The IRCC Updates the Proof of Funds Requirement for Express Entry
Express Entry candidates now need to provide proof of finances as part of their application, according to Immigration, Refugees and Citizenship Canada (IRCC). It was announced on the IRCC’s website on May 2 that the modification was effective on April 25.
Every year, the amount of proof of funds is updated. The IRCC uses 50% of the low-income cut off amounts to determine the amount. To be eligible, you must update the settlement fund numbers in your Express Entry profile. In addition, having financial documentation demonstrates that you have the means to live comfortably in Canada. After an Express Entry draw, any applicant who receives an invitation to apply (ITA) must be able to show written proof that they have sufficient funds.
Candidates with legitimate job offers and authorization to work in Canada are exempt from the Canadian Experience Class and Express Entry requirements. You must present financial documentation in order to satisfy the minimum requirements of the Federal Skilled Worker Program and Federal Skilled Trades Program. In addition, the amount of money required may differ based on the candidate’s family size.
No. of Family Members Amount of Funds Required (In Dollars) 1 $13,757 2 $17,127 3 $21,0551 4 $25,564 5 $28,994 6 $32,700 7 $36,407 Over 7 (Per member) $3,706
Demonstrating Proof of Funds in Canada’s Express Entry System
To demonstrate that you have the funds necessary to pay, you must obtain formal letters from any banks or other financial organisations where you have an account. These letters must be printed on the financial institution’s letterhead and include the following information:
- The bank’s or institution’s contact information or details;
- Your name, any outstanding debts;
- The information for each current account you have with them for banking and investing:
- Account numbers;
- The date each account was opened;
- Current account balances; and
- The average balance over the previous six months.
In addition, you must have access to your finances both when you apply for and are granted a permanent resident visa.
Moreover, when you get to Canada, you must be able to prove to IRCC that you have permission to use the funds. Furthermore, even if your family members aren’t travelling to Canada with you, you must be able to use this money to cover their living expenses. You can include any funds held in a joint account if your spouse or other significant other is travelling with you. If your spouse has money in a different account, you might be allowed to claim it, but you’ll need to show that you have access to it when you need it.
When It Comes to Money, How Much Should You Bring?
You should bring as much cash as you can, according to the IRCC. This will make moving to Canada and finding a home simpler. The department points out that if you are carrying more than $10,000 CAN into Canada, you must inform the border guard when you arrive. If you don’t declare anything beyond that, you risk a fine and having your money taken.