How to show proof of funds for Express Entry Canada?
If you intend to apply for permanent residence (PR) through Express Entry Canada, you must meet a number of eligibility requirements. In addition to establishing overseas work experience and competence in English or French, you may be required to demonstrate financial means to reside in Canada. In this post, we'll go over who needs to present proof of funds for Express Entry while immigrating to Canada, how much money you'll need to come to Canada, and how you can bring your settlement funds with you.
What is Proof of Settlement Funds?
Settlement funds are the money that you need to show you have available to provide for yourself and your family for your initial months as you settle in Canada and start your new life. These funds are different from your application processing fees, which you do not need to give to the government. However, you do need to prove that you have the settlement funds available to cover your living expenses during your initial months in Canada.
Who Needs to Show Proof of Funds for Express Entry?
Not all Express Entry applicants need to show proof of funds. However, you must show adequate proof of settlement funds if you’re applying for PR under one of the following Express Entry programs:
- Federal Skilled Worker (FSW) program: This program is designed for highly skilled workers with overseas experience and education who want to permanently live in Canada.
- Federal Skilled Trades Program (FSTP): This program is designed for skilled tradesmen with international work experience who desire to permanently immigrate to Canada.
If you apply for PR under the Express Entry Canadian Experience Class (CEC) program, you do not need to provide proof of settlement funds. Because CEC can only be applied for if you have at least one year of Canadian work experience, it is assumed that you are already resident in Canada.
The proof of funds requirement is also waived for Federal Skilled Worker (FSW) and Federal Skilled Trades Program (FSTP) applicants who have a valid Canadian job offer and are authorized to work in Canada.
How Much Money Do You Need to Immigrate to Canada?
The amount of settlement money required to immigrate to Canada is determined by the size of your family, which includes yourself, your spouse or common-law partner, and any dependent children. Even if your family members are not accompanying you to Canada or are already permanent residents or citizens, you must include them in your settlement funds computation.
The settlement payments required are calculated by the government at 50% of the current Low Income Cut-Off (LICO) in Canada. Assuming it will take six months to locate work and become financially stable, the settlement cash you bring should cover your essential living expenditures until then.
Each year, the LICO and settlement funds criteria are amended to account for inflation and increase in the cost of living in Canada, so be sure to check the government's website for the most recent proof of funds required before applying for Express Entry.
How to Show Proof of Funds for Express Entry
To show proof of funds for Express Entry, you will need to provide documents that demonstrate that you have access to the required amount of money for your family’s settlement in Canada. These documents can include:
- Bank statements: You can provide recent bank statements from any account(s) you have that show you have access to the required amount of money.
- Investment documents: If you have investments, such as stocks, bonds, or mutual funds, you can provide documents that show you have the required amount of money invested.
- Property documents: If you own property, you can provide documents such as a property deed or mortgage documents that show the value of the property.
- Salary statements: If you are currently employed, you can provide salary statements or pay stubs that demonstrate your current income.
- Loan documents: If you have taken out a loan to cover your settlement funds, you can provide loan documents that show the terms of the loan and the amount you have borrowed.
It’s important to note that you must provide original or certified copies of these documents. You cannot provide photocopies or electronic copies. In addition to providing proof of funds, you may also need to show that you have a plan for how you will support yourself and your family after you arrive in Canada. This can include a job offer, a business plan, or a detailed budget outlining your expected expenses and income.
Tips for Showing Proof of Funds for Express Entry
Here are a few tips to keep in mind as you prepare your proof of funds documents:
- Gather all necessary documents: Make sure you have all of the required documents before you start your Express Entry application. This will save you time and ensure that you don’t have to go back and gather more documents later.
- Keep documents organized: It’s a good idea to keep your documents organized in a folder or binder. This will make it easier to locate the documents you need and will also help to prevent them from getting lost.
- Verify your documents: Make sure that all of your documents are original or certified copies. Photocopies and electronic copies will not be accepted.
- Include a budget: In addition to showing that you have the required amount of settlement funds, it’s a good idea to include a budget that outlines your expected expenses and income after you arrive in Canada. This will help to demonstrate that you have a plan for supporting yourself and your family.
Showing proof of funds is an important part of the Express Entry process for many applicants. By gathering the necessary documents and demonstrating that you have the required amount of money to support yourself and your family during your initial months in Canada, you can increase your chances of being approved for permanent residence.
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