Proof of Funds (Express Entry)

[ThisIsHoof]

cic.gc.ca/english/immigrate/skilled/funds.asp

The above link states that all applicants need at least $12,000 to apply.

You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada

AND

you are currently working or authorized to work in Canada.

Where the hell did this rule come from? Why didn't they mention this when the rules came out months ago?

This is an outrage, how are people supposed to come up with that sort of money in 60 days?

Do we need to show the money when we apply for EE or after we get the ITA?

 

[journey21]

Exactly.

The best way to get around this is to try and secure a job offer from a Canadian employer.

Need to show the proof of funds only when submitting documents after you get ITA.

 

[boske83]

Exactly.

The best way to get around this is to try and secure a job offer from a Canadian employer.

Need to show the proof of funds only when submitting documents after you get ITA.

You need to show proof of funds in your entrance to Canada, to the border officer, otherwise he can turn you down from entering Canada.
http://www.cic.gc.ca/english/immigrate/skilled/arrival.asp

 

[ThisIsHoof]

You cannot 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 are not coming with you).

How would they know if you borrowed it or not?

Do you need to show proof of funds both when applying AND on your entrance to Canada?

 

[ProActiva]

Are these $12,000 for full family or for 1 individual Or Both ?

 

[journey21]

How would they know if you borrowed it or not?

Do you need to show proof of funds both when applying AND on your entrance to Canada?

Both

 

[boske83]

How would they know if you borrowed it or not?

Do you need to show proof of funds both when applying AND on your entrance to Canada?

Both, of course...
Here you can see the table with funds requirements based on family size. note that even in case you are applying alone to PR, you still need to have funds to support your family members, even if they are not coming with you.
http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

 

[namaste]

I don't understand the reason for outrage. This is not new. Applicants for FSW have always been required to show proof of funds, both at the time of application and when moving to canada after receiving PR. The only exception is if you have a valid job offer in Canada. Express entry is simply a different way of applying under FSW/CEC/FSTP, the eligibility rules remain the same.

CIC can sometimes ask for bank statements for 6 months, hence they will know if the money is borrowed or not.

 

[scylla]

I don't understand the reason for outrage. This is not new. Applicants for FSW have always been required to show proof of funds, both at the time of application and when moving to canada after receiving PR. The only exception is if you have a valid job offer in Canada. Express entry is simply a different way of applying under FSW/CEC/FSTP, the eligibility rules remain the same.

Agreed. This isn't a new rule - it's been around for years. This shouldn't come as a surprise to anyone who has done their homework and read up on Canada's immigration programs.

 

[Niil]

Hi,

I am planning to apply under Canadian Experience Class Express entry, How much fund I have to shows when I apply. I am married.
Please give me guidance.

Thanks

 

[anujap]

What about if we are applying from Canada and we ahve a skilled job but no LMIA?

 

[LanaS]

It feels a bit disturbing that i may be asked to show bank statements for the previous 6 months. I live in Ukraine and here people try to get their money back from banks, especially investments in USD and EURO. Several banks have already closed and people are literally standing in line for days and can't convert their money back into cash. Even opening bank account and keep it alive for 2-3 months is too risky. Please advice how else i can prove my funds without dealing with bank. Thanks in advance!

 

[bairn7]

Really!? It's not an outrage at all. If you had done your research (as you really should've done for such a huge life decision) you would've been well aware of such a requirement. It's not like the topic hasn't been discussed to death on here. You're not expected to raise those funds in 60 days you really should be some way towards reaching the funds before applying. If proof of funds is an afterthought for you then you really need to think about whether you should be applying just now.

 

[sidchowdray]

$12,000 is for one person

Number of
Family Members Funds Required
(in Canadian dollars)
1 $11,931
2 $14,853
3 $18,260
4 $22,170
5 $25,145
6 $28,359
7 or more $31,574

You do not have to show that you have these funds if:

you have a valid offer of arranged employment in Canada AND
you are currently working or authorized to work in Canada.

 

[LanaS]

Really!? It's not an outrage at all. If you had done your research (as you really should've done for such a huge life decision) you would've been well aware of such a requirement. It's not like the topic hasn't been discussed to death on here. You're not expected to raise those funds in 60 days you really should be some way towards reaching the funds before applying. If proof of funds is an afterthought for you then you really need to think about whether you should be applying just now.

That's the point - For example, I have been raising these funds for several years and if something happens during these 6-months and i won't be able to have my money back i think i will have to forget about Canada for another few years (( By the way, requesting to show 6-months bank statements is not obligatory in each particular case.