Proof of Funds for Express Entry
Many foreign nationals who wish to apply for Canadian permanent residency through Express Entry, must show that they have the ability to financially support their resettlement to Canada. Learn more about the proof of funds required for the Express Entry application process here.
A proof of funds refers to the requirement for applicants to demonstrate that they have sufficient financial resources to support themselves and their family members during the initial stages of their settlement in Canada.
This provision applies to applicants through most Express Entry classes of immigration and provincial nominee applicants.
Why Is Proof of Funds Required in Canadian Immigration and Express Entry?
Proof of funds is a crucial requirement for Express Entry and Canadian immigration as it serves to ensure that prospective immigrants have the financial means to support themselves and their families upon arrival in Canada.
This requirement is in place to guarantee that newcomers can cover essential living expenses, including accommodation, food, transportation, and other basic needs, without relying on social assistance programs. By demonstrating sufficient funds, applicants signal their ability to smoothly integrate into Canadian society and contribute positively to the economy. It also helps to mitigate the risk of immigrants facing financial hardships and becoming dependent on public resources.
In essence, the proof of funds requirement is a strategic measure to foster successful and self-sufficient immigration, ensuring that individuals and their families can establish themselves in Canada with financial stability.
Who is Required to Demonstrate Proof of Funds?
In order to meet the proof of means of financial support, applicants from the following programs must show adequate funds:
- Federal Skilled Worker (Express Entry)
- Federal Skilled Trades (Express Entry)
- Provincial Nominee Programs (PNPs)
Notably, candidates applying through the Canadian Experience Class (CEC) and candidates applying through the province of Quebec are exempt from this requirement. If you are applying through an economic immigration class, carefully review the program requirements to determine whether you will need to demonstrate settlement funds. Also, ensure that you fully understand what is required to prove your own capacity for financial support.
How much money you will need?
The proof of funds requirement is based off of a person’s family size. When calculating a family size, the following family members count towards the total amount:
- Principal applicant
- Principal applicant’s dependent children
- Spouse or common-law partner
- Spouse or common-law partner’s dependent children
The funds for this requirement cannot be borrowed from another person. All applicants must be able to use the money to pay cost of living for their family (even if spouse and children are not accompanying). If an applicant is applying with their spouse, both partners may submit financial records to meet this requirement. Please note that applicants to not require proof of funds if they are currently authorized to work in Canada and hold a valid job offer.
The required minimum amount for proof of funds is listed below. Please note that this amount is updated annually based on Canada’s Low Income Cut-Off (LICO) requirements.
Settlement Funds Requirement
| Number of Family Members | Funds Required |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member | $3,958 |
| Required amount as of May, 2024 |
What is Accepted as a Proof of Funds?
All proof of funds must be in the name of the principal applicant and/or their spouse or common-law partner. The funds cannot be borrowed from someone else. The funds must be available at the time of application and throughout the application processing up until permanent residency has been issued. The government reserves the right to request updated financial records at any point throughout the application processing. Applicants must submit letters from financial institutes where they keep their money. These letters must include the following:
- Printed on the financial institution’s letterhead
- Include the financial institution’s contact information
- Include the name of the applicant
- List any outstanding debts or loans
- Include the following information for each account:
- Account numbers
- Date of opening
- Current balance of each account
- Average balance for the previous six months
Any documentation deviating from this risks refusal at the discretion of the immigration officer assessing the file.
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