudden large deposits without an explanation. Keep records of where the money came from.
- Forgetting non-accompanying family members when counting family size.
- Letters that miss the 6-month average balance. Ask your bank for it specifically.
- Letting the balance drop between applying and landing.
Next steps
- Check if you pass the FSW 67-point test first.
- Gather everything else with our document checklist.
- Already working in Canada? The Canadian Experience Class doesn't need proof of funds.