The applicant must clearly demonstrate that they have sufficient and available funds to meet the requirements. These funds must meet the requirements at the time the application is made, as well as when the application is finalized.
The funds must be:
- available and transferable;
- unencumbered by debts or other obligations.
Officers must be satisfied that the applicant has at their disposal sufficient liquidity and, with the ability to transfer those assets, the necessary threshold of funds to support their establishment in Canada on arrival.
The amount of funds is assessed according to the applicant’s family size using 50% of Statistics Canada’s most current low-income cut-off (LICO) for urban areas with populations of 500,000 or more.
In terms of funds required, the number of the applicant’s family members includes both accompanying and non-accompanying dependents.
Although the amount may change yearly, at the time of publication, the required funds are equal to or greater than the amount listed below for each family size:
Examples of proof of funds include, but are not limited to:
- Bank statements,
- personal net worth statements,
- securities in bearer form (stocks, bonds, debentures, treasury bills, etc),
- negotiable instruments in bearer form (bank drafts, traveller’s cheques, etc).