Candidates wishing to immigrate to Canada under the Express Entry system are required to provide proof of settlement funds.
Although Express Entry manages three immigration programs, only skilled workers under
the Federal Skilled Worker and Federal Skilled Trades programs must show they have enough money to settle in Canada.
Applicants under FSW and FST that are currently working in Canada AND have a valid job offer do not have to show proof of funds.
Applicants under the Canadian Experience Class do not need to show proof of funds.
How much settlement funds are required?
The amount required depends on the size of the applicant’s family. This includes the applicant, the spouse or common-law partner (if applicable), and any dependent children.
A spouse or dependent children are counted in the family size whether they are accompanying the applicant to Canada or not. They are also counted even if they are Canadian citizens or permanent residents.
The authorities revise these amounts each year.
|
Number of family members
|
Funds required
|
|
1
|
$14,690
|
|
2
|
$18,288
|
|
3
|
$22,483
|
|
4
|
$27,297
|
|
5
|
$30,690
|
|
6
|
$34,917
|
|
7
|
$38,875
|
|
If more than 7 people, for each additional family member
|
$3,958
|
What type of proof is accepted
Funds must be readily available for the applicant. Thus, the equity of fixed assets is not acceptable.
Funds must be available throughout the application, from submission to visa issuance.
Applicants need to note that they would not be able to borrow this money from another individual.
The funds must be under the main applicant’s name, or in a joint account with a spouse/common-law partner, if applicable.
However, proof of funds in the name of the accompanying spouse/common-law partner cannot be used unless the main applicant proves they have access to the money.
How much money should applicants bring when they come to Canada
Applicants would need to research the costs of living in the place where they plan to settle in Canada and make sure to bring as much money as they can to make it easier for them to find a home in Canada.
However, it is worth noting that applicants would need to declare if they are bringing more than $10,000 Canadian dollars into the country, in accordance with the Canadian customs regulations.
Typically, the authorities permit applicants to bring funds in the form of:
- Cash
- Documents that highlight property or capital payable to the applicant such as:
- Stocks
- Bonds
- Debentures or,
- Treasury bills OR,
- Documents that guarantee payment of a specific amount of money, which is payable to the applicant, such as:
- Bankers’ drafts
- Cheques
- Travellers’ cheques or,
- Money orders
