Proof of Funds for Express Entry

If you’re applying for the Express Entry program in Canada, you must demonstrate that you have sufficient funds to support yourself and your family members. In this guide, we will discuss the amount of proof of funds required for Canada Express Entry.

Proof of Funds for Express Entry

Express Entry is an online system adopted by the Canadian government to handle applications for permanent residency from skilled workers. It includes three programs: the Federal Skilled Worker Program, Federal Skilled Trades Program and Canadian Experience Class.

It improves Canadian immigration efficacy and efficiency by comprehensively screening candidates based on their competitiveness in skills, work experience, education, language proficiency, and other factors.

This program reinforces ethical and streamlined immigration by targeting those who can make valuable contributions to the Canadian economy and community.

Also, Express Entry has minimized processing times for immigration applications and established itself as a serious place for workers who wish to settle permanently in Canada by working there.

Canada Immigration Settlement Funds/Proof of Funds

  • Proof of Funds” is a mandatory requirement for the Express Entry process for the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP);
  • Applicants must demonstrate that they meet the settlement funds requirement—unless they fall into one of the following exceptions:
    • They are currently authorized to work in Canada.
    • They have a valid job offer from an employer in Canada.
  • Prospective candidates must be able to support themselves and their family members financially during their initial stay in Canada.
  • The required amount of funds is dependent on the total number of family members who are accompanying the main applicant.
  • These funds should not be locked up in investments or properties but should be liquid so they can be used for a comfortable lifestyle in the country.
  • You must prove that you can legally access the money upon your arrival in Canada.
  • You cannot use equity on real property as proof of settlement funds.
  • Borrowing the money from another person is not acceptable.
  • All applicants must be capable of using the funds to cover living expenses for their family members, even if they are not planning to accompany them.
  • In cases where both partners are applying together, they can provide financial documents collectively to fulfil this requirement.
  • It’s important to understand that individuals authorized to work in Canada and have a valid job offer are not obligated to provide proof of funds.
  • This provision aims to strengthen the financial independence of new arrivals so they can remain financially stable until they establish themselves in the country.
Canada Express Entry Proof of Funds

Note: CEC applicants do not need proof of funds as they already have a job or gained work experience in Canada. They already have the financial means to support themselves and their families.

How much Proof of Funds is needed for Canada Express Entry?

Applicants must provide proof of funds for Canada with family through bank statements or other financial documents. It plays a significant role in the Express Entry process as it demonstrates a candidate’s ability to reside in Canada without relying on government assistance.

Below is the minimum amount you need to provide as proof of funds. If you can show more money, you must list additional money in your profile or application.

Number of family members (in Canadian dollars)Funds required
If more than 7 people, for each additional family member$3,706

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What is Acceptable Proof of Funds in Canada?

Proof of funds for Canada Express Entry needs to be under the principal applicant’s name or that of their spouse or common-law partner.

Funds cannot be borrowed and must be accessible from application until permanent residency is granted.

The government may ask for updated financial documents at any stage during the application processing.

It is equally important to understand how to show proof of funds for Canadian immigration. Applicants must produce an official letter from the financial institutions where they keep their money. This letter must include the following:

  • Printed on the financial institution’s letterhead
  • Include the financial institution’s contact information
  • Include the name of the applicant
  • List any outstanding debts or loans
  • Include the following information for each account:
    • Account numbers
    • Date of opening
    • The current balance of each account
    • Average balance for the previous six months
  • Candidates must update their proof of funds in their Express Entry Profile.
  • It is important to note that eligibility for multiple programs may require different proof of funds.
  • The whole process of proof of funds for Express Entry is complex, so it is recommended to plan ahead and prepare all necessary documents.

How much money is required for Express Entry Canada?

There are no legal limits on the amount of money you can bring into Canada. Nevertheless, if you are travelling with over $10,000 Canadian dollars (CAD) or its equal value in foreign money, you must disclose it to the Canada Border Services Agency (CBSA) upon arrival.

Neglecting to declare sums higher than $10,000 could lead to penalties or confiscation of the funds. It is essential to understand that the $10,000 threshold encompasses all forms of money you carry, such as cash, bank drafts, traveler’s checks, and other financial instruments.

It is essential to research the cost of living in places in Canada. It is also recommended that as many funds be brought in as possible to make life easier in the initial days.

Along with Cash, some important documents candidates must carry with them are:

  • stocks
  • bonds
  • debentures
  • treasury bills

It is not mandatory that funds must be in cash, but they must be readily available and not tied to long-term investments, locked investments or properties. Proof of funds that meets or surpasses the specified amount for your family size is now necessary.

If you’re looking for guidance on Canada Express Entry, connect with our team of experts for their professional advice.

FAQs: Frequently Asked Questions

Here are some the frequently asked questions about Express Entry Proof of funds:

Can we show FD as proof of funds?

Investments such as term deposits or fixed deposits can serve as evidence of your funds. Ensure that your FD is less than six months old. If it meets this criterion, you’ll need to submit a six-month statement and provide sufficient proof about the source of the funds. A bank letter and FD certificate should suffice.

How do I prove my funds are available?

You need to provide an official letter from your bank outlining your financial profile over the past six months. Ensure that the funds are accessible and legally yours.

Can I include my spouse’s funds in the proof of funds?

Yes, you can include your spouse’s funds if they are accompanying you. Their assets can contribute to the overall proof of funds requirement.

Can we show PF as proof of funds for Canada?

You can use your Provident Fund (PF) as proof of funds for Canada’s Express Entry program. Ensure that it meets the specific requirements set by Canadian immigration authorities. Provide an official letter from your financial institution with PF details. Seek professional advice to ensure compliance.

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