We all know that Canada always occupies the top spot for immigrants immigrating abroad. And the Express Entry online system is the tool used by the Canadian immigration authorities for selecting Candidates for permanent residence. There are factors that are considered by the immigration authorities. Proof of funds is a vitally important factor that can influence your permanent residence application under Express Entry. This article will discuss what may be accepted or not accepted as proof of funds.
IRCC usually sets guidelines as to the required money they consider you need as a minimum in order to set up yourself in Canada. The amount needed depends on the size of your family. These amounts can vary or changes from time to time, so you can check this information on the CIC website for details. At the time of your application, you have to show that you have the minimum required amount in order for your application to be processed. The funds must not be borrowed and must be unencumbered and free of liens. The fund must be readily available in transferable currency for settlement in Canada.
What Can Be Used As Proof Of Funds?
You may be thinking about the type of funds you can use and what type of proof is needed. Well, there are several things to consider:
Savings/current/salary A/C: If you have savings which surpass the required amount then you can simply supply a copy of your bank statement for past Six months showing the funds in your account. You should be able to show the funds in your account for a minimum of 3-4 months and if the funds have recently been transferred you will need to proof of where they came from. It must be clear that you are not just sending a statement just after being paid and that all the money will disappear from the account the following week. If your fund is split between several accounts, you will need to provide details of each up to the amount required.
Showing funds held in joint accounts and spouse’s accounts: If an applicant’s spouse is accompanying, the applicant can show the funds held together in a joint account to meet the Proof of fund requirement. But, to be able to show the funds for meeting the PoF requirement, held in an account under the spouse’s name only, the applicant must prove that they have access to the money. This is possible if the dependent spouse states in writing that the money is freely accessible by the primary spouse to be used as they see fit and are free from any conditions or obligation.
What cannot be used as Proof Of Fund?
Any asset which cannot be readily liquidated or transferrable, and the price of which cannot be ascertained immediately, cannot be used to meet the PoF requirements. Therefore, stocks, real estate assets, etc. cannot be used. However, treasury bills, bank deposits, bonds, provident fund, Life Insurance Policy and similar monetary investments that can be readily liquidated, can be used for as proof of fund, without liquidating them. So as a rule of thumb any money that can be liquidated or easily transferable on demand and on face value can be accepted as proof of funds.
If you meet the majority of your proof of funds over the required age and make little deposits nearer to your application to meet the fund requirement, then you may not be required to prove the source of such deposit. However, the proportion of the deposits shouldn’t be more than 10-20% if you do not wantto show their source. It’s also advisable to clearly mention the information of your POF if they are not in the required format as regards IRCC. Don’t leave it to their own automatic understanding.
N.B. You do not have to show that you have these moneys if you have arranged employment in Canada and are applying under Canada Experienced Class.