What are Proof of funds require for Canada Express Entry?
What are Proof of funds require for Canada Express Entry?
Undoubtedly, Canada is an amazing country for immigration with more than 60 immigration programs including federal express entry program, provincial nominee program, sponsorship programs and more. Among all, Federal express entry is the most popular program with the fastest processing time of four to six months.
The Federal Government of Canada introduced the Express Entry program in 2015 to ease the entry of a large number of skilled immigrants from different parts of the world to Canada. Since its introduction, it has been one of the most important pathways for Canada PR visa program from India. It was introduced as a transparent and quick immigration program to select and nominate eligible candidates. It has three immigration categories including, Federal Skilled Worker Program points (FSWP), Federal Skilled Trades Program Checklist (FSTP) and Canadian Experience Class Program Points (CEC).
Federal Skilled Worker Class:
This economic category is an appropriate choice for those skilled immigrants who qualify Canada express entry minimum points and contribute to meet the labor shortage in the country.
Federal Skilled Trades Class:
This category invites semi-skilled foreign nationals with some basic requirements of education, work experience, language proficiency and more. To apply for this program, an applicant must qualify the Federal Skilled Trades Program checklist.
Canadian Experience Class:
This category invites applicants who have work experience in Canada or who have studied in a Canadian university. Canadian Experience Class eligibility points include a minimum of CLB level 7 in language proficiency tests like IELTS, one-year work experience and more.
Canada Express entry program requirements 2019:
Skilled work experience:
The Canadian government has classified the jobs into three groups under National Job Classification (NOC), including:
- Skilled Type 0/ management jobs
- Skilled Type A/ Professional jobs
- Skilled Type B/Technical jobs and skilled trades
Language ability:
Proficiency in English or French is a must for immigrants who wish to immigrate to Canada. For that, he/she needs to submit the scorecard of language proficiency test like IELTS, TEF and more. A minimum of Canadian language benchmark (CLB) 7 is required in each language abilities including listening, writing, reading and speaking in Federal Skilled Worker Program Express Entry.
Education:
If an applicant has done education from the foreign institution, then he/she needs to submit educational credential assessment report including degree, certificate or diploma from a recognized institution or training centre, showing that his/her education level is equivalent to degrees, diploma of the Canadian system.
Proof of funds:
Steps to apply for Canada PR visa program from India, it is necessary to submit official letters as proof of funds, approved from any recognized financial institution or bank. The government requires proof of funds to ensure that an applicant is able to support him/her and his/her family after immigration to Canada. The following is the list for minimum required funds for immigration to Canada.
Number of family members | Funds required in Canadian dollars |
1 | $12,699 |
2 | $15,772 |
3 | $19,390 |
4 | $23,542 |
5 | $26,701 |
6 | $30,114 |
7 | $33,528 |
What can be accepted as proof of funds?
The Canadian government accepts only liquid assets or dissolvable funds as a part of Canada PR Visa Requirements 2019 which can be available to applicant for immediate use in Canada after immigration. For instance, borrowed money or equity on real property cannot be treated as proof of funds.
For that, an official, financial letter approved from any bank or financial institution is required. It must be printed on the letterhead of financial institution, and include the following essentials:
Contact information (address, telephone number and email address)
Your name
List of outstanding debts such as credit card debts and loans
Details for each current bank and investment account with:
- Account number
- Date of opening of each account
- The current balance of each account
- The average balance for the past six months
You can bring as much amount as you want in the form of cash, stocks (shares, treasury bills) and bank balance (cheques, deposits, money orders).
For further any information, feel free to contact experts of countrywide visas. Countrywide visas is one of the best Canada Immigration Consultants in Delhi for Canada PR with a large, devoted team of Immigration experts offers hassle-free and professional services to its clients for filing their applications for various immigration programs.
You are welcome to call us or send us an email with your immigration questions and inquiries. You may contact us on 011-41075840 / 011-41045840 or leave a mail at info@countrywidevisas.com. You may also fill the Technical Assessment Form for free to get a call back from our Immigration Specialists. All you need to do is fill an assessment form and let our immigration experts assist you over the phone call or by meeting you in person and give you the best available options to fulfill your dreams of settling abroad.