Se préparer financièrement
Proof of funds for Express entry is how you demonstrate that you have enough money to settle in Canada. If you are invited to apply, you must provide written proof that you have this money.
You must provide proof of funds to meet the minimum requirements of:
- Federal Skilled Worker Program;
- Federal Skilled Trades Program.
When you immigrate to Canada, you must have the ability to access your funds easily and quickly. For example, you cannot use equity from real estate as proof of funds for establishment.
Also, you cannot borrow this money from another person. You must be able to use the funds available to you to support your family members (even if they are not coming with you).
If your spouse is accompanying you, you can count the money you have together in a joint account. You could count the money in an account in their name, but you must prove that you have access to the money.
<<>> Lire aussi : Entrée express: Comment rédiger une lettre de référence
Funds must be available when you submit your application and, if applicable, when we issue you a permanent resident visa. You must prove that you can legally access these funds to help you settle here.
If your spouse is accompanying you, you can count the money you have together in a joint account. You could count the money in an account in their name, but you must prove that you have access to the money.
<<>> Lire aussi : Comment obtenir une Equivalence des diplômes d’étude (EDE)
As proof of funds for immigration to Canada with Express Entry, you must obtain an official letter from any bank or other financial institution where your money is located.
The letter(s) must:
- be printed on financial institution letterhead;
- include contact information for the financial institution (address, telephone number and email address);
- mention your name;
- include a list of all outstanding debts, such as credit card balances and loans;
- include, for each current bank account and each current investment account:
- account number;
- the date the account was opened;
- current account balance;
- the average account balance over the past six months
To learn more about the minimum you need to have in your account to justify your financial capacity, please read the article: Preuve de fonds suffisants pour immigrer au Canada dès le 09 juin 2022
Amount of money (Funds) you need to bring during your immigration
Find out about the cost of living in the locality in Canada where you plan to settle. Your proof of funds must show that you can support yourself following your immigration to Canada with Express Entry.
Bring as much money as possible to make it easier for you to move and find accommodation in Canada.
When you arrive in Canada, you must notify the border agent if you have more than CAN$10,000 in your possession.
If you don’t, you could be fined and your funds could be seized. These funds can take the form of:
- cash;
- title deeds or bearer securities, for example:
- shares;
- obligations;
- debentures;
- goods of treasure;
- documents guaranteeing that a specific sum of money is payable to you, such as:
- bank drafts;
- checks;
- travellers cheques;
- warrants.
<<>> Lire aussi : Entrée Express: Programme de travailleurs qualifiés – Quels documents dois-je préparer?
Who doesn’t need proof of funds to settle in Canada?
You do not need to show that you have enough money to support yourself and your family if:
- you are applying under the Canadian Experience Class or
- you are currently authorized to work in Canada and have a valid job offer, even if you are applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program
Keep the amount of funds you have in your profile up to date. The system may determine that you qualify for more than one program. You may not always know in advance which program you will be invited to apply for.
