Proof of Funds – Skilled immigrants (Express Entry)

Countries: CanadaCategory: Immigration
Time: NA
Fees: NA

Note: These figures are updated yearly based on 50% of the totals of the low-income cut-off. It is expedient to make a full and detailed check with the new cut-off to ensure you still have sufficient funds to cater for your family when you immigrate to Canada. The change may be little but may still affect your qualification.

To meet the requirements of the Canadian Federal Skilled Trades Program or the Federal Skilled Worker Program, you will be required to proof that you still have sufficient funds to cater for your family in Canada.

It is usually not required to show that have sufficient funds to provide for you and your family to meet the Canadian Experience Class’s program requirements (this will include provisional nominees who are already part of the CEC stream).

The proper method of calculating the size of your family requires you include your spouse, your spouse’s dependent children, and your dependent children and yourself, which includes all your dependent children and your spouse who are Canadian citizens or permanent residents.

Please note that this is not applicable to those who have a valid job offer in Canada and those who are currently authorized to stay and work in Canada.

This system can find that you are qualified for more than a program.

You are always advised to update your funds in your profile.  You can’t predict beforehand the exact program you will be called for.

The funds cannot be borrowed from another person. One must be capable of using the funds to cater for the basic needs of one’s family (even if his/her family won’t be going with him/her).

You will be required to present proof that you have sufficient funds at the time you apply

Number of Family Members Amount of Money required (in Canadian Dollars)
1 $12,300
2 $15,312
3 $18,825
4 $22,856
5 $25,923
6 $29,236
7 or more $32,550

Showing that you have these funds will not be required if:

  1. A genuine offer of an arranged job in Canada
  2. You are presently employed or certified to work in Canada

How much can I go with?

It is advisable to make enquiries of how much it will cost to live in the area you intend to stay in Canada

You should go with a sum that will be enough to make your movement and finding a home easier. However, the Canadian Customs Regulations demand to know if you are going in with any amount above CAN$10,000. Failure to do so will attract a fine, and your funds may be seized if found out. These funds can take the form of;

  1. Documents that state capital or property payable to you (such as bonds, debentures, stocks, treasury bills, debentures, etc.)
  2. Cash
  3. Documents that confirm payment of an amount of money payable to you (such as cheques, money orders, traveller’s cheques, banker’s drafts, etc.)

 

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