Express Entry Proof Of Funds- Slightly IncreasedPosted on January 10, 2018
For the candidates of Federal Skilled Worker Program and Federal Skilled Trades Worker Program of Canada Express Entry, the requirement of proof of funds has been slightly increased. The proof of funds is a mandatory requirement during Canada immigration process. This is to show that the applicant has sufficient financial ability to manage the stay of himself and accompanying members in Canada; without depending on Canadian government or any related agency.
From January 2018, the following fund’s requirement must be proved. These funds can be proved in the form of:
- documents reflecting property or capital payable to the applicant (such as stocks, bonds, debentures, treasury bills, etc.) or
- documents reflecting guarantee payment of a set amount of money, which are payable to the applicant (such as bankers’ drafts, cheques, traveller cheques or money orders).
Number of family members
2018 Updated Min. Funds requirement
|7 or more||
Note: The minimum required funds are updated each year at the discretion of IRCC
Family members who are eligible to be incorporated in PR application along with primary applicant are:
- Spouse or legal partner
- Primary applicant’s dependent children
- Dependent children of spouse
Candidates with a valid job offer in hand or the ones applying under the Canadian Experience Class Program are not required to demonstrate these proofs of funds.
Often people have a misconception about the proof of funds that it is money that must be required to spend. It is not important that an applicant spends the money but shows IRCC that he/she has sufficient cash or sources readily available for use. The documents submitted as proof of funds must be in the form of official letters from any bank or financial institutions where the money or assets are stored. These letters must:
- be printed on the institution’s letterhead
- include their contact information
- include applicant’s name
- list any outstanding debts
- Include, for each current account:
- account numbers
- the date each account was opened
- the current balance of each account
- the average balance for the past six months