How much money do I require for my proof of funds as an Express Entry applicant?
Proof of funds is a vital part of the Canadian immigration application process because they remove any doubt that IRCC may have surrounding an applicant’s ability to financially support themselves as they begin building a life in this country. Moreover, proof of funds concretely establishes an applicant’s capacity to take care of their family members.
The following will focus on proof of funds in the context of Express Entry because Express Entry is the main pathway through which IRCC welcomes economic class immigrants to Canada.
Important details about proof of funds
Money used as proof of funds must be readily available to the applicant. In other words, equity on a property does not qualify for these purposes. Additionally, this money cannot be borrowed from another person and it must be available when it is time to pay the costs of living. Finally, any money used for proof of funds must be available “both when [an individual applies for Canadian permanent residence] and when [the applicant is issued] a permanent residence visa.”
Upon arrival in Canada, the applicant must be prepared and able to prove to an IRCC officer that they can legally access the money to use here.
Using an official letter “from any bank(s) or financial institution(s) where” an immigration applicant is holding their money, the applicant must be able to display that they hold enough money to support themselves and all members of their family upon arrival to Canada.
Any proof of funds letter must:
- be printed on the financial institution’s letterhead
- include their name and contact information (address, telephone number and email address)
- list any outstanding debts (credit card debts and loans)
- include, for each current bank and investment account, the: account numbers, open date and current balance of each account and average balance for the past 6 months
Understanding who qualifies as a member of the family
For these purposes, members of a family include the principal applicant, their dependent children, their spouse or common-law partner and any dependent children of the applicant’s spouse/partner.
Note: The applicant’s spouse/partner and the spouse/partner’s dependent children should be included as members of the family for proof of funds even if they are themselves permanent residents (PRs)/Canadian citizens or they are not coming to Canada alongside the applicant
In the case that an applicant’s spouse/partner will be accompanying them to Canada, funds held in a joint account may be counted towards proof of funds. Funds held in an account under only the spouse/partner’s name can be counted as well, assuming the principal applicant can prove they have access to the money.
Who needs to show proof of funds and who does not?
Applicants to the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) are required to present proof of funds to meet the minimum eligibility requirements for these programs.
Meanwhile, Canadian Experience Class (CEC) applicants as well as immigration applicants who are authorized to work in Canada and hold a valid job offer are not required to provide proof of funds. This remains true even for FSWP and FSTP applicants who meet these conditions.
Breakdown of proof of funds requirements based on family size
The amount of money that each individual applicant will need to prove they possess varies in accordance with the number of family members they have. Again, the size of one’s family for the purposes of a “proof of funds” must include the spouses and common-law partners (as well as their dependent children) of the principal applicant even if they are already Canadian citizens/PRs or they are not coming to Canada alongside the applicant.
The table below outlines the funds required (in CAD) by number of family members according to IRCC, as of June 9, 2022.
|Number of family members||Funds required in CAD|
|Each additional family member||$3,586|
Note: Although small, proof of funds requirements are altered every year based on 50% of the low-income cut-off totals. Be sure to check the new numbers once they’re posted.
© Want to advertise on CIC News? Click here to contact us.