Settlement Funds

Settlement Funds

The ability to support their resettlement in Canada financially is a need for many foreign nationals who seek to apply for permanent status in Canada. While those applying under spousal sponsorship and those seeking refuge are exempt from this criterion, the great majority of those applying for economic immigration will need to provide evidence of their ability to support themselves.

The majority of Express Entry immigration classes and candidates who are provincial nominees are covered by this rule. Notably, individuals applying through the province of Quebec and the Canadian Experience Class (CEC) are excluded from this requirement. If you are submitting an application under the economic immigration category, carefully study the programme specifications to see if you need to provide proof of settlement funds. Make sure you are fully aware of what is necessary to demonstrate your ability to provide for yourself.

How much money you will need

The following programmes' applicants must demonstrate sufficient cash to satisfy the proof of means of financial support requirement:
- Federal Skilled Worker (Express Entry)
- Federal Skilled Trades (Express Entry)
- Provincial Nominee Programs (PNPs)
You cannot borrow money from someone else to pay for this requirement. Each applicant must be able to use the funds to cover the expense of supporting their family (even if spouse and children are not accompanying). Both applicants, if they are filing jointly with their spouse, may provide the necessary financial documentation. Please be aware that applicants who presently have legal work authorization in Canada and have a job offer in hand do not need to provide proof of finances.

How much money you will need

The proof of funds requirement is based off of a person’s family size. When calculating a family size, the following family members count towards the total amount:
- Principal applicant
- Principal applicant’s dependent children
- Spouse or common-law partner
- Spouse or common-law partner’s dependent children

What is accepted as proof

The principal applicant and/or their spouse or common-law partner's name must appear on all documentation proving financial resources. It is not possible to borrow the money from someone else. The funds must be accessible both at the time of application and during the course of processing the application, up until the issuance of permanent residency. At any time during the application processing, the government retains the authority to request updated financial documents. Letters from the financial institutions where applicants hold their money must be submitted. The following must be included in these letters:
- Printed on the financial institution’s letterhead
- Contains the financial institution’s contact information
- Contains the applicant's name
- List any outstanding debts or loans
- Include the following information for each account:
a. Account numbers
b. Date of opening
c. Each account's current balance
d. And the average balance over the past six months
Any documentation that deviates from this increases the likelihood of rejection at the discretion of the immigration officer reviewing the file.