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Recently, the Immigration, Refugee, Citizenship Canada (IRCC) updated the proof of funds requirement, i.e., the amount of money an Express Entry candidate need to settle down in Canada. To maintain the eligibility, skilled applicants must update their settlement fund numbers in their respective Express Entry profiles no later than 15th July 2021.
Applicants need to update proof of funds to meet the minimum eligibility requirements for the following programs:
· Federal Skilled Worker Program
· Federal Skilled Trades Program
The IRCC has updated the minimum amount an applicant need every year, based on 50% of the low income cut-off totals.
Refer the table for updated funds requirement you need to show to immigrate to Canada via Express Entry:
|
Number of family members |
Funds required (in Canadian dollars) |
|
1 |
$13,213 |
|
2 |
$16,449 |
|
3 |
$20,222 |
|
4 |
$24,553 |
|
5 |
$27,847 |
|
6 |
$31,407 |
|
7 |
$34,967 |
|
For each additional family member |
$3,560 |
Please note, updating your Express Entry profile will not change the date and time IRCC received your profile, which means you will keep the rank if you fall under a tie-breaker situation.
Who don t need proof of funds?
Candidates don’t need to show settlement funds to support themselves and their family in Canada, if:
· They are applying under CEC (Canadian Experience Class)
· They have a valid job offer and are authorized to work in Canada, even if they apply under FSWP or FSTP
How much money is required?
The amount of settlement funds an applicant needs to support his/her family depends on the family size. For calculating the family size, an applicant must include:
· Himself/Herself
· His/her spouse or partner
· His/her dependent children
· His/her spouse’s dependent children
What is accepted as proof of funds?
For proof, an applicant need official letter/s from a bank or a financial institution where he/she kept the money and the letter/s must:
· be printed on a letterhead of a financial institution
· Mention the contact details, including address, email address and telephone number
· Have applicant s name
· Have a list of outstanding debts like loans and credit card debts
· Include account numbers, date an account was opened, current balance and average balance for the last six months for each of his/her investment and current bank account
To To get more Canadian immigration updates, visit Canada PR Avenue- a trusted visa and immigration consultancy company in India. Or, to discover your eligibility for Express Entry, take our quick profile assessment online, followed by which one of our representatives will contact you to discuss the possibilities.
Canada PR Avenue is purely an online platform to share immigration knowledge and information. It is not associated with any of the Government Immigration agencies or embassies, moreover, it doesn’t deal in any kind of placement or job related services. The website of Canada PR Avenue is a subsidiary website of www.visasavenue.com, hence, any query received on this website will be handled by the Team of Visas Avenue Pvt Ltd.
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