If you’re a skilled immigrant looking to settle in Canada, you will be having a lot of questions about the financial planning that is needed. Under the Express Entry program you are required to show Proof of funds, and our table below will show you the approximate funds that you must show at the time of the application.
To stay eligible, you must update the numbers in your Express Entry profile, no later than the 15th of July 2021.
By showing Proof of funds, you can indicate that you have enough money to settle in Canada and when you are invited to apply, you must give written proof of the same.
Who needs proof of funds?
You will need to demonstrate proof of funds to meet the requirements of the Federal Skilled Worker Program and the Federal Skilled Trades Program.
Who does not need proof of funds?
If you are 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) then you are NOT required to show that you have enough money to support yourself and your family.
Its’ important to always keep your funds up to date in your profile. This is because the system may find that you could, possibly, be eligible for more than 1 program. While you might assume that you have the better chance in one program, it might be another one that you are invited under.
How much money will you need?
The money you will need to show proof of, depends on the size of your family. You will need to include yourself, your spouse or partner, your dependent children and your spouse’s dependent children.
Do include your spouse or dependent children even if they’re already permanent residents or Canadian citizens, or are not planning to come to Canada with you.
The following table shows the minimum amount of money you need to immigrate to Canada. In case you have more than this amount, be sure to list the full amount in your profile or application.
|Number of family members||Funds in Canadian dollars|
|Fo Each additional family member||$3,560|
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What will be accepted as proof?
Any funds that are readily available to you can be accepted as proof. As an example, you can’t use equity on real property as proof of settlement funds as they are not readily available.
This money cannot be borrowed from another person. The money should be available for you to meet the costs of living for your family, including all those who aren’t coming with you. If your spouse is coming with you, you can count the money you have together in a joint account. You can also count the money in an account under their name only, but in such a case you must prove you have access to the money.
These minimum funds must be available both at the time of your application and when (if) you are issued a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use in Canada upon your arrival.
To indicate proof, you must be having with you official letters from any banks or financial institutions where your money is kept. Such letters must be printed on the financial institution’s letterhead. They should mandatorily include their contact information (address, telephone number and email address). Your name should be clearly mentioned, and any outstanding debts such as credit card debts and loans should be listed.
Make sure to include (for each current bank and investment account) the account numbers, the date on which each account was opened, the current balance of each account and the average balance for the past 6 months.
How much money should you bring?
You should carry out some research to see how much it costs to live in the place where you plan to settle in Canada. Try to carry as much money as is permitted, as it will make your move much easier.
Important note: If you are carrying over CAN$ 10000, you must tell the border officer at the time of entry. If you don’t tell them, you may be fined, and your funds could be seized.
This will include:
- documents such as stocks, bonds, debentures and treasury bills that show property or capital payable to you
- documents that guarantee payment of a set amount of money, which are payable to you, such as banker’s drafts, cheques, money orders or travellers’ cheques.
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