Do I Need to Include Proof of Funds for
Express Entry to Canada?
Express entry is a program to help people who want to immigrate to Canada. The primary purpose of this program is to organize and process applications for permanent residency and immigration.
However, there is confusion regarding the express entry program whether or not you need to include proof of funds for express entry. In this article, we 're going to discuss it, and I hope the following information is helpful.
What is proof of funds for express entry?
Proof of funds is the documents which documents can prove that you can settle in Canada. Yes, you may have the ability to settle in Canada, but for express entry, you need to provide proof that you have the ability.
The main purpose of proof of funds documents is to make sure that you can bear your funds for immigration and permanent residency. You can get proof of funds in the form of a bank statement and security.
Who needs proof of funds?
Most of us don't know who needs proof of funds. You will need proof of funds if you are applying under the skilled federal worker program and skilled federal trades program.
Who doesn't need proof of funds?
You don't need proof of funds if you're applying for a Canadian experience class. If you have a work permit in Canada or if you have a legal job offer, you do not need to provide proof of funds for express entry. It doesn't matter whether you apply under a federal program of skilled workers or a federal program of skilled trades.
What is considered as proof?
Funds should always be available because you can't use your property documents as proof of funds. The funds you have must be used whenever you need to. If you think I will borrow some money so that I can use it as proof of funds. No, you can't use other's money as a poof of funds
If you have money in an account, but that account is under someone's name as your spouse name you must prove that you have access to that account whenever you need to. The following documents are considered as proof of funds.
- You must get an official letter from the banks as a financial statement.
- The letter should be printed on the bank's letterhead
- In the letter, you must include the contact information with the banks like address, phone number and email address.
- You must include your name in the letter.
- You must need the list of outstanding debts like credit cards debts and other loans
- You also need to provide information on where you invested your money and other account information such as the exact date of opening of the account and the current balance of the account.
- You also need to provide information on the last six months' average balance.
Note that having only one account is very helpful because if you have multiple accounts, you must provide all the account information's as proof of funds. That's why what you should do is to move all the money into one account so that you can get the bank statement in a few days.
How much money will you need?
I know most people wondering how much money is needed so that you can provide as proof of funds. The amount of money depends on the size of your family. For example, if you are the only earning member in the family of four members, you must have enough money to support your family.
The following list will be helpful to understand how much money you will need. As I said, the amount of money depends on the size of the family.
- If you are the only member applying for permanent residency in Canada, you must have CAD 13000
- If you and your spouse apply, you'll need $17,000 in Canadian dollars.
- You must have Canadian dollars of $20,000 if you apply for 3 persons including you.
- You must have an Up to 25,000 Canadian dollar if you apply for 4 people, including you.
- You must have CAD 28,000 when applying for 5 people, including you.
As you can see, the amount of money increases depending on the size of your family.
Express Entry Program is a constructive and easy way to apply for permanent residence in Canada. However, to continue the application process, you need to include proof of funds for express entry. To help you understand the proof of funds that I have discussed - do I need to include proof of funds for express entry? - I hope the above information will help you.