Funds required for Express Entry – Skilled immigrants
Proof of funds is how you show IRCC that you have enough money to settle in Canada. If IRCC invites you to apply, you must give written proof that you have this money.
Who needs proof of funds
You need proof of funds to meet the minimum requirements of the
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Who does not need proof of funds
You don’t need to show that you have enough money to support yourself and your family if
- you’re applying under the Canadian Experience Class or
- you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program
Keep your funds up to date in your profile. The system may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.
Also Read: How much does it cost to apply for Canada PR
How much money you’ll need
The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include
- your spouse or partner
- your dependent children and
- your spouse’s dependent children
Include your spouse or dependent children even if they’re
- permanent residents or Canadian citizens
- not coming to Canada with you
This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.
(in Canadian dollars)
|For each additional family member||$3,492|
What IRCC accept as proof
Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds. You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you’re keeping money. Letter(s) must
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
How much money you should bring
Research how much it costs to live in the place where you plan to settle in Canada.
Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. This includes:
- documents that show property or capital payable to you, such as:
- treasury bills
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts
- money orders
- travellers’ cheques
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