Our ServicesAre you considering applying for permanent residence (PR) through Express Entry? If yes, meeting the eligibility criteria becomes crucial. Beyond meeting the eligibility criteria, you must demonstrate foreign work experience and proficiency in either English or French, and you may also need to indicate that you have sufficient funds to settle in Canada.
Proof of funds helps meet the minimum requirements for many applications, particularly for the Federal Skilled Worker Program and Federal Skilled Trades Program, aimed at skilled workers seeking residence. In this blog, we will understand proof of funds for express entry and the documents you require for a successful application process.
Understanding Proof of Funds For Express Entry
When moving to Canada as a new permanent resident, one of the crucial immigration requirements is proof of funds. With the help of such proof, the Canadian government is assured that you have enough funds to cover your living expenses during your initial months in Canada.
In those cases, when you are applying for permanent residence under one of the following Express Entry programs, you must provide adequate proof of funds:
1. Federal Skilled Worker (FSW) Program
This program is designed for highly skilled professionals with international experience seeking a permanent residency in Canada.
2. Federal Skilled Trades Program (FSTP)
This program targets skilled trade professionals with international experience who wish to immigrate to Canada permanently.
It’s important to note that proof of funds is not mandatory for all Express Entry applicants. Individuals who have applied under the Canadian Experience Class (CEC) or those with a valid job offer under the Federal Skilled Worker Program or the Federal Skilled Trades Program are not required to demonstrate their proof of funds for their immigration process.
Calculating Your Proof of Funds: How Much Money Do You Need?
The cost of living across Canada can vary significantly. Major cities such as Toronto and Vancouver can be much more expensive, resulting in higher living expenses than other locations. Immigration, Refugees and Citizenship Canada recommends bringing as much money as possible, making your relocation easier in Canada.
In those cases, when bringing more than Canadian Dollars 10,000 into the country, you must inform the border officer upon arrival and be sure to carry purchase receipts to prove that you legally acquired the money using your tax-paid savings. Failing to declare amounts exceeding this limit may result in confiscation of both cash and documents. This includes cash and documents demonstrating ownership of property or capital, including stocks, bonds, debentures, and treasury bills.
Documenting Your Proof of Funds: What You Need to Showcase
To demonstrate your proof of funds for the Express Entry application, you must attach some necessary documents that help you meet the requirements established by Immigration, Refugees and Citizenship Canada.
- Account holder name, along with your account number
- The financial institution’s/bank’s letterhead
- The bank/financial institution’s contact information, including its address, phone number, and email address
- Details of all the banking and investment accounts you hold with the bank, including bank account numbers, the date on which each account was opened, current balance, and average balance for the past six months
- Your outstanding debt with the financial institution, including loans, mortgages, credit card debt, etc.
If your spouse or common-law partner is considering accompanying you to Canada, you can include funds held jointly in a shared account or your partner account solely as long as you can prove you have access to those funds.
Your settlement funds will be swiftly available upon your arrival in Canada. Remember, non-liquid assets cannot be liquidated immediately; for example, real estate investments or equity in a property cannot be considered proof of funds.
Conclusion
By thoroughly documenting your financial resources as outlined by IRCC, you confirm your preparedness for this significant move to Canada. However, navigating the complexities of a successful Express Entry application can be daunting, so rely upon legal professionals such as Immigrationway. Our experienced team of lawyers can enhance your chances for a successful application, helping you prepare for a smooth transition to life in Canada.
