By admin (May 21, 2024)
Newest Update for Express Entry Proof of Funds Requirement
Newest update for Express Entry proof of funds requirement has been provided by IRCC. The change was announced on May 2nd on the website of IRCC which was effective on April 25.
Proof of funds amounts is updated annually. The amount is based on 50% of the low-income cut-off totals. You need to update the settlement fund numbers in your Express Entry profile to stay eligible. Proof of funds is important as it demonstrates that you have sufficient money to stay in Canada for a specific period.
Any candidate who receives an Invitation to Apply (ITA) through an Express Entry draw must be able to show written proof of sufficient funds. Candidates who are applying under Canadian Experience Class (CEC) do not need to show proof of enough funds to support themselves and their families. Candidates having valid job offers and authorization to work in Canada are also exempted from showing proof of funds.
However, showing proof of funds is important for people who want to move to Canada Without a VJob Offer. You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program and Federal Skilled Trades Program.
How Much Fund is Needed?
The amount of funds needed usually depends upon the size of the family of the candidate. A candidate can be alone, or with a spouse and dependent children.
| Number of Family Members | Funds Required (in Canadian Dollars) |
| 1 | $ 13,757 |
| 2 | $ 17,127 |
| 3 | $ 21,005 |
| 4 | $ 25,564 |
| 5 | $ 28,994 |
| 6 | $ 32,700 |
| 7 | $ 36,407 |
| If there are more than 7 people in the family, then for each additional family member | $ 3,706 |
Your spouse/ common-law partner and dependent children must be included even if they are Canadian citizens, permanent residents or not coming to Canada with you.
How to Show Proof of Funds?
To prove that you have enough money to settle, you must get official letters from any banks or financial institutions where you have an account.
These letters must be printed on the letterhead of the financial institution and must include your name, the contact information of the bank or institution, account numbers, your outstanding debts such as credit cards or loans, average balance for the past 6 months, current account balances and date each account was opened.
As stated by IRCC, your funds should be available to you at the time of applying and also at the time when you are issued a permanent visa. You need to show IRCC that you will be able to access the money legally after your arrival in Canada which means neither you can borrow money from another person nor you can show equity on real property as proof of settlement funds.
Further, even if your family is not coming to Canada with you, you must be able to use this money to pay for their cost of living. You can count any money you and your spouse have together in a joint account, if your spouse/partner is coming with you to Canada. Even if your spouse’s money is in a separate account, you can count on it after proving that you can access the money when needed. IRCC Updated Program Instructions for Cases of Dual Intent some time back, and now it has updated the proof of funds requirement.
How Much Money Should You Bring?
Throughout Canada, the cost of living can vary widely. Large cities such as Vancouver and Toronto are likely to be more expensive than other locations. You should bring as much money as you can as advised by IRCC. This will make it easy to move and find a home in Canada.
The border officer must be informed if you are bringing more than $ 10,000 into the country upon your arrival. If you fail to declare anything over that amount, it can result in a fine and your money being seized. This includes documents and cash that show capital or property payable to you such as bonds, stocks, treasury bills, and debentures.
It also includes the documents which guarantee payment of a set amount of money payable to you such as cheques, bank drafts, traveler’s cheques, and money orders.Canada Immigration News will provide you the updates if there is any further change in the policy of IRCC regarding Express Entry or Provincial Nominee Program.