New proof of funds canada

A "Proof of Funds" is a document that shows the source and amount of funds available to a buyer or borrower in Canada. Here's an updated guide on what's required:

What is a Proof of Funds?

A Proof of Funds is a document that verifies the buyer's or borrower's ability to fund a purchase or loan. It's typically required by lenders, real estate agents, and sellers to ensure that the transaction is legitimate and that the buyer has sufficient funds to complete the purchase.

Types of Proof of Funds:

There are two main types of Proof of Funds:

  1. Bank Statement: A bank statement that shows the account holder's name, account number, and the available balance.
  2. Letter of Credit: A letter from a financial institution stating that the account holder has a certain amount of funds available.

Requirements for a Proof of Funds in Canada:

To be considered a valid Proof of Funds in Canada, the document must meet the following requirements:

  1. Date: The document must be dated within 30 days of the transaction date.
  2. Account Holder's Name: The account holder's name must match the buyer's or borrower's name.
  3. Account Number: The account number must be included.
  4. Available Balance: The available balance must be clearly stated.
  5. Financial Institution: The document must be issued by a reputable financial institution, such as a bank or credit union.
  6. Signature: The document must be signed by an authorized representative of the financial institution.

Additional Requirements for International Buyers:

If the buyer is from outside Canada, additional documentation may be required, including:

  1. Letter of Credit: A letter of credit from a financial institution in the buyer's country.
  2. Proof of Income: Proof of income, such as a pay stub or tax return.
  3. Proof of Identity: Proof of identity, such as a passport or driver's license.

Where to Obtain a Proof of Funds:

Buyers or borrowers can obtain a Proof of Funds from their financial institution. They can visit a branch, call the customer service number, or use online banking to request the document.


A Proof of Funds is an essential document in Canadian real estate transactions. It verifies the buyer's or borrower's ability to fund a purchase or loan and helps to ensure the legitimacy of the transaction. By understanding the requirements and types of Proof of Funds, buyers and borrowers can navigate the process with ease.