Settlement Funds: Proof of Funds for Express Entry
Table of Contents
- Who needs to show proof of funds?
- How much money do I need to bring with me?
- What is accepted as proof of funds?
- Contact us for Assistance
Who needs to show proof of funds?
Individuals applying for Canadian immigration under the Federal Skilled Worker and Federal Skilled Trades Classes are required to show proof of funds to demonstrate that they can economically establish themselves in Canada.
The requirement for settlement funds is waived if the applicant is currently authorised to work in Canada and has arranged employment in Canada. Also, candidates under the Canadian Experience Class (CEC) — another program managed by the federal Express Entry selection system — are not required to show proof of funds to support themselves or their family members.
Applicants with an accompanying spouse or common-law partner can include the money they have together under a joint bank account. They may also be able to count money in the account under the accompanying spouse or common-law partner's name, however, it is important for an applicant to provide written proof that he or she has access to the money once an Express Entry Invitation To Apply (ITA) is issued by Immigration, Refugees and Citizenship Canada (IRCC).
How much money do I need to bring with me?
The amount of money needed for settlement funds will depend on the size of your family.
To calculate the size of your family, include:- yourself;
- your spouse or common-law partner;
- your dependant children; and
- your spouse or common law partner's dependent children
| 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 seven, for each additional family member | $3,958 |
Please note that the requirements for settlement funds are updated annually. The figures above are in effect as of April 25th 2023.
What is accepted as proof of funds?
An immigration officer must be satisfied that the applicant has access to the funds at the time of applying and if a permanent resident visa is issued. An applicant must provide official letters from the financial institution where his or her money is kept.
The official letter to prove access to funds must include the following:
- financial institution's letterhead;
- financial institution's contact information (address, telephone number and email address);
- applicant's name;
- list of outstanding debts, such as credit card debts and loans; and
- bank account(s) details, such as account numbers, date of opening, current balance(s), average balance(s) for the past six months.
Due to the stipulation that funds must be legally accessible to applicants when they arrive in Canada, you cannot use equity on real property nor money borrowed from another person when showing proof of settlement funds.
Contact us for Assistance
Cohen Immigration Law is a leading Canadian immigration law firm with over 45 years of experience. Cohen Immigration Law features over 60 immigration lawyers, paralegals, and professionals who are dedicated to helping you immigrate to Canada.
CanadaVisa.com was founded as the online presence of Cohen Immigration Law. Since its launch in 1994, CanadaVisa has grown into one of the globe's most trusted resources on Canadian immigration. If you want to immigrate to Canada through the PNP or another skilled worker pathway, the first step is to complete a free CanadaVisa assessment form. If you are eligible for Canadian immigration, a member of the Cohen Immigration Law team will reach out to provide you with as much assistance as possible.
Complete our FREE assessment to find out if you are eligible for Canadian immigration!
