Individuals seeking to move to Canada under the Federal Skilled Worker and Federal Skilled Trades Classes are expected to present proof of funds that show they can economically cater for themselves in the country. Canada attracts highly qualified individuals with the promise to offer permanent residency (PR) if found credible in skill and efficiency.
The Canadian government started an Express Entry program that offers aspiring immigrants the platform to apply for work opportunities and permanent residency. To get through Express Entry and obtain an invite from Canadian authorities, individuals are expected to meet certain specific parameters.
These parameters usually include valid identity, medical history, language proficiency, educational background, work experience, and more. One of the most crucial factors they consider extensively is proof of funds.
It is mainly to guarantee that you can comfortably live in Canada while aligning aspects like economic contribution, work experience, knowledge, and more. Express Entry gives room for skilled individuals to apply through the Federal Skilled Worker Program or the Federal Skilled Trades Program. For these applications, showing proof of funds is a must.
However, this requirement is waived if the applicant is currently authorized to work in Canada and has obtained employment in Canada. Candidates under the Canadian Experience Class (CEC) — another program handled by the federal Express Entry selection system — are not expected to show proof of funds to support themselves or their family members.
Applicants applying for permanent residence through Express Entry will have to upload the documents of the proof in their profile. Also, note that those applying via a different process or other programs will need to submit the documents during their immigration application.
You will be expected to keep your funds up to date to show chronological information accurately. The amount of money you will be expected to have is meant to be more than what you need to support yourself. If you apply with dependent family members, you will also need to have that much money to sustain yourself.
To calculate the size of your family, you should first include yourself, then your partner, dependent children, and dependent children on your spouse. If your immediate families (spouse and dependent children) do not apply for permanent residency, you will still be expected to include them in your application.
This is necessary as they will have to depend on your income, and your potential provision towards them will be calculated. It is extremely recommended that you maintain a minimum of 50% or greater funds of the required amount in your savings account (cash).
Ways to Show Proof of Funds for Canada Immigration
You need to understand that financial assets are varied, but for moving to Canada, you are only expected to show you have sufficient savings. Note that anyone applying for Canada PR will need to have funds readily available since you cannot present equities in the form of proof.
Also, note that you are not allowed to take a loan or borrow money and show it as your savings. The Canadian authorities will consider you credible only when you show you have the necessary amount of money as your savings.
Also, note that they will consider your potential career growth in the country since you don’t already have a job offer. Have in mind that the money you show as proof of funds can be used when you move to Canada. This goes to show that financial stability guarantees your likelihood of sustainability in Canada.
If you intend to come with your partner, note that the money in a joint bank account will not count. The only money that will count as a proof is the one present in your bank account. The following are some ways for the applicant to show proof of funds:
- Treasury bills
- Bankers’ drafts
- Checks or savings bank accounts
- Travelers’ check
- Money orders
- Cash-value life insurance
- Mutual Funds
- Provident Funds
- Registered Retirement Savings Plans (RRSPs)
- Guaranteed Investment Certificates (GICs) or Certificates of Deposit
- Tax-Free Savings Accounts (TFSAs)
- Term deposits and time deposits
How to Submit the Proof of Funds for Canada Immigration
To qualify via the Express Entry PR, the fund statements in the applicant’s bank account will be expected to show a comprehensive history of transactions done by them; at least for the last three months before the application is submitted.
Note that the applicant will have to submit an official letter from their financial institution with their phone number, e-mail, and residential address. To be considered, the letter will also have to include the principal applicant’s name and personal information. The letters from your banks must:
- Be printed with the letterhead of the bank
- Have their contact information, including address, email address, and phone number
- Include the applicant’s name
- Include outstanding debt
- Account number
- Date of account opening
- Current balance
- The average balance for the past six months
- Updates on funding requirements
To immigrate to Canada permanently, note that you will be expected to present proof of funds by showing enough settlement funds in the Express Entry Canada application process and extensively demonstrate that you can live and survive comfortably in Canada.
Note that the amount of money that Canada requires from applicants will vary based on the type of immigration program you are applying under and certain other factors, like the number of dependents who will be coming with you to Canada.
Also, have it in mind that the visa assessment officer will have to be convinced that your available funds are unhampered by debt or other finance eating obligations. You will also be expected to explain any form of a sudden increase in your available bank balance.