When you apply for a Canadian permanent residence via Express Entry, you may be required to submit proof of funds. Certain streams of immigration are required to provide proof of funding requirements or proof of financial support to ensure the applicant has enough resources to support himself and his family as they embark on a new life in Canada.
You don’t need to spend this money. But you do need to prove to the visa officer that you could spend it. If the applicant is unable to provide proof of funds documentation, their application will likely be refused or rejected.
What the government accept as proof
You must be able to access funds readily. For instance, as evidence of settlement funds, you can not use the equity in real estate.
You can’t borrow another person’s money, either. You must be able to use this money to pay your family’s living costs (even if they don’t).
You can count the money you’ve put together on a joint account if your partner comes with you. You may count money only on your name on the account but must demonstrate that you have access to the money.
The funding needs to be available both for application and when a permanent resident visa is issued by the government. You must prove to an immigration officer that when you arrive, you can legally use the money you need. For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number, and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account,
- account numbers
- date each account was opened
- the current balance of each account
- the average balance for the past 6 months