Canada Proof of Funds Calculator
Moving to Canada? Calculate Your Proof of Funds
Leave blank if you only need CAD amount
Your Required Proof of Funds
Important: This amount must be available and unencumbered. You cannot borrow this money, and it must be in your account for at least 6 months before application.
How This Calculator Works
Canada’s immigration system requires you to prove you have enough money to support yourself and your family when you arrive. The exact amount depends on how many people are coming with you.
Required POF = Base Amount + (Additional Per Person × Extra Members)
Amounts are set annually by IRCC (Immigration, Refugees and Citizenship Canada)
The calculator uses official 2026 figures from IRCC. For one person, you need CAD $14,690. For two people, it’s CAD $18,288. The amount increases with each additional family member, but the rate of increase slows down as family size grows (economies of scale).
If you enter an exchange rate, the calculator also shows you the equivalent in Nigerian Naira. This helps you plan how much you need to save or convert from your local currency. Keep in mind that exchange rates fluctuate daily, so always check the current rate before making transfers.
Who Needs Proof of Funds?
You need proof of funds if you’re applying through:
- Federal Skilled Worker Program (FSWP): This is the most common Express Entry stream for skilled professionals.
- Federal Skilled Trades Program (FSTP): For electricians, welders, plumbers, and other tradespeople.
- Canadian Experience Class (CEC): Only if you don’t currently have a valid job offer and aren’t working in Canada.
You DON’T need proof of funds if you already have a valid job offer from a Canadian employer or if you’re currently authorized to work in Canada and applying through CEC. Provincial Nominee Programs (PNPs) have their own rules, some require POF, some don’t.
What Counts as Proof of Funds?
IRCC accepts the following:
- Bank statements for the last 6 months
- Fixed deposit certificates
- Investment statements (stocks, bonds, mutual funds)
- Letters from your bank confirming account balance and average 6-month balance
What DOESN’T Count:
- Borrowed money (personal loans, credit lines)
- Money you owe someone else
- Property or land (you can’t use real estate as POF)
- Jewelry, cars, or other assets
- Cryptocurrency (not officially recognized yet)
The money must be liquid, meaning you can access it immediately. If your funds are in fixed deposits, make sure they’ll mature before you need to show proof, or get a letter from your bank confirming early withdrawal terms.
When Do You Show Proof of Funds?
You don’t need to show POF when you first create your Express Entry profile. You only submit proof after you receive an Invitation to Apply (ITA). At that point, you have 60 days to upload all your documents, including bank statements and letters.
The 6-month history requirement is strict. IRCC wants to see that you didn’t just borrow money right before applying. If you suddenly deposit a large sum a week before your ITA, expect to explain where it came from. Gift deeds from parents work, but you need a notarized letter explaining the gift, plus proof that the donor actually had that money.
If your balance dips below the required amount during those 6 months, that’s usually fine as long as your average stays above the threshold. But if it drops significantly, IRCC may ask for an explanation.
Where Should the Money Be?
Ideally, keep your proof of funds in one or two bank accounts that are easy to document. If your money is spread across five different banks, two investment platforms, and your uncle’s savings account, you’ll have a harder time proving it.
For Nigerians, domiciliary accounts (dollar accounts) are your friend. Since POF must be shown in Canadian Dollars or an equivalent convertible currency, having funds already in USD, GBP, or EUR makes the process smoother. If your money is in Naira, you’ll need to convert it using the official exchange rate at the time of application.
Joint accounts are tricky. If you’re using a joint account with your spouse, that’s usually fine. But if it’s a joint account with a parent or sibling who isn’t immigrating with you, IRCC may not accept it unless you have a letter stating that you have full access to the funds.
Why Is the 6-Month Rule So Strict?
Canada wants to make sure you’re not faking financial stability. If someone lends you money just so you can take a screenshot of your account balance, then you pay it back the next day, that’s fraud. The 6-month history helps IRCC verify that the money is genuinely yours.
