Documents For Express Entry: Proof Of Funds

If you’re planning to immigrate to Canada through the Express Entry system, one of the critical requirements is providing Proof of Funds. This document shows that you have enough money to settle in Canada and support yourself and your family. Proof of funds is especially important for those applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).

This guide will walk you through everything you need to know about Proof of Funds, including who needs to provide it, how much money is required, what documents are accepted, and more.

What is Proof of Funds?

Proof of funds is a written document that shows you have enough money to support yourself and your family upon arriving in Canada. This is a mandatory requirement for those applying under certain immigration programs to ensure that new immigrants have the financial capacity to support themselves during their initial settlement phase in Canada.

Who Needs Proof of Funds?

You need to provide proof of funds if you are applying under:

• The Federal Skilled Worker Program (FSWP)
• The Federal Skilled Trades Program (FSTP)

Both of these programs require you to meet minimum financial requirements, as detailed later in this guide.

For more information, you can speak to Happy Face

Who Does Not Need Proof of Funds?

There are a few situations where you don’t need to show proof of funds:

• Applicants under the Canadian Experience Class (CEC): If you’re applying under the Canadian Experience Class, which is for those who already have work experience in Canada, you do not need to provide proof of funds.
• Applicants with a valid job offer: If you have a valid job offer in Canada and are authorized to work in the country, you also don’t need to provide proof of funds, even if you’re applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

Why Is Proof of Funds Required?

Canada wants to ensure that new immigrants can support themselves and their families during the transition to life in a new country. Having sufficient funds helps you cover initial living expenses such as housing, food, and transportation until you settle in and secure a job.

Updating Proof of Funds in Your Express Entry Profile

The amount of money you need to show as proof is updated annually based on 50% of the low-income cut-off (LICO) totals. To remain eligible, you must update your Express Entry profile with the correct settlement fund amounts, even if your profile has already been submitted.

You must complete this update by June 2, 2024, to ensure your profile stays valid. Note: Updating your settlement funds won’t change the date and time your profile was submitted, meaning your ranking in the pool stays the same if you are in a tie-breaker situation.

How Much Money Do You Need?

The amount of money required is based on the size of your family. This includes yourself, your spouse or common-law partner, and any dependent children, even if they are not coming with you to Canada. You must include all dependents in the count, regardless of their citizenship or residency status.

The table below shows the minimum funds required to immigrate to Canada as of June 3, 2024:

If you have more than 7 family members, you need to add $3,958 for each additional member.

What Counts as Acceptable Proof of Funds?

For your proof of funds to be accepted, you must obtain official letters from your bank or financial institution. These letters should be printed on the institution’s letterhead and contain the following information:

1. Contact information of the bank or institution (address, telephone number, and email address)
2. Your name
3. Details of your debts, such as credit card debts and loans
4. For each current banking or investment account, provide:
   • Account numbers
   • Date each account was opened
   • Current account balances
   • Average balance over the last 6 months

Requirements for Proof of Funds

Your funds must be readily available when you:

• Apply for immigration
• Receive a permanent resident visa

You must also prove that you can legally access these funds upon your arrival in Canada. For instance:

• You cannot use real estate equity as proof of settlement funds.
• You cannot borrow the money from someone else to meet this requirement.

These funds must be accessible to cover your family’s living expenses, even if your family members are not accompanying you to Canada.

If your spouse is accompanying you, you can count money held in a joint account. You may also count money held in an account solely under your spouse’s name, but you must show that you have access to these funds.

For more information, you can speak to Happy Face

What to Do If You Don’t Need to Provide Proof of Funds

If you fall under a category where proof of funds is not required (e.g., you’re applying under the Canadian Experience Class or have a valid job offer), you still need to upload a letter explaining why proof of funds is not applicable in your case.

In this letter, you should mention that:

• You have been invited to apply under the Canadian Experience Class, or
• You have a valid job offer and are authorized to work in Canada.

How Much Money Should You Bring to Canada?

While the minimum funds are mandatory to meet the immigration requirement, it’s advisable to bring as much money as possible to make your transition smoother. Research the cost of living in the region where you plan to settle, as expenses can vary across provinces and cities in Canada.

When you arrive in Canada, you must declare to the border officer if you are bringing more than CAN$10,000. Failure to declare these funds could result in fines or the seizure of your money.

Funds include:

• Cash
• Documents that show you have property or capital payable to you, such as stocks, bonds, debentures, or treasury bills
• Documents that guarantee payment of a specific amount of money, such as banker’s drafts, cheques, money orders, or traveller’s cheques

For more information, you can speak to Happy Face

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