Proof of Funds
Money is an important factor to consider when you are applying for Express Entry. Whether it is the Federal Skilled Worker Program or the Federal Skilled Trades Program, you must show that the money you have is enough to support yourself and your family in Canada. You must keep these following things in mind for showing proof of funds:
- The money can’t be borrowed from another person. You should have the full authority and right to use that money to support your family (Even if they live outside of Canada).
- If you and your spouse are coming together, you can show money put together in a joint account as a Proof of Fund. If the money is in an account under your spouse’s name only, you can also count that with valid proof that you can access the money.
- Once you are invited to apply, you must provide written proof showing the availability of the money.
- You must keep your funds up-to-date in your profile. You don’t always know under which program you will be invited because the system might find you eligible for more than one program depending on your profile.
- If you are applying under the Canadian Experience Class, you don’t need to prove that you have enough money to support yourself and your family (Provincial nominees who are part of the CEC program are included in this category).
Note: if you are currently authorized to work in Canada or have a valid job offer, you don’t need proof of funds.
How much money required:
The size of your family will set the amount of money required to support them. You can calculate the size of your family by including:
- Your partner or spouse
- Your dependent children and
- Your partner’s dependent children
If your spouse or dependent children are permanent residents or Canadian citizens, you need to include them too. As must prove that you have enough money when you apply to immigrate.
|Number of Family Members||Required Funds (Canadian Dollars)|
|For each additional family member||$3,361|
What will be accepted as proof?
- You must prove that the funds are readily available to you to use. Properties or equities cannot be used as proof of settlement funds.
- The funds you are showing must be available both at the time of your application and the time you will be issued a permanent resident visa. When you arrive, an immigration officer will be allocated for you to whom you will prove your legal access to your funds to use to settle in Canada.
- You must get an official letter from any banks or financial institute where you are keeping the money. The letter must contain the following:
- It must be printed on the letterhead of the bank or financial institution.
- It should include all their valid contact information, such as address, phone number, and email address.
- Your name should be there.
- Your outstanding debts, such as credit card debts and loans must be listed there.
- For each account, the letter must contain the account number, account opening date, current balance and average balance for the last six months.
Updates to fund requirements:
Every year, the proof of funds numbers are updated based on 50 percent of the low-income cut-off totals. Make sure you are checking the new numbers once they are posted, as the changes are small but strong enough to affect your eligibility.
The amount of money you need to bring:
Costs of living aren’t same in all places in Canada. You must research on the cost to live in the place you want to settle before you come.
Try to bring as much money as you can to easily move and find a home in Canada. As per the requirement of Canadian customs regulations, you must declare if you are bringing more than CAN$10,000 with you. Otherwise, you may face some fine, or your funds could be seized. Your funds include:
- Documents showing capital or property payable to you, such as bonds, stocks, treasury bills, and debentures.
- Documents guaranteeing the payable amounts of money, such as cheques, money orders, banker’s drafts, and travelers’ cheques.
At INFO Immigration Centre for Application Inc., you will get all the necessary information about required proof of funds for Canadian immigration. . For more information, please contact us.