If you’re planning to apply for Canadian immigration, start organizing your finances now. Open a dedicated account, deposit your savings, and let it sit there. Don’t touch it unless absolutely necessary. Print monthly statements and keep them safe.
Some people try to game the system by borrowing money, keeping it in their account for 6 months, then returning it after getting their ITA. Bad idea. IRCC cross-checks documents, and if they suspect fraud, your application gets rejected and you may be banned from reapplying.
How Much Extra Should You Have?
Don’t aim for the bare minimum. If the requirement is CAD $14,690 for one person, try to have at least CAD $16,000 to $17,000. Why? Because exchange rates fluctuate, bank charges eat into your balance, and you might need to show proof again at the port of entry.
Also, remember that proof of funds is separate from your settlement funds. Once you land in Canada, you’ll need money for rent, groceries, transport, and other expenses while you look for work. The official POF amount is just the minimum IRCC requires for your application, not necessarily enough to live comfortably for the first few months.
A good rule of thumb: budget for at least 3 to 6 months of living expenses on top of your proof of funds. For a single person in Toronto or Vancouver, that’s easily another CAD $10,000 to $15,000.
Common Mistakes to Avoid
Mistake 1: Using Borrowed Money
People take loans thinking they can return the money after getting their visa. IRCC checks for sudden deposits. If you borrowed CAD $20,000 and it appears in your account last month, you’ll be asked to explain. Unless you can prove it’s a gift with proper documentation, your application is at risk.
Mistake 2: Selling Property Last Minute
You sold your house and deposited the proceeds into your account 2 weeks before submitting documents. IRCC will question the source. You need to provide the sale agreement, proof that you owned the property, and evidence that the transaction was legitimate. It’s doable, but messy.
Mistake 3: Ignoring Exchange Rate Volatility
You calculated your POF when CAD was ₦1,100, but by the time you apply, it’s ₦1,300. Your Naira savings are now worth less in Canadian Dollars. Always have a buffer to account for currency swings.
Mistake 4: Not Getting Bank Letters
Statements alone might not be enough. IRCC often requires an official bank letter on letterhead, signed and stamped, confirming your account details, current balance, and average balance over 6 months. Some Nigerian banks don’t know how to format these letters properly. Give them a template or sample letter to follow.
Quick Reference: Proof of Funds by Family Size (2026)
| Family Size | Required (CAD) | Approx. (NGN at ₦1,200/CAD) |
|---|---|---|
| 1 person | $14,690 | ₦17,628,000 |
| 2 people | $18,288 | ₦21,945,600 |
| 3 people | $22,483 | ₦26,979,600 |
| 4 people | $27,297 | ₦32,756,400 |
| 5 people | $30,690 | ₦36,828,000 |
| 6 people | $34,917 | ₦41,900,400 |
| 7+ people | $38,445 | ₦46,134,000 |
Exchange rate used: ₦1,200 per CAD (example only, check current rates)
Final Tips Before You Apply
Start early. Don’t wait until you get an ITA to sort out your finances. Begin building your proof of funds at least 6 months before you even submit your Express Entry profile.
Keep records. Save every bank statement, deposit slip, and transfer receipt. If IRCC asks for clarification, you want to have everything ready.
Use official channels. Convert money through banks or licensed forex dealers. Avoid black market transactions because you won’t have proper documentation.
Don’t drain your account. After you get your ITA and submit documents, keep that money untouched until you land in Canada. Some officers check balances again at the port of entry.
Plan for more. The minimum POF is just that: minimum. Budget for your first 3 to 6 months in Canada. Rent, food, transport, phone bills, and job hunting all cost money.
Still Have Questions?
This calculator gives you the official IRCC proof of funds amounts for 2026. But immigration rules change, and every case is different. If you’re unsure about your specific situation (like using gift money, joint accounts, or foreign currency), consult a licensed immigration consultant or lawyer.
And remember: proof of funds is just one part of your application. You also need language test results, educational credentials, work experience, and a clean background check. Start preparing everything now so you’re ready when your ITA comes.