Express Entry proof of funds

Overview

Express Entry proof of funds

Federal Skilled Worker and Federal Skilled Trades applicants normally need settlement funds. Canadian Experience Class applicants do not; nor do certain applicants who are authorized to work in Canada and hold a valid job offer.

Determine whether the requirement applies

The invitation program matters. IRCC’s system can find a profile eligible under more than one program, so candidates should keep fund information current even when expecting a Canadian Experience Class invitation.

The exemption for a worker requires both legal authorization to work in Canada and a valid job offer. A work permit by itself is not a job offer.

Family size includes non-accompanying dependants

Count the principal applicant, spouse or common-law partner, dependent children, and the spouse or partner’s dependent children. Include them even if they are Canadian citizens or permanent residents or will not immigrate with the applicant.

IRCC updates the minimum table periodically. Check the live table immediately before profile updates and application submission instead of reusing a saved figure.

The funds must be genuinely available

The money must be accessible when the application is made and when IRCC issues the permanent resident visa. It cannot be borrowed from another person, and home equity does not qualify.

Money in a joint account can be counted. Funds held only in a spouse’s name may be accepted if the applicant proves legal access. Large recent deposits should be supported with records showing a legitimate source and continuing availability.

What the financial-institution letter must contain

IRCC asks for an official letter on institutional letterhead with contact details, the applicant’s name, outstanding debts and details for each current banking and investment account. Those details include account numbers, opening dates, current balances and six-month average balances.

A balance certificate that omits debts or six-month averages may not satisfy the published requirements. Where an institution cannot issue the exact format, include its letter and corroborating statements with a concise explanation.

Allow for currency movement and annual updates

Funds held in another currency should leave a sensible margin above the Canadian-dollar minimum. A small exchange-rate change should not be capable of taking the available total below the requirement.

IRCC updates the table, usually by reference to the low-income cut-off. Candidates in the pool must update their declared amount when necessary, and applicants should retain later statements showing the funds remained available during processing.