Immigration, Refugees, and Citizenship Canada (IRCC) has made an update to the proof of funds required to apply for Express Entry. The change, announced on May 2nd - was effective on April 25, 2023.
Proof of funds required for Express Entry is updated yearly. IRCC calculates the amount based on 50% of the low-income cut-off loads. In order to stay eligible, candidates are required to update the settlement fund members in their Express Entry profile. The update must be done no later than April 25, 2023.
Proof of funds for Express Entry demonstrates that candidates have enough money to settle in Canada. Anyone who receives an Invitation to Apply (ITA) through an Express Entry draw - must be able to show written proof that they have this money.
Candidates are required to demonstrate proof of funds to meet the minimum requirements if they’re applying under:
Anyone applying under the Canadian Experience Class (CEC) does not need to show that they have enough money to support themselves and their family. Express Entry candidates with a valid job offer authorized to work in Canada are exempt, even if they’re applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
The amount of funds required to be eligible for Express Entry changes based on the size of a candidate’s family. A family generally consists of:
|Number of family members||Funds Required (In Canadian dollers)|
|If more than 7, for each additional member||$3,706|
Candidates must include their spouse or common-law partner and dependent children, even if they’re:
Candidates must gather official letters from banks or other financial institutions where they have an account – to prove that they have sufficient money to settle. The letters must be printed on the institution’s letterhead and must include:
Candidates must demonstrate proof of funds when they apply for Canada PR. Candidates must be able to show IRCC that they can legally access the money after arriving in Canada.
IRCC advises that you should bring as much money as you can. This will make moving and settling in Canada easier.
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