Proof of Funds for Skilled Immigrants (Express Entry Program)

You will be asked to enter in your Express Entry profile the amount of money you will need to settle in Canada.

This is to show you can support yourself and any family who come with you to Canada and help Citizenship and Immigration Canada assess what programs you may be eligible for. You will only get to meet the settlement fund demand if it applies to the program you’re invited to apply under.

If you are invited to apply under the Federal Skilled Worker Program or Federal Skilled Trades Program, you must show that you meet the settlement requirements. They are currently allowed to work in Canada. And, have a valid job offer from an employer in Canada.

For proof, you must get official letters from any bank or financial institution where you are keeping money.

Letters must list:

All current bank and investment account debts are due, including credit card debts and loans.

Note: If you were invited to apply under the Canadian Experience class, you don’t need to meet the funds requirement.

All applicants must present a proof of funds document.

If you don’t need to provide proof of funds, you must upload a letter explaining that you have been invited to apply under the Canadian Experience Class, or you have a valid job offer.

They would need to note that they wouldn’t be able to borrow this money from another person. They would need to use this money to cover the costs of living for their family.

This applies even if the family isn’t accompanying the applicant to Canada. They would also need to provide proof to the Canadian visa office in their home countries that they have enough money when they apply to immigrate Canada.

It’s worth noting that the amount of money that applicants need to support their families often depends on the size of their families. The authorities revise this amount annually. Applicants would need to note all details specified in this table below.

Applicant wouldn’t need to show that they possess these funds, If.

•  They already have a valid offer of arranged employment in Canada.
•  Applicants would need to research the costs of living in Canada where they plan on living in Canada.

It is worth noting that applicants will need to bring as much money as they can to make it possible for them to move and find a home in Canada.

Nevertheless, it is worth noting that if you are bringing more than $10,000 Canadian dollars into the country, applicants will need to register. This is in accordance with Canadian customs law.

If applicants do not inform the authorities that they are bringing more than $10,000 Canadian dollars with them into the country, the authorities may levy a high fine or even put them in jail.

Typically, the authorities allow applicants to bring funds in the form of:

Cash Documents that highlight assets or capital payable to the applicant, such as: Treasury bills, bonds, debts, or Stocks, debtors, or Treasury bills OR, Documents that guarantee the payment of a specific amount of money that is payable to the applicant, such as: Bankers’ drafts, Cheques, Travellers’ cheques, or Money orders. 

Source: Citizenship and Immigration Canada