So you’re applying for your Express Entry – Federal Skilled Worker Program or Express Entry – Federal Skilled Trades Program application, WOHOO!
As you can see, you will need to provide quite a few details about you. Usually this is the part things start to get tricky, and this is when most of our clients come to us with questions.
Proof of Funds – Skilled Immigrants
Some of the proof you must provide the government with, is easy. Nevertheless, we did want to write today’s post about a recent change in the proof of funds section.
As of the 21st of February 2020, the new funds you will need in order to settle to Canada read as this:
What this means
To come to Canada, you will need to provide proof that you have enough funds to settle. To work this grid out, simply count yourself as 1, and then if you wish to bring another person (your spouse/common-law) and/or your children (dependents), simply count how many you are in total and look at the amount required. Please note that after 7 people, any extra family member will be another $3,492.
E.g. If you’re just bringing your partner and yourself, you will need at least $16,135 in funds to settle in Canada.
Please note you will need to prove funds for ALL your dependents even if they are not travelling with you.
What proof of funds is accepted?
You will need to prove that the money you have is readily available to you. This means no equity on property, nor borrowing money from another person. However you can use the funds in a joint account with your spouse as proof if they’re coming with you.
Moreover, if you are bringing your spouse and want to use an account under their name as part of proof, you may do so only if you have proof of access to their account.
For proof, IRCC (Immigration, Refugees, Citizenship Canada) requires official letters from Banks or financial institutions with the following requirements:
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- 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
Once you have these, please keep them with you and note that your funds must be available both when you apply and when/if they issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
For more information please see:
Still have questions regarding the proof of funds? Find out if you’re eligible and if you have all the proof required: