IRCC updates Proof of Funds required for Express Entry

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[Published 04 May, 2023 | 04:05 AM]
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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.

Check Your Express Entry Eligibility!

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.

Who needs Proof of Funds?

Candidates are required to demonstrate proof of funds to meet the minimum requirements if they’re applying under:

• Federal Skilled Worker Program (FSWP)
• Federal Skilled Trades Program (FSTP)

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.

Updated Proof of Funds for Express Entry

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:

• Candidate.
• Candidate’s Spouse or Common-law partner.
• Candidate’s Dependent Children.
• Spouse or Common-law partner’s Dependent Children.

Candidates must include their spouse or common-law partner and dependent children, even if they’re:

• Canadian citizens or permanent residents.
• Not coming to Canada along with the candidate.

How to show Proof of Funds?

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:

• The bank or institution contact information (address, telephone number, and email address).
• Candidate name.
• Outstanding debts (such as credit card debts and loans).
• These details for each current banking and investment account you have with them.
• Account numbers.
• Date each account was opened.
• Current account balances.
• Average balance for the past 6 months.

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.