Latest update on Proof of funds – Skilled immigrants (Express Entry)

Canada has recently updated the requirements that are needed to be updated in applicant’s profile and the update must be done no later than July 15, 2021. Updating the profile will not change the date and time of receiving the application, that will keep the applicant’s rank if they are in tie-breaker situation.

Proof of funds is how you show the authority that you have enough money to settle in Canada. If you are invited to apply, you must give written proof that you have this money.

Which applicants need proof of funds?

You need proof of funds to meet the minimum requirements of the

• Federal Skilled Worker Program
• Federal Skilled Trades Program

Which applicants do not need proof of funds?

You don’t need to show that you have enough money to support yourself and your family 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

Make sure that your funds details are up to date in your profile that is submitted. The system may find that you’re eligible for more than 1 program.

How much money you’ll need

The amount of money you need to support your family depends on the size of your family. You should include…

• Yourself
• Your spouse or partner
• Your and 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 following table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.

Number of family members           –      Funds required (in Canadian dollars)

1                                                            –       $13,213

2                                                           –       $16,449

3                                                           –       $20,222

4                                                           –       $24,553

5                                                           –       $27,847

6                                                           –       $31,407

7                                                           –        $34,967

For each additional family member   –    $3,560

What is accepted as proof?

Funds must be readily available with you or can be immediately converted into cash or bank balance. You can’t use equity on real property as proof of settlement funds.

You can’t borrow money from other person as you must be able use the money to pay for expenses for your family.

If your spouse is coming with you, you can count the money together in a joint account but make sure that you have access to spouse’s account.

Funds must be available when Permanent Residence visa is issued and prove to 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.

Letter(s) must

1. be printed on the financial institution’s letterhead
2. include their contact information (address, telephone number and email address)
3. include your name
4. list outstanding debts such as credit card debts and loans
5. 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

The minimum amount required is updated every year based on 50% of the low income cut-off totals which you should keep checking from time to time.

How much money you should bring?

Research how much it costs to live in the place where you plan to settle in Canada and accordingly set how much money you may require.

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAD$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized.

This fund includes:

1. Cash
2. Documents that show property or capital payable to you, such as:
   • Stocks
   • Bonds
   • Debentures
   • treasury bills
3. Documents that guarantee payment of a set amount of money, which are payable to you, such as:
   • Banker’s drafts
   • Cheques
   • Money orders
   • Travellers’ cheques