Proof Of Funds For Express Entry: Everything You Need To Know

Moving to Canada through the Express Entry system is a dream for many skilled workers worldwide. However, one crucial step in the process is proving that you have enough money to support yourself and your family after arriving in Canada. This is known as Proof of Funds (POF), and failing to meet this requirement can result in the rejection of your application.

This guide explains what Proof of Funds is, how much money you need, which documents are accepted, and how to meet this requirement.

What Is Proof Of Funds For Express Entry?

Proof of Funds is a financial requirement for some applicants under the Express Entry system. It ensures that you have enough money to support yourself and your dependents when you arrive in Canada.

If you are applying through the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), you must show proof of funds unless you have a valid job offer from a Canadian employer.

If you are applying under the Canadian Experience Class (CEC), you do not need to provide proof of funds.

How Much Money Do You Need To Show?

The amount of money you need depends on the size of your family. The Canadian government updates these figures yearly. As of 2024, the required amounts are:

These amounts include the applicant, spouse or partner, dependent children, and any dependents they may have. Even if your family members are not coming to Canada with you, you must include them in your calculations.

Acceptable Proof Of Funds Documents

The Canadian government requires official financial documents to confirm that you have enough funds. You must provide:

1. Official bank statements (issued within the last six months)
2. Letter from your financial institution, including:
   • Your full name
   • Bank name and contact information
   • Account details (account number, type of account, and date opened)
   • Average balance for the past six months
   • Any debts, loans, or credit card balances

Where Can The Money Be Held?

The funds must be readily available to you. This means:

• The money must be in your name or shared with a spouse (if applicable).
• The funds must be liquid, meaning they can be accessed anytime (e.g., in a savings or chequing account).
• Fixed deposits (FDs) are acceptable if they can be withdrawn immediately.
• Real estate or other assets do not count as proof of funds.
• Borrowed money (loans, credit, gifts) does not qualify.

Can You Show Joint Accounts or Spouse’s Money?

Yes! If you share an account with your spouse, you can use this money as proof of funds. However, you must provide:

• A marriage certificate or proof of relationship.
• A letter stating that your spouse gives you access to the full amount.

If the money is in your spouse’s name only, you cannot use it unless you are the secondary applicant on their Express Entry application.

When Must You Show Proof Of Funds?

You do not need to provide proof of funds when submitting your Express Entry profile. However, you must show it when:

1. Receiving an Invitation to Apply (ITA) – You must upload proof of funds documents with your PR application.
2. Landing in Canada – An immigration officer may ask for proof at the airport.

What Happens If Your Balance Drops Below The Required Amount?

If your funds fall below the minimum requirement, you must get them back to the right amount before submitting your application. The Canadian government checks your average balance for the past six months. A sudden large deposit may lead to suspicion.

If you receive a large deposit, provide proof of source, such as:

• Salary slip (if the money came from your job).
• Sale agreement (if you sold a property or asset).
• Gift deed (if a relative gave you the money).

Common Mistakes That Can Lead To Rejection

Many applicants make mistakes when submitting proof of funds. Here are some to avoid:

• Submitting statements from accounts that do not belong to you.
• Using money from borrowed loans or credit cards.
• Providing bank letters that do not include all required details.
• Showing recent large deposits without explaining the source.
• Not maintaining the minimum balance for at least six months.

Tips To Prepare Proof of Funds Without Issues

• Maintain the required balance for at least six months before applying.
• Keep all your money in a liquid and accessible form.
• Request a bank letter in the correct format before submitting your PR application.
• If using a joint account, ensure you have a letter from your spouse confirming access.
• Be honest and transparent about your financial situation.

Final Thoughts

Proof of funds is a crucial step in the Express Entry process. Ensuring you meet the financial requirements before applying can prevent delays and rejection. If you carefully maintain the required balance and provide the correct documentation, your journey to becoming a permanent resident in Canada will be much smoother.