Proof of Funds

Proof of Funds (settlement funds) for Canada's Express Entry system refers to the minimum amount of money a principal applicant must demonstrate they have available to support themselves and their accompanying family members upon arrival in Canada. This requirement ensures that newcomers can cover their basic needs without needing financial assistance from the Canadian government. The required amount varies based on the size of the family accompanying the applicant and is adjusted annually by Immigration, Refugees and Citizenship Canada (IRCC). Candidates applying under the Canadian Experience Class, and those with a valid job offer and authorization to work in Canada, are generally exempt from this requirement.

Accepted forms of settlement funds typically include cash, readily convertible assets like stocks and bonds, and bank drafts or traveler's checks. Funds held in bank accounts, including checking, savings, and term deposits, are commonly accepted. Importantly, the funds must be readily available for use, meaning they cannot be borrowed. Proof of these funds must be submitted with an Express Entry application, usually in the form of bank statements or letters from financial institutions verifying the amount and accessibility of the funds. Applicants must provide documentation that shows they have had control of these funds for a significant period prior to application.

Disclaimer: The information provided herein is for educational purposes only and does not constitute legal advice. Consult with a qualified immigration professional for advice specific to your situation.