Learning moments – Proof of funds for an ongoing permanent residence application under Express Entry
December 18, 2019
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Hello, fellow practitioners! Today’s question deals with who is required to show proof of funds for an ongoing permanent residence application under Express Entry.
Reader’s Question:
I understand that proof of funds is not required if you have arranged employment, but if an individual is in Canada and working full time on a valid open work permit/ PGWP, are they required to show proof of funds with ongoing full time employment?
Answer:
Proof of funds refers to the amount of money an individual has at their disposal to settle in Canada. The two categories where applicants need to provide evidence that they have sufficient funds are those who apply and are invited under:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Individuals applying under the Canadian Experience Class are exempt from showing proof of funds. Those who are authorized to work in Canada, and have a valid job offer are also exempt from this requirement, even if, applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
If they are applying under FSW or FST they must prove funds unless they have arranged employment.
Arranged employment means holding a valid job offer from a Canadian employer that meets the following requirements:
- made by one employer
- continuous
- paid
- full-time (at least 30 hours a week)
- for at least one year after we issue your permanent resident visa
- not seasonal
- in a job that is NOC:
- Skill Type 0 or
- Skill Levels A or B
And, must be made:
· by an employer with a new positive LMIA that approves the offer and names you and your position OR
- if you’re currently working in Canada in a NOC 0, A or B job on a work permit that was issued based on an LMIA, and:
- you’re working for an employer listed on your work permit
- you’re authorized to work in Canada on the day you apply for a permanent resident visa, and when the visa is issued
- your current employer made you an offer to give you a full-time job for at least one year if you’re accepted as a permanent resident OR
- if you have a valid work permit for a NOC 0, A or B job that is exempt from needing an LMIA, and you:
- are currently working for an employer specified on the work permit
- have one year of full-time work experience (or an equal amount of part-time work) for that employer
- have a valid job offer from that employer for at least one year after we issue your permanent resident visa
Since the PGWP is not an employer specific work permit, the offer will not count as arranged employment unless the employer secured an LMIA.
It is important to be aware about the category one is invited to apply under. As we know, based on the information in an individual’s profile, they may be eligible for more than one program. If that happens to be the case, the system will sort through profiles and invite applicants to apply based on the following order:
– Canadian Experience Class
– Federal Skilled Worker Program
– Federal Skilled Trades Program
Once invited to apply, the individual must meet the eligibility requirements of that particular program before accepting the invitation.
The amount of money you need to support your family depends on the size of your family.
To calculate the size of your family you must include
- yourself
- your spouse or partner
- your dependent children
- your spouse’s dependent children
It’s important to include your spouse or dependent children even if they’re
- permanent residents or Canadian citizens
- not coming to Canada with you
In terms of what evidence to provide towards proof of funds, IRCC provides guidance on its web page
Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.
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 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.
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you’re keeping money.
Letter(s) must
- 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, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
There is no limit to bring funds to Canada. However, if an individual is bringing more than C$10,000, they must advise the border officer when they arrive in Canada. If this information is not provided upon entry, the individual could be fined, and the funds could be seized.
This includes:
- cash
- documents that show property or capital payable to you, such as:
- stocks
- bonds
- debentures
- treasury bills
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts
- cheques
- money orders
- travellers’ cheques
Please send your questions to info@desloges.ca. Only those questions selected for this column will be answered. Should you require an answer to your question faster or outside of this column please consider scheduling a paid professional consultation. You can use the same email address