Candidates who do not update their POF by May 27, a day before IRCC’s update takes effect, will have their Express Entry profile deemed ineligible.

This means that the candidate will need to submit a fresh Express Entry application.

Proof of funds should be submitted by an official letter from any bank or financial institution where the candidate has an account.

IRCC clarifies that letters submitted to the department must be printed on the financial institution’s letterhead and include the following information:

• Contact information of the institution (address, telephone number and email address)
• candidate’s name
• Outstanding debts of the candidate (credit card debt, loans etc.)
• Details of each banking and investment account currently held by the candidate with the Institute*

*IRCC requires account number, account opening date, current account balance and average account balance for the last six months.

In the following circumstances, IRCC allows Express Entry candidates to use money belonging to their spouse as proof of their funds.

• If the Express Entry candidate is accompanied by his/her spouse to Canada, funds from the joint account are acceptable for POF
• Only funds deposited in an account in the spouse’s name can be used for POF, if the Express Entry candidate can prove that they have access to the funds

IRCC notes that, due to requirements relating to what is acceptable for a candidate’s POF (see question four), Express Entry candidates “may not borrow [money used for POF] From someone else.”

Yes. This is because both FSTP and FSWP candidates, who would normally have to show proof of funds to IRCC, will be exempt from this requirement if they are authorized to work in Canada and have a valid job offer.

Proof of funds (equivalent in Canadian Dollars) is required at the time of submission of application and applicants should always keep the required funds on hand until a final decision is made.

IRCC reserves the right to request updated settlement funds at any time, and this may happen if there are significant currency fluctuations.

It is not uncommon for Express Entry candidates to notice a significant change in their situation, whether financial or otherwise, after submitting their profile.

The candidate is responsible for promptly updating his or her profile following any changes. Failure to do so may render the candidate’s profile ineligible for Express Entry, particularly if the change affects the individual’s ability to meet the eligibility criteria for any of the three programmes managed under the Express Entry system.

More: Click here to learn more about how to deal with Express Entry profile changes that occur after receiving an Invitation to Apply (ITA) for permanent residence in Canada.

Proof of funds can be a difficult and complex topic to understand. Hiring the services of a certified Canadian immigration lawyer can make things easier as they can help candidates and applicants:

• Preparing the required documents
• Ensuring that serious mistakes are avoided
• Responding to the Canadian Government
• Using your expertise to avoid unnecessary delays during the Express Entry immigration process