- What is Proof of Funds for Express Entry? Proof of funds is required for Express Entry to show that you have sufficient financial resources to support yourself and your family after moving to Canada. It is essential for candidates under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
- Who Needs to Provide Proof of Funds for Express Entry? Proof of funds is mandatory for applicants of the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). It is not required for those applying under the Canadian Experience Class (CEC) or those with a valid job offer in Canada.
- How Much Money Do I Need to Show for Proof of Funds for Express Entry? The required amount varies by family size. As of 2023, a single applicant must show approximately CAD 13,310. The required funds increase with each additional family member. Check the latest figures on the official Canadian immigration website.
- What Types of Funds Are Acceptable for Express Entry Proof of Funds? Acceptable funds include cash in savings or checking accounts, fixed deposits, and liquid investments like mutual funds or bonds. These funds must be readily accessible and not tied up in real estate or other non-liquid assets.
- Can I Use Borrowed Money for Proof of Funds for Express Entry? No, borrowed money is not acceptable for proof of funds. You need to demonstrate that you have the necessary funds without any debt obligations to qualify for Express Entry.
- What Documents Are Required for Proof of Funds for Express Entry? You need official letters from financial institutions detailing all current bank and investment accounts, outstanding debts, account numbers, the date each account was opened, current balances, and the average balance over the past six months.
- When Do I Need to Provide Proof of Funds for Express Entry? You must provide proof of funds when you receive an Invitation to Apply (ITA) and submit your permanent residence application. Ensure your proof of funds is current and valid at the time of submission.
- Can I Use a Joint Account for Proof of Funds for Express Entry? Yes, you can use a joint account as proof of funds, provided you have unrestricted access to the money. If the account is shared with someone not accompanying you to Canada, you must prove your access to the funds.
- Do I Need to Keep the Funds in My Account Until I Land in Canada? Yes, you must maintain the required amount in your account until you land in Canada as a permanent resident. Falling below the required funds can negatively impact your application.
- What If My Funds Are in a Different Currency for Proof of Funds for Express Entry? If your funds are in a currency other than Canadian dollars, provide an official bank statement with the conversion to Canadian dollars. Include the exchange rate used on the date of conversion for clarity.
