Part of the Express Entry application is demonstrating your financial capability. Watch our video to learn on how you can demonstrate to Citizenship and Immigration Canada that you will be economically established when invited for Permanent Residency to Canada through the Express Entry Route.
Express Entry Are Assets and Personal Networks Part of Selection Process
One of our more commonly asked question topics relates to the Assets and Personal Networks if it plays a role in the selection process when applying for Permanent Residency under the Express Entry or Economical Stream. The answer lies in what the application is looking for. Under the Express Entry or Economic Category, the purpose of the application is to demonstrate to Canada that you as the applicant will be economically established in Canada. If you meet all the requirements, score well on the six selection factors which include (education, work experience, age, arranged employment, adaptability and language ability) you may get invited under the Express Entry by the government of Canada to continue your application. To get the approval the immigration officer also looks at how you will support yourself once you arrive in Canada. So if you do not have employment or funds to show you can support yourself once you arrive in Canada the immigration officer looks at this as a warning sign. This is because the immigration officer will be concerned about your arrival to Canada – where will you be living? How are you going to support yourself? How will you pay rent? Therefore, having no income or funds could be a hindrance on your application. However, if you show that you have a means of support such as residing with a friend/family member, you could still successfully proceed with your application.
Overall, you would need to demonstrate that you have a solid background plan. The rule of thumb, as described on government websites, is to have liquidated assets of $22 000 (CAD). If you can demonstrate that you have this, it would be a strong addition to your application and greatly assist with your success. However, if you do not, it does not mean you will be refused. The officer will still assess to see if you could reasonably be able to support yourself once you land in Canada. They want to ensure that you are not going to be a financial burden to Canada or rely on social assistance. While the focus is economically established, you can still focus your application on the Canadian need for your specific skill set and thus finding employment will not be difficult.
Possible documents to include could be job offers from employers, which can increase the chance of approval for individuals who do not have many assets. If you have any further questions on your specific application or general inquiries, please feel free to give as a call as we are here to help.
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