How much money do I need for Proof of Funds as an Express Entry applicant?

Applicants to two out of three programs within the Express Entry must demonstrate proof of funds to meet program eligibility requirements. Here’s a closer look at proof of funds:

When applying for Canadian immigration, proof of funds is essential in showing the Immigration, Refugees, and Citizenship Canada (IRCC) that the applicant has sufficient financial resources to establish themselves and their family in Canada. The requirement for proof of funds is a significant part of the Canadian immigration process, as it confirms the applicant’s financial capability to support themselves and their family members.

This article will focus on proof of funds for the Express Entry program, which is the primary gateway for economic class immigrants to Canada.

Key Points to Consider Regarding Proof of Funds:

The funds must be easily accessible to the applicant and cannot be sourced from borrowed money or equity on a property. Proof of funds must be available at the time of the permanent residency visa issuance and when the applicant applies for Canadian permanent residency. The applicant must demonstrate that they can legally access the funds upon arriving in Canada. The proof of funds letter from the financial institution must be printed on their letterhead, including the institution’s name and contact information (telephone number, email, and address). The letter must also list any outstanding debts, such as loans or credit card debts. Each bank and investment account’s account numbers, opening date, and current balance, along with the average balance for the past six months, must be listed.

Understanding Who Qualifies as a Family Member:

A family member includes the principal applicant, their dependent children, spouse, or common-law partner, and any dependent children of the applicant’s spouse or partner.

Demonstrating proof of funds is essential in the Express Entry program, and it is vital to understand the requirements for this document. By providing adequate proof of funds, applicants can establish their financial capability to support themselves and their family members upon their arrival in Canada.