Are you preparing your Express Entry application and wondering about proof of funds? Understanding the requirements and best practices for demonstrating your financial resources is essential.
Express Entry is a fast and efficient online immigration application management system for qualified individuals wishing to settle in Canada. However, one of the requirements for certain programs offered in this system is to demonstrate sufficient funds. In this article, we explain how to prove that you have the necessary funds to support yourself when you arrive in Canada.
What is Express Entry?
Express Entry is a system used by Immigration, Refugees and Citizenship Canada (IRCC) to manage immigration applications from skilled workers. The system is based on a points system where candidates are ranked according to criteria such as their level of education, professional experience, age and command of English or French.
What amounts are required for proof of funds?
Proof of sufficient funds is an essential requirement for being able to immigrate to Canada through Express Entry. Sufficient funds are defined as the amount of money you will need to support yourself and your family after you arrive in Canada. This amount varies according to the size of your family.
Here's the table of IRCC funding requirements based on the number of family members, effective from May 28, 2024 :
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | 14,690 $ |
| 2 | 18,288 $ |
| 3 | 22,483 $ |
| 4 | 27,297 $ |
| 5 | 30,690 $ |
| 6 | 34,917 $ |
| 7 | 38,875 $ |
| If more than 7 people, for each additional family member | 3,958 $ |
How do you prove you have the required funds?
Here are the steps to follow to prove that you have sufficient funds:
Financial documents
You can prove your funds with official documents that list your financial assets. This includes bank statements for the last 6 months prior to your application and letters from the bank. Here's what the Canadian government website says:
As proof (of sufficient funds, editor's note)If you have a bank account, you must obtain an official letter from the bank or other financial institution where you have an account.
Letters must be printed on the financial institution's letterhead and include :
Official site of the Government of Canada for immigration (IRCC)
- bank or financial institution contact details (address, telephone number and e-mail address);
- your name;
- a list of all outstanding debts (such as credit card balances and loans);
- the following details for each current bank account and current investment account you have: account number, account opening date, current account balance, average account balance over the last 6 months.
Immigration, Refugees and Citizenship Canada (IRCC, Canada's immigration department) may ask you for the origin of the funds in your account. You will need to provide supporting documentation.
Bank account
Funds must be readily accessible and convertible to cash. This means that you cannot use the appraised value of real estate property, for example, to satisfy this requirement. In addition, the funds must be available both at the time of your application and when you receive your permanent resident visa.
Non-borrowed funds
The funds you present must be your own, not borrowed. If someone gives you money, you'll need to prove that it's a gift and not a loan.
Transferable funds
Proof must also be provided that the funds can be transferred abroad without hindrance or restriction.
How do I determine the amount required?
Proof of sufficient funds depends on the number of members in your family. By family we mean not only you and your spouse or partner, but also your dependent children. Even if the latter are not accompanying the immigrant to Canada, they are still taken into account in the calculation. Determine the number of members of your family and find the corresponding amount of funds in the table.
Each year, the Canadian government updates these amounts to take account of inflation. It is therefore essential to consult the Immigration, Refugees and Citizenship Canada website for the latest information.
Common mistakes to avoid when proving sufficient funds
When providing proof of funds, it's essential to avoid some common mistakes. The first is to use borrowed funds. The money you use to prove your sufficient funds must be your own and cannot be borrowed from someone else. Another common mistake is not to consider the convertibility of funds in your home country. The funds you use to prove your sufficient funds must be easily accessible and convertible into cash.
Exceptions to the Sufficient Funds Rule
There are certain exceptions to the "sufficient funds" rule. If you have a valid job offer in CanadaYou don't need to prove that you have sufficient funds. What's more, if you are authorized to work in Canada and are already working in the country, you don't need to prove that you have sufficient funds.
The importance of financial transparency
When submitting proof of sufficient funds, it's crucial to be as transparent as possible. Make sure all your financial documents are clear and easy to understand. If you provide bank statements, they should clearly show your name and contact details, the account number, the date of each transaction and the name and contact details of the bank.
Ultimately, the immigration process can be complex and demanding. However, good preparation and a clear understanding of the requirements can make the process much easier.
