What is Proof of Funds for an Express Entry Applicant?
To apply for permanent residency in Canada under any of the programs in Express Entry, one of the requirements is to showcase your proof of funds. This proof of funds demonstrates the economic capacity of a newcomer to settle in the country. It is required by Immigration, Refugees and Citizenship Canada (IRCC) to ensure that the newcomers will be able to build a new life in Canada without going through a financially challenging time. At the same time, newcomers with family members need to show if they have the funds to support the whole family.
Proof of Funds- Vital Proof to establish the avaialability of funds required for Immigration
Since Express Entry is the primary gateway for welcoming economic-class immigrants to Canada, the proof of funds judges the amount of money that is readily available to the applicant. This money cannot be borrowed from someone since it is going to be used for daily expenses. Moreover, they need to prove to the IRCC that this money can be legally accessed by the applicant in Canada. In that case, the applicant must produce an official letter from a bank or financial institution.
Essentials of the Proof of fund Certificate
This letter needs to be printed on the letterhead of the financial institution, stating all outstanding debts of the applicant. It should also include all the contact details and bank details about the funds. The details consist of all current bank and investment account, their numbers, open date, current balance, and average balance for the past 6 months. If you applying for the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP), you must produce proof of funds for the successful completion of the application.
The amount of money (CAD) you need to have for the proof of funds also depends on the number of family members who will settle in Canada with you. Whereas one newcomer needs to have $13,310, for each of the additional family members, they need to have $3,586 along with $13,310
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