The Proof of Funds requirement indicates a way for Express Entry applicants to demonstrate before IRCC that they have sufficient finances to reside in Canada. Any aspiring candidate seeking to establish themselves in Canada must show proof of funds to IRCC. IRCC wants to check whether the person has enough potential to support themselves during their stay. Furthermore, they will not require help from the Canadian government due to their inability to support themselves. This also indicates that they must be self-reliant and able to care for their family members who are with them during their stay.
Express Entry is the predominant pathway through which IRCC brings forth economic-class immigrants to Canada.
Proof of Funds requirement- all the details
The applicant must have easy access to the funds used as proof of funds. So, equity in a property is ineligible for these purposes. Also, they must not borrow this money from anyone and must possess money on hand to cover living expenses. The last requirement is that any cash used as proof of funds must be accessible “both at the time [a person] applies for Canadian permanent residence and at the time [the applicant] is given a permanent residence visa.”
Upon arrival, the applicant must be ready and able to show an IRCC officer that they have lawful access to the funds to utilize in Canada.
A valid letter “from any bank(s) or the financial institution(s) where” an immigrant is holding money,
The applicant must prove that they have the financial resources to support themselves and every family member once they arrive in Canada. They must provide an official letter “from any bank(s) or the financial institution(s) where” the applicant is holding money.
The Proof of Funds letter must include the following:
- The financial institution’s letterhead must contain the POF letter.
- It must comprise their names and contact details (address, telephone number, and email address).
- A list of any obligations that remain due such as credit card debts and loans.
- Incorporate the following information for each current bank and investment account. These could be account numbers, open dates, current balances, and average balances for each account over the previous six months.
Comprehending the eligibility of accompanying family members
The family members who can accompany the principal applicant include the dependent children, their spouse or common-law partner, and the applicant’s spouse or partner’s dependent children.
In case they hold permanent residency (PRs) or Canadian citizenship or if they are not accompanying the applicant to Canada. The applicant’s spouse or partner and the spouse’s or partners dependent children should remain as family members for the purpose of proving finances.
They can use the amount of money in a joint account POF if the applicant’s spouse or partner travels with them to Canada. If the principal applicant can show they have access to the money, funds held in an account with solely the spouse’s or partner’s name may also be taken into account.
Proof of Funds requirement- who all need to demonstrate it?
In order to fulfill the minimum eligibility criteria for programs like Federal Skilled Worker Program and the Federal Skilled Trade Program, applicants need to demonstrate the Proof of Funds.
Conversely, applicants under the Canadian Experience Class and candidates with authority to work in Canada, with a valid job offer, don’t require to present the Proof of Funds. Even the applicants under FSTP and FSWP fulfilling all the criteria will not require the POF.
POF requirements based on family size
Every applicant will require a different amount of money to show as POF, which will solely rely on the number of family members. Additionally, the family size concerning the POF must include the following despite the fact they might be PR holders or Canadian citizens. They might not even accompany the applicant to Canada.
- Spouses or Common-law partners;
- their dependent children
IRCC formulated the Proof of Funds requirement for family members. Refer to the given table for the requirement as of June 9, 2022.
| Number of family members | Funds required (CAD) |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| Each family member | $3,586 |
The POF requirement is modified annually. Also, this change, small as it might appear, depends upon fifty percent of the low-income cut-offs. Individuals must continue to check the updated numbers time and again.
