Proof of Funds - Express Entry

Introduction

When applying for Canada's Express Entry program, one of the essential requirements is demonstrating your ability to financially support yourself and your family members during your stay in Canada. This requirement is known as "proof of funds." In this blog post, we'll delve into the details of what proof of funds is, why it's crucial, and how you can satisfy this requirement to increase your chances of being selected for Express Entry.


What is Proof of Funds?

Proof of funds is a mandatory requirement for Express Entry applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). It is a way for the Canadian government to ensure that newcomers have the financial means to support themselves and their families while they settle in Canada.

Why is Proof of Funds Necessary?

Canada aims to welcome immigrants who can successfully integrate into Canadian society and economy without relying on social assistance programs. By requiring proof of funds, the government ensures that newcomers can meet their basic needs and won't become a burden on the country's social services.

Who needs to prove the “proof of funds”?

The good news for applicants on Work Permit inside Canada is that they are not required to provide their proof of funds as IRCC believes that since they are inside Canada and are working they are able to sustain themselves.

You also, are not required to provide your "proof of funds" if you are eligible under CEC (Canadian Experience Class) and if you have a valid job offer that is under LMIA job offer. 

The applicants from outside Canada, who are applying for Express Entry will need to showcase their proof of funds and will be required to show that they can maintain themselves while in Canada.  

What to mention under proof of funds in the application?

You can mention any number that is 0, 1000, or 2000 - it does not really matter. But if you are mentioning 1000 or any other number than a 0 then you can simply provide a letter stating that you are exempt from providing proof of funds document. 

You can visit our resources page to generate a CEC Proof of funds letter - Proof of funds letter - CEC

Once you have the letter ready, you can upload it under the proof of funds section. 

How to Prove Your Funds

To prove your funds, you must provide bank statements or official letters from your financial institution(s) indicating the account balance(s) and the currency. The documents must be current, detailed, and cover the required period specified by IRCC, typically three to six months before your application submission.

Kindly note that IRCC only considers LIQUID FUNDS and not real estate documents as proof of funds. 

We have also made a video for you to explain it in a very simple way. Check out the link here - Proof of funds - Express Entry

How much funds do I need to showcase?



The table above showcases the family size and the requirements of the funds you need to immigrate to Canada. 

If you are single, you need $13,757 as the family size is 1, if you have a spouse along with you then you need $17,127 as the family size is 2 and the chain continues according to your family size. 

Conclusion

Proof of funds is a vital element of your Express Entry application, and meeting this requirement is essential for your immigration to Canada. Make sure to check the latest requirements and guidelines on the official IRCC website or consult with an immigration consultant or legal expert for up-to-date information and assistance with your Express Entry application. By demonstrating your financial stability, you'll increase your chances of successfully immigrating to Canada and starting a new chapter in this beautiful country.

Let us know if you have any questions in the comments section below. 

Thanks for reading, we really appreciate it!

Disclaimer: The following information is for information purposes only and does not constitute legal advice. Kindly review the legal disclaimer before proceeding.

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