IRCC has amended the Express Entry Proof of Funds requirement, which came through an official announcement on May 2, 2023. However, the change came into effect on April 25.
The department revises and updates the amount associated with the Proof of Funds annually. Also, IRCC determines the amount on the basis of half of the total low-income cut-offs. However, to gain eligibility, Express Entry candidates will require to update the figure of the Proof of Funds in their profiles.
IRCC has amended the Express Entry Proof of Funds requirement
The Proof of Funds requirement ensures that the individual holds sufficient money to reside in Canada. Candidates with an invitation to apply must demonstrate that they possess adequate money to assist themselves and their families financially.
However, Canadian Experience Class candidates are exempt from demonstrating this Proof of Funds requirement. Likewise, an Express Entry candidate with legal authority to work in Canada and a valid employment offer is exempt. Moreover, it is applicable to those applying under the Federal Skilled Worker Program and FSTP.
Proof of Funds requirement- who is applicable for it?
Those under the Federal Skilled Trades Program and FSWP will need to fulfill the minimum requirements of the Proof of Funds.
Proof of Funds money requirement
A candidate’s family size determines the amount of funds required. A family comprises the following:
- Your spouse or common-law-partner
- Yourself
- Your dependent children
- The dependent children of your spouse or Common-law-partner
| Number of family members’ funds |
Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If above seven people, each additional family member | $3,706 |
There are two conditions despite which an individual must include their dependent children, spouse, or common-law partner. They’re as follows:
- They hold Canadian citizenship and Permanent Residence.
- Even if they’re not accompanying the individual.
Proof of Funds requirement- how to demonstrate it?
Individuals must ensure they show the letters from banks or financial institutions where they might have an account. This way, they’ll be able to prove that they possess sufficient money. Additionally, they must ensure that the letter is on the financial organization’s letterhead only. It must consist of the following points:
- The contact details, such as telephone number, email ID, and address of the bank or financial institution.
- Your name and account numbers.
- Information regarding the figure of debts outstanding in your name- credit card loans and debts.
- Current banking and investment account details.
- The opening date of each account.
- Current account balance details.
- Balance related to the past six months.
According to IRCC, the Proof of Funds requirement must be available while you apply or when you receive they issue you a Permanent Residence Visa.
Also, you must convince IRCC that you’ll have complete access to the money when you finally come to Canada.
However, it also implies the following:
- Proof of settlement funds doesn’t indicate that you can use the equity on real property on its behalf.
- No other individual has the right to lend you this money.
Furthermore, it is vital to be able to access this money for your family’s living expenditure, even if they aren’t accompanying you in Canada.
If, supposedly, you have your spouse or partner accompanying you in Canada, you can keep your collective money in a joint account. On the other hand, you will also be able to keep the spouse’s money separately in a different account. However, you must be able to show that their money will remain accessible to you at any given point in time.
IRCC has amended the Express Entry Proof of Funds requirement- the amount of money requirement
The living expenditure is likely to vary throughout Canada, and huge cities like Vancouver and Toronto are costlier than different locations.
According to IRCC, individuals must bring the maximum amount of money. This will make it more convenient for them to find a home. At the Canadian border, individuals must demonstrate if they possess over CAN$ 10,000 in Canada. Not declaring anything beyond this amount will result in a penalty and confiscation of the money.
This means they must be able to display cash and documents depicting show property or payable capital, including stocks, debentures, bonds, and treasury bills. Besides this, they will show documents of a guaranteed payment of a standard amount of money, payable in the former of cheques, travelers’ cheques, money orders, and banker’s drafts.