What if you don't have the required amount?
If you find that you don't have sufficient funds to meet Express Entry requirements, don't be discouraged. There are several strategies you can adopt to overcome this obstacle:
Postpone your request
If possible, consider postponing your immigration application. During this time, you can save more money to meet the requirements of sufficient funds.
Search for a job in Canada
If you receive a job offer valid from a Canadian employer, you won't have to prove that you have sufficient funds. This can be a good option if you have valuable skills or experience that are in demand in Canada.
Search for alternative immigration programs
There are other immigration programs that do not require proof of sufficient funds. For example, the Provincial Nominee Program (PNP) or immigration programs for skilled workers in certain provinces or territories. These programs have their own criteria and requirements, so it's important to do your research to see if you qualify.
Seeking help from family and friends
In some cases, you may be able to receive funds from relatives. However, you will need to prove that these funds actually belong to you at the time you submit your application, and their origin if applicable.
Remember that proof of sufficient funds is designed to ensure that newcomers to Canada can support themselves while they settle in. If you can't prove that you have sufficient funds, it could jeopardize your immigration application. So it's important to plan ahead and explore all your options.
Immigration programs that do not require proof of sufficient funds
There are some immigration programs in Canada that do not require proof of sufficient funds. These generally include specific immigration programs based on a job offer, or programs aimed at workers in specialized fields. Here are a few examples:
Provincial Nominee Program (PNP)
Some PNP components may not require proof of sufficient funds, especially if you already have a job offer in that province.
Canadian Experience Class (CEC)
The Canadian Experience Class is designed for people who already have qualified Canadian work experience. It does not require proof of sufficient funds.
Atlantic Canada Immigration Program
If you have a job offer in one of the four Atlantic provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia or Prince Edward Island), you may be eligible for this program without having to provide proof of sufficient funds.
Immigration pilot program for rural and northern communities
This program aims to attract skilled workers to specific rural communities. If you have a job offer in one of the participating communities, you won't need to prove sufficient funds.
Open work permits for spouses or partners
Spouses or partners of skilled workers or international students can obtain a open work permit which does not require proof of sufficient funds.
These programs are subject to specific changes and restrictions, so it's always a good idea to consult the official Immigration, Refugees and Citizenship Canada website or contact us for up-to-date, accurate information.
The Importance of Constantly Checking Exchange Rates
When preparing your proof of sufficient funds for Express Entry, one factor not to be overlooked is the exchange rate. If you keep your funds in a currency other than the Canadian dollar, the amount you actually have may fluctuate according to the exchange rate.
The exchange rate is the amount of one currency that can be exchanged for another. These rates can fluctuate according to various economic factors, such as inflation, interest rates and a country's trade balance.
Here's why it's essential to keep an eye on these exchange rates:
Precise understanding of funds
By keeping an eye on the exchange rate, you can get a more accurate understanding of how much you have in terms of Canadian dollars. This can help you plan ahead and ensure that you always have the sufficient funds required by the IRCC.
Avoid surprises
Exchange rates can fluctuate rapidly. By checking them regularly, you can avoid surprises and make sure you always have the funds you need.
Planning the conversion of funds
If you know you'll need to convert your funds into Canadian dollars at some point, tracking exchange rates can help you plan the best time to make that conversion.
You can check current exchange rates on various financial websites, or by asking your bank. Bear in mind that when you convert money, there may be fees or costs associated, so be sure to factor this into your calculations.
Conclusion
Preparing proof of sufficient funds for theExpress Entry in Canada can seem a daunting task. However, with a clear understanding of the requirements, good financial planning and a constant awareness of factors such as exchange rates, this challenge can be successfully met.
It's important to remember that every situation is unique. Whether you already have the required amount or are looking for alternatives such as valid job offers or alternative immigration programs, it's always advisable to do thorough research and consult an immigration expert if possible.
In the end, proving sufficient funds is only part of your immigration journey to Canada. With patience, diligence and careful planning, you'll be well on your way to realizing your dream of starting a new life in Canada.
EN_CA 
FR