Express Entry Proof of Funds | How Much Money You Need to Show?
After you receive an Invitation to Apply for Canadian permanent residence you will have 60 days to prepare and submit all your documents in order to finalize your application. Although there are many templates and examples available online for most of the necessary documents, Express Entry proof of funds, or proof of funds CIC, will be based on the size of your family.
So, how much money do you need to show for Express Entry proof of funds?
According to the CIC website, the current size of your family will determine the required amount for yourself and as well as your family. As a candidate, you must have enough money to support yourself and your accompanying family member in Canada.
You can easily find out the size of your family by including yourself, spouse or partner, dependent children and as well as your spouse’s dependent children.
Please note that you will still need to consider your spouse or dependent children even if they are permanent residents or Canadian citizens. The same also applies even if the mentioned persons are not coming to Canada with you.
How to show proof of funds for CIC?
- 1 person $ 12,960
- 2 persons $ 16,135
- 3 persons $ 19,836
- 4 persons $ 24,083
- 5 persons $ 27,315
- 6 persons $ 30,806
In addition, you will need to pay $3414 for each additional family member if the total number exceeds 7 persons.
Proof of Means of Financial Support Express Entry
In order to demonstrate your proof of funds as financial support for your Express Entry application, the amount of money must be readily available. According to the information available on the CIC website, you can not list a real estate, for example, as proof of settlement funds.
The money you demonstrate can not be borrowed from another person. This means that you must have full control over your money when you are in Canada, and be able to pay all your expenses. If you come to Canada with your money then you can show your funds in a joint account.
You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
If your spouse is coming with you, you can count the money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.
FSW funds requirement
In order to meet the minimum required funds for the Federal Skilled Worker Program (FSW), you need to demonstrate that you have enough money to cover your expenses in Canada.
Candidates applying under the Canadian Experience Class and as well as persons holding a valid job offer are not required proof of funds.