Proof of funds for Canada Express Entry, 2023
Immigration Refugees and Citizenship Canada (IRCC) accepts various kinds of official documents as proof of funds for Canada Express Entry. Skilled workers seeking Canada permanent residence through the express entry system must show that they have sufficient funds to support themselves and their family members when they arrive in Canada. They need to be able to convince the immigration officer that they have sufficient money to take care of their bills in Canada through a means known as Proof of funds. In other words, you are required to have proof of funds for Canada skilled immigration.
Express Entry on the other hand is one of the major means of immigrating to Canada. It is a special immigration program designed for skilled workers who want to immigrate and live permanently in Canada. It is a point-based immigration system that is scored according to the Comprehensive Ranking System(CRS) drawn every two weeks by Immigration Refugees and City Canada (IRCC).
There are currently three programs under the express entry system. They are the Federal Skilled Worker Program, Federal Skilled Trade Program, and Canada Experience Class.
What Is Proof Of Funds (POF)?
As a definition, proof of funds for Canada express entry is the evidentiary proof that you are able to bear the cost of relocating yourself and your family to Canada as well as meeting other living expenses. Proof of fund means that you have enough funds to relocate and settle with your family in Canada. Proof of fund must be in a written document to indicate that you have access to all the money.
Who Needs to show Proof of funds for Canada Express Entry?
Not all candidates under the express entry system will need proof of funds. You will only need proof of funds if you are applying under Federal Skilled Worker Program (FSWP) or Federal Skilled Trade Program (FSWP).
You may not need proof of funds if
- you’re applying under the Canadian Experience Class or
- you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
If you don’t show your proof of funds, then, you must indicate that you are applying for express entry under Canada Experience Class because the system demands that you must show it. You can still decide to show your proof of fund since you may qualify for more than one program and you don’t know under which one you may be invited. So, you are advised to indicate your proof of funds even if you are applying under CAC.
Minimum Amount for Proof of Funds for EE
It all depends on the size of your family to determine the amount needed for proof of funds for express entry. In order to calculate calculate calculate the fund, you must include:
- your spouse or partner;
- your dependent children and;
- your spouse’s dependent children;
Include your spouse or dependent children even if they’re:
- permanent residents or Canadian citizens;
- not coming to Canada with you;
The table below shows the amount needed as proof of fund to settle in Canada.
(in Canadian dollars)
|For each additional family member||$3,492|
If you have more than this, try to include such in your profile to avoid punishment.
Official Documents for Proof of Financial Support
Before you can settle in Canada, you must show evidence that you have enough money to settle in Canada with your family. This proof of fund must be real money because equity of property like real estate cannot be used as proof of fund.
The proof of fund must be in a written document like a letter from your bank or financial institutions.
What Is The Accepted Proof of Funds For Canada?
There are specific proofs of funds that are accepted by IRCC. If your proof of fund is not in such form, it will not be accepted. Funds must be readily available to you. For example, you can’t use the equity on real property as proof of settlement funds. You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
If your spouse is coming with you, you can count the money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money. The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive. For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
Proof Of Funds Letter
Your proof of fund must be contained in a letter or document issued by your bank or financial institution. It must be an official letter and it must
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number, and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account, the account numbers; date each account was opened; current balance of each account; and average balance for the past 6 months.
How Many Months Of Bank Statement For Canada Express Entry
Before your application will be approved, you must provide your bank statement for the last six months. The statement must contain all the transactions you have done. The statement can come from more than one bank or financial institution if you are using more than one. In the statement, you will be able to highlight:
- credit card statement and;
- debt repayments;
How Much Money Can You Take To Canada?
You must not take all the money in your proof of funds when you are coming into Canada but you must present the letter stating the proof of fund. This is the evidence that you can settle in Canada.
Before you consider the amount of money you want to take with you, you will have to do research to know the cost of living in the province you want to settle. You can bring any amount you wish because it will help you to settle in Canada.
If you are bringing more than $10,000 you must let the officer at the border because if you don’t, you may be fined and your fund may be seized.
The fund may be in the form of:
- documents that show property or capital payable to you, such as:
- treasury bills;
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts;
- money orders;
- travellers’ cheques;
Proof Of Fund Updates
You will always check to see changes in fund requirements so that you can always update your proof of funds. The changes are done every year based on 50% of the low-income cut-off totals. Though the changes are small, they can still affect your eligibility for express entry if you don’t meet the requirements.
FAQ about Proof of Funds For Canada Skilled Immigration
Q. How can I show proof of fund for Permanent Residence?
A. To proof of funds, you must make sure that you are using real money and not equity of property like real estate because they cannot be used as proof of fund.
You will have to provide a letter from your bank or financial institution showing loans; credit card statement and debt repayments. This must be an original letter and it must be printed on the financial institution’s letterhead; include their contact information (address, telephone number, and email address); include your name; list outstanding debts such as credit card debts and loans.
You should also include, for each current bank and investment account, the account numbers; date each account was opened; current balance of each account; average balance for the past 6 months.
Q. Do I need to include proof of funds for express entry?
A. Yes, you must include proof of funds for express entry especially if you are applying under either Federal Skilled Worker Program (FSWP) or Federal Skilled Trade Program (FSTP).
You may not need proof of funds if you’re applying under the Canadian Experience Class or you’re authorized to work in Canada and you have a valid job offer even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
You can still decide to include proof of funds even if you are applying under CEC, since you don’t know under which program, you will be invited if you qualify for more than one program.
Q. How many months of bank statements for Canada express entry?
A. You need 6 months of bank statement for express entry proof of funds. You must provide your bank statement for the last six months. The statement must contain all the transactions you have done.
The statement can come from more than one bank or financial institution if you are using more than one. In the statement, you will be able to highlight loans; credit card statements; and debt repayments.
Q. What are the acceptable proof of funds in Canadian Express Entry?
A. Acceptable proof of funds includes bank accounts in your name or the name of your accompanying spouse/common-law partner; cash-able investments in your name or the name of your accompanying spouse/common-law partner; cash-able fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Q. How does IRCC verify proof of funds?
A. Your proof of funds will be verified the day that is CIC officers will check your documents. So make sure that the amount in your bank account is equal to the amount in your proof of funds. They will do this by converting and checking the fund in your local currency using each rate of the Bank of Canada.
Q. Is proof of funds required for a Canada work permit?
A. The system requires that all candidates must provide proof of funds but if you are not able to provide it, you must present a letter showing that you are either applying through Canada Experience Class or that you are already working in Canada and you have a valid job offer in Canada.
Even when you are applying under Canada Experience Class, you are advised to provide proof of funds since you can qualify for more than one program and you may not know under which program you may be invited.
Q. Is a bank statement proof of funds?
A. Yes, a bank statement is proof of funds. Proof of fund is any each that shows the ability of an individual to carry out specific financial transactions. So, bank statements, security statements, and custody statements can qualify as proof of fund.
Q. How much proof of funds do I need for Canadian immigration?
A. The amount you show on your proof of funds depends on the size of your family. You have to include yourself, your spouse, and your children. You can also include your spouse’s children. See the table below for the proof of funds amount.