Demonstrating Proof of Funds (POF) is a crucial part of the Express Entry application process, particularly for candidates applying under the Federal Skilled Worker Program (FSWP), Federal Skilled Trades Program (FSTP), or the Canadian Experience Class (CEC) (if they do not have a valid job offer or provincial nomination). The proof shows that you have enough money to support yourself and your family after you move to Canada.
Here’s how to demonstrate Proof of Funds for your Express Entry application:
1. Provide Bank Statements
- Recent Bank Statements: Include statements from the last six months showing your available balance. The balance should demonstrate that you have enough funds to support yourself and your dependents (as per the official minimum requirements).
- Multiple Accounts: If your funds are spread across different accounts (e.g., savings and current accounts), provide statements for all of them.
- Official Bank Letter: You can also ask your bank for a letter confirming the account details, the amount of funds available, and the duration the account has been active.
2. Provide Investment Documents
- If you have funds in investments, such as stocks, bonds, or mutual funds, provide documents showing the value of your investments. The documents should be recent (within the last six months) and easily understandable by immigration officers.
- Investment Account Statements: These should show how much money you have and be accompanied by an official letter from your investment institution.
3. Show Property Documents (If Applicable)
- If you own property, you may be able to include property-related documents to help demonstrate your financial stability. However, property is not liquid, so it’s typically only used as secondary evidence.
- Property Ownership and Valuation Documents: Include documents showing the value of any real estate, such as property deeds or valuation reports.
4. Demonstrate Liquid Funds
- The funds you demonstrate should be liquid and easily accessible. While you can use property and investments as supporting documents, the primary focus should be on cash or assets that can be quickly converted into cash (such as savings accounts).
5. Provide Evidence of Additional Financial Assets (If Applicable)
- If you have financial assets that can be converted into cash, such as certificates of deposit (CDs), fixed deposits, or pension funds that you can access, include statements showing their value.
- Loans or Gifts: If you plan to use a loan or funds from family members (as gifts), provide official letters or documents outlining the source of these funds. Ensure that you provide clear evidence that the funds are accessible and yours to use for settlement.
6. Documents in English or French
- Translations: If the original documents are in a language other than English or French, you must include a certified translation along with a copy of the original documents.
7. Declare Your Funds in the Application
- In your Express Entry profile, you’ll need to declare the amount of funds you have. The amount must meet or exceed the minimum funds requirement listed by the Canadian government, depending on the number of family members you are including in your application.
8. Meeting the Minimum Funds Requirement
- The minimum amount you need to show varies depending on the size of your family. Refer to the official Express Entry website for the current minimum amounts:
- For 1 person: Approx. CAD 13,310
- For 2 persons: Approx. CAD 16,570
- For 3 persons: Approx. CAD 20,371
- For 4 persons: Approx. CAD 24,733
- For 5 persons: Approx. CAD 27,847
- And so on, based on family size.
- Note: The amounts above are subject to change, so check for the latest figures on the official website.
9. Avoid Loans as Primary Funds
- Loans are generally not accepted as primary proof of funds. You need to demonstrate that the funds are your own and not borrowed, as the Canadian government wants to see that you have financial independence for settlement.
10. Proof for Spouses or Common-Law Partners
- If you’re applying with a spouse or common-law partner, you can also include their financial documents as part of the proof of funds. However, you must clearly show that the funds belong to you (or jointly to you and your spouse) and that they are available for settlement in Canada.
11. Keep Your Funds Accessible
- The funds must be available to you for settlement purposes. If the money is locked in a non-accessible account or tied up in investments, it may not be considered.
12. Using Funds in Canadian Dollars
- Ensure that you provide the proof in Canadian Dollars (CAD), or if the funds are in another currency, you will need to convert them to CAD and include an official exchange rate.
Important Considerations:
- Proof of funds is required until you receive your ITA and submit your full application. After receiving an ITA, you must still demonstrate that you have the required funds at the time of application submission.
- If you’re already working in Canada with a valid job offer, you don’t need to show proof of funds.
By submitting comprehensive and clear proof of funds, you ensure that your Express Entry application remains in good standing and avoid delays in the processing of your application.