How Much Money is Required for Proof of Funds in Express Entry?

How Much Money is Required for Proof of Funds in Express Entry?

Candidates to two of the three programs within Express Entry must show proof of funds as a minimum requirement for program eligibility. Find out more about the requirements of minimum funds.

Proof of funds is how a future Canadian immigrant shows Immigration, Refugees, and Citizenship Canada (IRCC) that they possess enough money to settle in Canada.

 

Proof of funds is a vital part of the Canadian immigration application process because they remove any doubt that IRCC may have surrounding an applicant’s ability to financially support themselves as they begin building a life in this country. Moreover, proof of funds concretely establishes an applicant’s capacity to take care of their family members. When they come to Canada they have enough money to survive before getting any job in Canada.

The following will focus on proof of funds in the context of Express Entry because Express Entry is the main route through which IRCC welcomes economic-class immigrants to Canada.

Important details about proof of funds

Cash utilized as evidence of assets should be easily accessible to the candidate. All in one, the value of a property doesn’t meet all requirements for these reasons. Furthermore, this cash can’t be acquired from someone else and it should be accessible when the time has come to pay the expenses of living. At long last, any cash utilized for confirmation of assets should be accessible “both when [an individual applies for Canadian extremely durable residence] and when [the candidate is issued] a long-lasting home visa.”

Upon appearance in Canada, the candidate should be ready and ready to demonstrate to an IRCC official that they can lawfully get the cash to use here.

Utilizing an authority letter “from any bank(s) or monetary institution(s) where” a migration candidate is holding their cash, the candidate should have the option to show that they hold sufficient cash to help themselves and all individuals from their family upon appearance to Canada.

Any proof of funds letter must:

  1. be printed on the financial institution’s letterhead
  2. include their name and contact information (address, telephone number, and email address)
  3. list any outstanding debts (credit card debts and loans)
  4. include, for each current bank and investment account, the: account numbers, open date and current balance of each account, and average balance for the past 6 months

Understanding who qualifies as an individual from the family and all their relatives upon appearance to Canada.

For these purposes, members of a family include the principal applicant, their dependent children, their spouse or common-law partner, and any dependent children of the applicant’s spouse/partner.

Note: The candidate’s spouse/accomplice and the companion/accomplice’s reliant kids ought to be incorporated as individuals from the family for evidence of assets regardless of whether they are themselves super durable inhabitants (PRs)/Canadian residents or they are not coming to Canada close by the candidate

For the situation that a candidate’s mate/accomplice will be going with them to Canada, reserves held in a shared service might be figured in with evidence of assets. Reserves held in a record under just the companion/accomplice’s name can be considered well, expecting the important candidate can demonstrate they approach the cash.

Who needs to show proof of funds and who does not?

Applicants to the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) are required to present proof of funds to meet the minimum eligibility requirements for these programs.

Meanwhile, Canadian Experience Class (CEC) applicants as well as immigration applicants who are authorized to work in Canada and hold a valid job offer are not required to provide proof of funds. This remains true even for FSWP and FSTP applicants who meet these conditions.

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Breakdown of proof of funds requirements based on family size

The amount of money that each applicant will need to prove they possess varies by the number of family members they have. Again, the size of one’s family for a “proof of funds” must include the spouses and common-law partners (as well as their dependent children) of the principal applicant even if they are already Canadian citizens/PRs or they are not coming to Canada alongside the applicant.

The table below outlines the funds required (in CAD) by several family members according to IRCC, as of February  2023.

Number of family members Funds required in CAD
1 $13,310
2 $16,570
3 $20,371
4 $24,733
5 $28,052
6 $31,638
7 $35,224
Each additional family member $3,586

Note: Although small, proof of funds requirements are altered every year based on 50% of the low-income cut-off totals. Be sure to check the new numbers once they’re posted.

Contact us now to know more about the Express Entry proof of funds requirement.

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