Immigration Refugee and Citizenship Canada (IRCC) has updated the proof of funds requirements for express entry candidates. Proof of funds is an essential part of the immigration process to Canada. If you are planning to move to Canada, you need to provide written proof that you have enough money to settle in the country. This is a requirement for the Federal Skilled Worker Program and the Federal Skilled Trades Program.
How much money do you need?
The amount of money you need to show as proof of funds depends on the size of your family. You must include yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner's dependent children in the calculation. It's important to note that even if your family members are Canadian citizens or permanent residents, you must still include them in the calculation.
It's also important to keep your funds up to date in your profile as the system may find that you're eligible for more than one program. You may not always know ahead of time which program you'll be invited under.
What other documents do you need?
You need to provide official letters from any banks or financial institutions where you have an account to prove your funds.
These letters must be printed on the financial institution's letterhead and include
your name,
account numbers,
date each account was opened,
current account balances, and
the average balance for the past 6 months.
The letters must also include the bank or institution's contact information such as their address, telephone number, and email address.
You must prove to the immigration authorities that you can legally access the funds when you arrive in Canada. This means that you cannot use the equity on real property as proof of settlement funds, and you cannot borrow this money from another person.
However, if your spouse is coming with you, you can count the money you have together in a joint account. You may also be able to count money in an account under your spouse's name only, but you must prove that you have access to the money.
Who does not need a POF?
If you're applying under the Canadian Experience Class or if you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program, you don't need to show that you have enough money to support yourself and your family.
So what's next for you? Ensure you have sufficient funds based on your family size. Complete your language test and educational credential assessment where applicable. Assess your eligibility and create your express entry profile. Having a profile opens you up to opportunities to immigrate to Canada. Not sure where to start? Book a PR Consultation with one of our Reglauted Canadian Immigration consultants.