July 14th, 2023 at 12:24 am
How to Show Proof of Funds for Express Entry: Immigrating to Canada
If you want to use Express Entry to apply for permanent residence (PR), you must meet a number of eligibility standards. You may also need to show that you have enough money to settle in Canada, in addition to having worked abroad and being able to speak English or French well.
Newcomers often have questions about the settlement funds requirement. In this article, we explain how to show proof of funds for Express Entry while moving to Canada. We’ll also answer questions that people often ask, like who needs to show proof of funds, how much money you need to move to Canada, and how you can bring your settlement funds to Canada with you.
What is proof of settlement funds? Why is it required?
Proof of settlement funds is required for permanent residents going to Canada. These documents prove you can support yourself and your family during your first months in Canada.
Settlement monies differ from application costs. The government does not require settlement monies. However, you must demonstrate that these funds are sufficient to meet your initial living expenditures in Canada.
Who needs to show proof of funds for Express Entry?
Not all Express Entry applicants must prove money. If you apply for PR via one of these Express Entry schemes, you must prove sufficient settlement funds:
- Federal trained Worker (FSW) program: For highly trained workers with overseas experience and education who want to live in Canada permanently.
- Federal Skilled Trades Program (FSTP): This program allows foreign-trained skilled tradespeople to permanently immigrate to Canada.
Who does not need to show proof of funds for immigration to Canada?
Express Entry’s Canadian Experience Class (CEC) program doesn’t require settlement funds. CEC requires one year of Canadian work experience. This program assumes you are settled.
FSW and FSTP applicants with a Canadian employment offer and work authorization are exempt from the evidence of funds requirement.
Canadian immigration settlement funds requirements
Your family size—including yourself, your spouse or common-law partner, and dependent children—determines how much settlement money you need to immigrate to Canada. Even if they are permanent residents or citizens of Canada, you must include your family in the settlement funds calculation.
As of April 2023, immigrant to Canada minimum settlement funds are:
| Number Of Families | Settlement Fund Required (In CAD) |
| 1 | $ 13,757 |
| 2 | $ 17,127 |
| 3 | $ 21,055 |
| 4 | $ 25,564 |
| 5 | $ 28,994 |
| 6 | $ 32,700 |
| 7 | $ 36,407 |
| For each additional Family Member | $ 3,706 |
The government bases this cash requirement on 50% of Canada’s Low Income Cut-Off (LICO). If it takes six months to locate work and become financially stable, your settlement monies should cover your basic living expenditures.
Before applying for Express Entry, check the government’s website for the latest LICO and settlement funds criteria, which are updated annually to account for inflation and the cost of living in Canada.
How much money do you need to immigrate to Canada?
When budgeting to migrate to Canada, your settlement funds may not cover all immigration costs.
Language test and educational credential evaluation fees must be budgeted for during the application process. Application processing, right of permanent residence, biometrics, medical test, and more must be paid for. Depending on family size, these fees can cost $1,500–2,500. Flights, extra baggage, and a hotel or short-term rental for your first few days in Canada are also required.
You’ll require settlement cash and application fees to live in Canada for at least six months. The settlement cash required takes this into account, although the cost of living in Canada varies by city and province. Your budget should include housing, groceries, food, transportation, phone and internet bills, clothes, and entertainment.
Use the Arrive Cost of Living in Canada calculator to estimate your monthly expenses in your chosen city and bring more than the minimum settlement funds necessary if your predicted expenses are high.
How to prove that you have enough money to move to Canada
You’ll need official letters from banks or other financial companies, either in your home country or in Canada, that show you have money. Each letter needs to have:
- The letterhead of the financial company
- The contact information for the bank or financial company, such as its address, phone number, and email address.
- Your Name
- Information about all of your bank and investment accounts with the bank, such as the account numbers, the dates each account was started, the current balance, and the average balance for the last six months.
- Your outstanding loans, mortgages, or credit card debt with the financial organization.
If your spouse or common-law partner is coming with you to Canada, you can also show the money you have together in a joint account or money in your partner’s account, as long as you can prove you have access to those funds.
When you get to Canada, your settlement money should be easy to get to. Assets that aren’t liquid or can’t be sold right away, like investments in real estate or ownership in a property, aren’t accepted as proof of settlement funds. You also can’t take money from someone else to prove that you have money.
ALSO, READ
- FIRSTLY, CANADA WORK VISA 2023: NO LMIA || VISA & ACCOMMODATION PROVIDED
- SECONDLY, BECOME A TEACHER IN CANADA | PERMANENT RESIDENCY | MOVE TO CANADA
- THIRDLY, LIST OF COUNTRIES WHERE UAE EXPATS CAN GET AN E-VISA
- MOREOVER, CANADA’S FAMILY CLASS AND SPOUSE WORK PERMITS ARE OPEN
- THEN, CANADA OFFERS NEW INVESTMENT PROSPECTS IN IMMIGRANT SETTLEMENT SERVICES
- ALSO, CHECK THE NEWLY UNVEILED CANADA’S ‘WORLD’S MOST BEAUTIFULLY DESIGNED’ PASSPORT
- FINALLY, THE BEST AND WORST COUNTRIES FOR SCHENGEN VISAS FOR TRAVELLERS REVEAL