The Canadian government used the Express Entry Program to manage applications for skilled workers who want to settle in Canada. As it is a popular immigration system, the program is highly competitive. But how can one meet the eligibility requirements for the Express Entry Program?
Candidates have to support themselves and their family members by having sufficient funds during their stay in Canada. They must meet the minimum required funds for their family size.
Moreover, the money should be in their account so that they can show proof of funds. In addition, how much money and what official documents are required to immigrate to Canada? Here, this article will provide an overview of the proof of funds required for express entry candidates. Let’s dive into this.
What is Express Entry Program?
The Express Entry program is a system for skilled workers who wish to immigrate to Canada. They apply applications to the Canadian government for permanent residence. Candidates are evaluated for this extremely competitive program based on age, education, language ability, job experience, and other considerations.
High-scoring candidates are added to a pool of applicants, and those who get an invitation to apply (ITA) for permanent residence can then submit their application.
What is Proof of Funds?
Candidates who apply for Express Entry must show they have the financial means to sustain themselves and their families during their stay in Canada. It is considered one of the main eligibility requirements for the Express Entry program. This proof of funds demonstrates that applicants can support themselves and their dependents while residing in Canada without relying on social assistance.
There are a minimum of necessary funds for the candidates to be eligible for the program. The Canadian government updates the minimum required funds every year to account for changes in the cost of living.
Who Must Provide Proof of Funds for Express Entry?
Not all Express Entry candidates are required to provide proof of funds. You must provide sufficient proof of settlement funds for the following Express Entry programs.
Federal Skilled Worker Program (FSWP)
Federal skilled worker programs are highly qualified and skilled individuals with education and foreign experience.
Federal Skilled Trades Program (FSTP)
Skilled tradespeople want to immigrate to Canada permanently with foreign work experience.
Who Does Not Need to Show Proof of Funds?
You do not need to present evidence of settlement funds if you request permanent residency through the Canadian Experience Class (CEC) program of Express Entry. You can only apply under CEC if you have worked in Canada for at least a year. It is presumed that you are already a resident of this country if you apply for this program.
Candidates for the Federal Skilled Worker (FSW) and Federal Skilled Trades Program (FSTP) with a legitimate Canadian job offer are permitted to work in Canada if they can show the proof of funds requirement.
What are the Minimum Required Funds?
Candidates with sufficient funds available can submit for the Express Entry program. Before applying, they must have six months’ funds available in their accounts. Applicants who are awarded an ITA are also required to submit proof of their financial capability.
The minimum settlement funds requirement for Canadian immigration depends on the family size, including yourself, your spouse and your children. The Canadian government updates the minimum necessary funds yearly to reflect changes in the cost of living. You have to include your spouse and children even if they are not permanent residents or not coming to Canada. As of June 2022, if someone wants to immigrate to Canada, the following table shows the minimum settlement funds –
|Number of Family Members||Settlement Funds (in CAD)|
|For each additional family member||$3,586|
The government determines these funds based on 50% of Canada’s existing Low Income Cut-Off (LICO). The settlement money you bring should be enough to cover your necessary living expenses. Until then, assuming it will take six months to locate work and establish yourself financially.
Check the government website for the most recent proof of funds required before submitting an Express Entry application. The LICO and settlement money criteria are updated annually to reflect inflation and changes in the cost of living in Canada.
How to Show Proof of Funds
In Canada, your settlement funds required for express entry should be accessible. When you apply, and the Canadian government grants you a permanent residence visa, the money must be available in your account. When you arrive, you must show an immigration official that you can access the necessary funds whenever you need them.
Moreover, you have to pay the costs of living with this money. The assets that are not liquid, like real estate investments, are not considered settlement funds. However, you cannot borrow money from someone to show proof of funds.
If your spouse is coming with you to Canada, you can have money in a joint account. But you must have access to the money. You must show official letters from any banks or other financial institutions where you have money on hand as proof. These include –
- Letterhead for the financial institution.
- Contact information of the bank or financial institution, including its address, phone number, and email address.
- Your name is also required.
- Information on all the banking and investment accounts you have with the bank, including account numbers, opening dates, balances currently held in each account, and average balances over the last six months.
- Your debt on loans, mortgages, or credit cards with the financial institution.
How Much Money Do You Need to Immigrate to Canada in 2023?
The budget for your settlement funds required for express entry may not be enough to cover the entire cost of immigration. You must also make a budget for your application processing fee, obtaining a permanent residency permit, biometrics, a medical test, and other expenses. Depending on the size of your family, these costs might range from $1,500 to $2,500. You must also pay for your transportation to Canada, including airline tickets, additional luggage fees, and a hotel or short-term rental for your initial stay.
Therefore, when you move to Canada, you must research how much money you need to live there. Try to bring as much money as possible for at least six months. If you bring over $10,000, you must tell the border officer. Otherwise, the government will seize your funds. The cost of living is also based on the province you live in.
Depending on your lifestyle, your expenditures may change. Still, generally speaking, you must save money for accommodation, food, groceries, transit, phone and internet costs, clothing, and entertainment. Suppose your expected costs are higher than the minimum required for settlement funds. In that case, you may use the Arrival Cost of Living in Canada calculator to estimate your monthly expenditures in the city of your choice.
In summary, proof of funds is vital for the Express Entry program. Candidates can improve their chances of being accepted into the Express Entry program by proving they can support their families while they are in Canada.
Candidates can meet the minimum required funds for their family size with careful preparation and the right documents. Don’t misjudge the significance of the proof of funds required if you are an Express Entry candidate. It can be the only key for you to immigrate to Canada successfully.