The IRCC has made an update on the proof of funds required for the Express entry applicants. The changed proof of funds has been effective since April 25 2023, but it got recently formalized on the website on May 2, 2023.
The amount of Proof of Funds required for Canada Immigration is updated yearly. The IRCC bases the amount of 50 % of low-income cut-offs. To be eligible, the applicant needs to update the settlement fund numbers in the express entry profile.
The proof of funds is an essential category as it establishes that the applicant has enough funds to settle in Canada. There needs to be written proof that the applicant has the money. These are also called settlement funds, and they are required to establish that the applicant will be able to take care of himself and his family upon immigration. The only category in the express entry program that doesn’t require proof of funds is the Canadian experience class. Also, there is another exception with an applicant with a valid job offer who is to work in Canada is also exempt from the proof of funds category.
Who needs the proof of funds in the express entry system?
There are two subcategories that need to prove that they have funds to settle in Canada –
- Federal Skilled Workers Program ( FSWP)
- Federal Skilled Traders Programs ( FSTP)
The application in these two categories will be rejected if the applicant is unable to prove his financial sustainability. Even for PNP programs, proof of funds is highly important.
What is the amount of money needed as part of the proof of funds?
The amount of money needed to prove that one will be able to handle the expenditures of living in Canada depends on the size of the family, and it could be understood as below –
| Number of Family Members | Funds Needed ( CAD) |
| 1 | $ 13,757 |
| 2 | $ 17,127 |
| 3 | $ 21,055 |
| 4 | $ 25,564 |
| 5 | $ 28,994 |
| 6 | $ 32,700 |
| 7 | $ 36,407 |
| More than 7 or every additional family member | $3,706 |
The family members as per IRCC are –
- Primary applicant
- Spouse or common-law partner
- Dependent children
- Spouse or common law partners’ dependent children
How to show your proof of funds?
The documents should be on the company’s letterhead and duly signed. The proof of funds can be given with the help of the following documents –
- Bank information – address, phone number, email address, and account details.
- Outstanding debts – Credit cards and loans
- Current banking statements for the last six months and the investment details
- The list of your assets – property papers. etc.
- Mutual funds
- Provident funds (PF)
- Registered Retirement Savings Plans (RRSP)
- Guaranteed Investment certificates ( GICs)
More than one letter from the bank can be submitted by the applicant if the candidate has funds from different banks. Even a student who wishes to study in Canada needs to prove that he or she has sufficient funds in the bank account. The proof of funds required in such a case will vary depending on – Student Direct Stream and Non-Student Direct Stream.
To validate your proof of funds for Canada immigration, you need to show the IRCC that you have legal access to the money when you arrive in Canada. thus,
- You cannot use the equity on real property as a part of your settlement proof
- You cannot borrow money from another person.
The immediate money is needed by the applicant to meet the expenditures during eth tenure of stay in Canada. The cost of living – accommodation, transportation, food, etc. If your spouse is also coming with you to Canada and you have legal access to the accounts, then it can be counted as a part of your proof of funds as well.
On the whole, Canada wants the border officer to be informed if the applicant is bringing more than CAD 10000 into the country. Finally, declaring will result in your money being seized. it will include cash and also documents such as:
- Stocks
- Bonds
- Debentures
- Treasury bills
It will also include the documents in which the money is payable to the applicant, such as –
- Bankers draft
- Cheques
- Money orders
- Travellers cheques
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