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Proof of Funds Canada Express Entry

June 30, 2022BY Div Sarkar

Canada is still among the most popular choices for foreign nationals to live and settle there. The high standard of living, a free society with fundamental rights, excellent job prospects along with natural beauty attracts many to immigrate to Canada. Every year thousands of foreign nationals move to Canada either as a student or for work. However, to immigrate permanently to Canada, you must go through the Stepwise Immigration for Canada express entry option. One of the prime reasons to show proof of funds for Canada express entry option is that the foreign national will be able to support himself and his family while settling in the country. 

What do you have to show proof of funds for Canada express entry visa?

Once you apply through the express entry option and get approval, you will receive an invitation letter to apply for Canadian permanent residency. You will have to show a certain amount of money as proof of your current financial status. It shows that you can support yourself and your family members when you come to live and settle in Canada. The amount of money that you will offer as proof of funds varies according to the number of members in your family. 

The prime requirement that you need to show the Canadian authority as proof of funds must be on the financial institution letterhead of all your bank and investment accounts. The letter must also specify your current outstanding debts on credit cards or loans, if any. If you apply on Stepwise Immigrationand once you meet the requirement, you become eligible for a permanent residency in Canada. Following are the ways you can show the proof of funds to the Canadian authority:

  • Bank Balance
  • Shares
  • Bonds
  • Mutual Funds
  • Provident Fund
  • Savings account
  • Certificates of deposit

The method to show proof of funds

It would be best if you showed proof of funds for Canada express entry in the following format with a detailed history of all your transactions in the past three months.

  • While submitting the official letters of the financial institutions, you must check whether it has the official phone numbers, date, and email address. 
  • It must also include your name and address printed on the financial institution’s letterhead.
  • Each account’s current bank balance and the bank account numbers.
  • The bank account must also have the date of opening, and it must also have the average bank balance within the past six months.
  • List outstanding debts such as credit card debts and loans, if any. It would be best if you cleared all dues before showing proof of funds.

What amount do you need to show as proof of funds for Canada express entry?

If you apply for a permanent residency visa, you must show the Canadian authority proof of funds in your bank account. The amount of funds you need to show varies according to the size of your family. Following are the details:

Number of family membersAmount in Canadian Dollars
1$ 13,310
2$ 16,570
3$ 20,371
4$ 24,733
5$ 28,052
6$ 31,638
7$ 35,224
For each of the additional members$ 3,586

The Canadian Stepwise Immigration department upgrades the minimum amount from time to time. Therefore, you must check the details before applying for a permanent resident visa

Therefore, if you want to settle in Canada, you need to show that there are enough funds in your bank account. The amount in your bank accounts must not be a part of your loan amount. You cannot borrow from anyone and show the required proof of funds. However, while applying for an express entry visa with your spouse, you can also count on the amount on your joint account. But you need to give valid proof that you have access to the report. The required funds must be in the bank accounts while applying for a permanent resident visa. 

Is it necessary to show proof of funds?

If you are immigrating to Canada under a Canadian Experience class visa, there is no requirement to show proof of funds. You become an eligible candidate for permanent residency under the Canadian Experience class under the following conditions:

  • You must have at least one year of professional experience in the last three years before applying for a Canadian Permanent Residency visa.
  • It would be best if you had at least full-time in one job.
  • Your working hours must be a minimum of 30 hours per week for twelve months. Hence, you must have an experience of a minimum of 1560 hours in one job.
  • If you are working as a part-time worker, it must be a minimum of fifteen hours per week for twenty-four months.
  • Your work experience in Canada must be under temporary residence status.
  • Your professional work experience can be a managerial job, professional job, or technical job.

However, if you are applying under the Express entry visa option, you must add your proof of funds to the express entry profile. You must meet the settlement fund requirement if it applies to the program they invite you. Therefore, if you get an invitation letter to use under the Federal Skilled worker program or Federal Skilled trades program, you will have to show your proof of funds unless you fall under the following category:

  • You are currently authorized and eligible to work in Canada
  • You have a valid job offer from a Canadian employer.

Hence, it is necessary to show proof of funds while applying for a permanent resident under the express entry option. When you arrive in Canada, it is of utmost importance that you must tell that border officer that you are carrying the required amount in Canadian dollars. If you fail to do so, they can penalize you and seize all your funds. It includes cash, shares and bonds, travelers’ cheque, money order, and similar financial documents. 

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Who needs to show proof of funds for Canada express entry?

Sharing proof of funds is necessary if you apply through Express entry under the Federal Skilled worker program or Federal Skilled Trades Program. However, if you are using the skilled worker program and have a valid job offer from a Canadian employer, there is no requirement to show proof of funds. Moreover, if you are already in Canada and applying for a permanent visa, you do not have to show proof of funds. 

Conclusion

There are changes in the amount to show as proof of funds annually by the Canadian authority. Therefore, you must keep yourself up-to-date with the official Canadian Immigration website. Stepwise Immigration is undoubtedly the best immigration consultantsMoreover, while applying through the Express Entry option for permanent residency, ensure that you have ready funds in your bank account. It must be free from loans and debts.