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.
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.
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.
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. You must list additional money in your profile or application if you can show more money.
| Number of family members (in Canadian dollars) | Funds required |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member | $3,958 |
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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:
There are no legal limits on how much money you can bring into Canada. Nevertheless, if you travel 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:
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.
Here are some the frequently asked questions about Express Entry 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.
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.
Yes, you can include your spouse’s funds if they are accompanying you. Their assets can contribute to the overall proof of funds requirement.
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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