Canada IRCC has updated the amount of proof of funds Express Entry candidates need to immigrate.
Candidates who apply for Canada immigration under Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) will need the following amounts to remain eligible for immigration.
FSWP and FSTP candidates who do not have Canadian job offers will need the following amounts to remain eligible for immigration:
|Number of family members||Funds required in CAD|
|Each additional family member||$3,560|
If your proof of funds documents shows less than these amounts, you will have to update your Express Entry profile no later than July 15, 2021.
IRCC has not yet considered FSWP and FSTP candidates in an Express Entry draw in 2021. As part of a pandemic measure, Canada has only been holding draws for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates. These programs have high numbers of candidates in Canada who are not necessarily required to provide proof of funds.
What is Proof of funds for Canada Immigration?
It means when you get ITA (invitation to apply) to apply for permanent residence, you will need written proof that you have enough money to settle in Canada.
According to IRCC, your proof of funds needs to be on official letters from your bank or financial institution as below.
- printed on the financial institution’s letterhead
- include your name;
- include the institution’s address, phone number, and email;
- list outstanding debts such as credit card debts and loans;
- include, for each bank and investment account, the actual numbers, date each account was opened, current balance of each account, and the average balance for the past six months.
Funds must be readily available to you when you apply and when IRCC issues you a permanent residency visa. Meaning they cannot be in the form of equity. And, you cannot borrow them from another person.
If your spouse is coming with you, you can count the money you have together in a joint account. If you can prove you have access to an account under their name only, you may be able to count it too.