For skilled workers to settle in Canada permanently Express Entry is a way out. It is an online way of managing the application for the permanent residency by the Canadian government. To settle in Canada through Express Entry a skilled immigrant needs to show financial proofs to qualify for the federal skilled program. So this article would be about In and Out of the Proof of Funds required for Express Entry.
Minimum funds required to settle in Canada through Express Entry-
Criteria for minimum funds depends on the number of family members you have. It could be any number of family members but for each extra member, you have to pay CAD $3,361.
- For 1 family member, one has to pay CAD $12,475.
- For 2 family member, one has to pay CAD $15,531 and so on.
Conditions for the fund proof for Express Entry-
- Funds should be available in cash or should be in form of liquidity.
- Share in a property will not be considered as proof of funds.
- Funds are there with you before and after you get permanent residency.
- Funds should be yours not borrowed ones.
- Proof of funds should be printed on the letterhead of the authorized bank.
- Information regarding loans and credit cards must be present.
Documents to be required to show Proof of Funds (PoFs)-
- Last six months balance sheet.
- Assets which are in liquid form, it could be owned by your spouse who is coming with you.
- Fixed deposits in the bank in cash form, you can show deposit which are joint accounts with you and your spouse.
A condition in case you are using your spouse account as a proof of fund then you must show the proof that you can access the account as well.
Proof of funds that are not acceptable by the Canadian immigration-
- If you have bank joint account with someone other than your spouse coming with you,
- If the proof of fund is a bank account of your partner who is not coming with you,
- Vehicle valuation,
- Share in property,
When an applicant need not show proof of funds-
- When he is already residing in Canada or
- When he has a valid job offer from a Canadian employer.
Conditions to be followed when no proof of fun is required-
- The job offer must be valid
- The job should be full-time, no part-time job will be considered
- Salary must in the accordance of the post offered
- Working conditions must be in accordance with Canadian standards.
Minimum cash you can carry while coming to Canada-
Minimum funds you should carry to Canada should be equivalent to your expenditure in Canada. You must carry this much so that you can bear the expense of house and family requirements in the starting with that money. But this is to be considered that as per the customs regulations when a person lands on Canadian soil he must carry CAD $10,000 or more.
But you need not have all the funds at that moment in cash form. You can also show proof of digital money in bank accounts or can show the documents related to funds to the customs officer. One key point to be kept in mind is that the documents you are carrying must convince the officer that that money is your and you can use that money while your stay in Canada.
Funds in the cash form are required for the initial expenses such renting a home or other expenditures related to the family. Your proof of funds must be in accordance with the above-mentioned guidelines, otherwise, your residency visa can be denied.