Express Entry
IRCC Increases Express Entry Proof of Funds for 2022
Immigration, Refugees and Citizenship Canada (IRCC) updated the proof of settlement funds requirement for express entry in 2022. The increased express entry proof of funds will be applied to the candidates applying through Federal Skilled Worker Program and Federal Skilled Trades Program.
This change is not applied to the candidates who have a valid job offer in Canada and applying through CEC. The FSWP and FSTP candidates without a valid job offer will require the following to stand eligible for the immigration process.
Number of family members Funds required in CAD 1 $13,310 2 $16,570 3 $20,371 4 $24,733 5 $28,052 6 $31,638 7 $35,224 Each additional family member $3,586
The candidate will have time until June 8 to update their profile in case they have less than the above-mentioned amounts on their documents. Updating an Express Entry profile does not affect the date and time of your submission. The candidates who have a minimum CRS score will only receive invitations if their profiles were received on or before the due date, which IRCC informs with every draw.
The funds must be sorted in both the situations when you apply and if you get a permanent resident visa. After your arrival, you will have to offer the immigration officer that you have legal access to the funds.
One must be able to afford the cost of living of their family, even those who are not accompanying them to Canada. In case your spouse is coming along, you can calculate the money you both have in a joint account. If you are accessing it through an account in their name, then you must be able to prove that you have legal access to the funds. One cannot lend money from someone else, or use the equity on the property as evidence of settlement funds.
Documents that IRCC accepts as Proof of Funds
One requires official letters from any banks or financial institutions where one is keeping money. IRCC states that letters must:
- be printed on the financial institution’s letterhead;
- include the financial institution’s contact information
- include your name;
- exhibit 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, the current balance of each account, and the average balance for the past six months.
