Proof of funds Express Entry 2023

Proof of funds for Express Entry 2023

Every year IRCC updates the minimum proof of funds you need to settle in Canada. The changes are not big, but there is a chance they could affect your eligibility if you don’t pay attention to the numbers.

In this article, we’ll explore the proof of funds for Express Entry that came into effect on April 25, 2023.

Who needs proof of funds for Express Entry?

Applicants in the following categories need proof of funds as part of their minimum requirements:

Federal Skilled Worker Program (FSWP): This program targets people who may economically establish themselves in Canada because of their job experience, knowledge of English or French languages, age, education, and adaptability to Canada.

Federal Skilled Trades Program (FSTP):  If you apply to immigrate to Canada under this program, you need to show that within the last five years, you have had at least two years of work experience. Your job has to be under any of the acceptable skilled trade jobs.

Please note that federal or provincial immigration options may also consider LICO 2023 as a tool for evaluating applicants’ financial status. However, you don’t need to show that you have enough money if you’re applying under the Canadian Experience Class, or you’re authorized to work in Canada and you have a valid job offer, even if you apply under the FSWP or the FSTP.

How much money do you need in 2023?

The proof of funds for Express Entry depends on the size of your family. Your family includes yourself, your spouse/partner, your dependent children, and your spouse’s dependent children. You need to include your family even if they are permanent residents or Canadian citizens, or they are not coming to Canada with you.

This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023. If you have more money, you should list the full amount in your profile or application.

Number of
family members

Funds required
(in Canadian dollars)
1$13,757
2$17,127
3$21,055
4$25,564
5$28,994
6$32,700
7$36,407
If more than seven persons, for each
additional person, add
$3,706

<<Read: IRCC increased the fees for all permanent residence applications>>

What can you present as proof of funds?

To demonstrate that you can legally access the money upon arrival, there are specific guidelines to follow. For instance, you cannot use equity on real property as proof of settlement funds, nor can you borrow money from another person. It is essential that you are able to use this money to cover your family’s living expenses, even if they are not accompanying you.

In cases where your spouse is joining you, funds in a joint account may be considered. Additionally, money held in an account under your spouse’s name could be eligible, provided you can prove your access to those funds. To substantiate this, official letters from banks or financial institutions where you hold accounts are required.

According to IRCC, you must get official letters from any banks or financial institutions. These letters must be:

  • Printed on the financial institution’s letterhead
  • Include your and their contact information
  • List outstanding debts such as credit card debts and loans

You should include for each current bank and investment account:

  • Account numbers (with the date each account was opened)
  • The current balance of each account
  • And average balance for the past 6 months

You can bring to Canada:

  • Cash
  • Documents that show property or capital payable to you (stocks, bonds, debentures, treasury bills)
  • Documents that guarantee payment of a set amount of money. This includes banker’s drafts, cheques, and money orders.

When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized.

IRCC

Of course, this list does not cover every scenario. Nevertheless, it gives you an idea about the proof that you can show. Remember that adhering to these guidelines and providing the necessary documentation, can contribute to a smooth permanent resident visa application process.

Let us Help!

If you have any questions about funds for Express Entry 2023 or other issues related to immigration, fill out the following form. However, if the question is case-specific, we advise you to book a consultation session. Alternatively, please fill out our assessment form to explore other immigration options to Canada. Also, to receive updates on immigration news subscribe to our newsletter.

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    Disclaimer:
    This article provides information of a general nature only. Considering the fluid nature of the immigration world, it may no longer be current. Of course, the item does not give legal advice. Therefore, do not rely on it as legal advice or immigration advice. Consequently, no one could hold us accountable for the content of these articles. Of course, if you have specific legal questions, you must consult a lawyer. Alternatively, if you are looking for immigration advice, book an appointment.

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    Andrea Neira