Proof of funds for Express Entry will be increased in 2022
Candidates for the Federal Skilled Worker Program and Federal Skilled Trades Program must update their proof of funds by June 8.
The proof of settlement funds requirement for Express Entry applicants has been modified by Canada.
These changes affect Express Entry applicants in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). Applicants from these programmes who have a legitimate work offer in Canada, as well as Canadian Experience Class (CEC) candidates, are exempt.
Candidates for the FSWP and FSTP who do not have a job offer in Canada must pay the following fees to stay eligible for immigration:
| Number of family members | Funds required in CAD |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| Each additional family member | $3,586 |
If your papers reflect less than the aforementioned sums, you have until June 8 to amend your profile. The date and time that Immigration, Refugees and Citizenship Canada (IRCC) received your Express Entry profile are unaffected by updating it.
This is crucial when the IRCC applies the tie-break rule. Candidates with the lowest Comprehensive Ranking System (CRS) score are only invited if their profiles are submitted on or before a specific deadline set by IRCC for each invitation round.
Both when you apply and if you are granted a permanent residence visa, you must have sufficient finances. You'll have to show the immigration official that you have legal access to the funds when you arrive.
You must be able to cover the costs of living for your entire family, including those who will not accompany you. You can count the money you have in a joint account if your spouse is coming. You must verify you have access to the funds if you are using an account in their name exclusively.
You can't borrow this money from someone else, and you can't utilise home equity to prove settlement funds.
What evidence of funding does the IRCC accept?
Official letters from any banks or financial institutions where you're holding the money are required as proof.
Letters must, according to the IRCC government website:
• be printed on the financial institution’s letterhead;
• include the financial institution’s contact information (address, telephone number and email address);
• include your name;
• list outstanding debts such as credit card debts and loans; and
• include, for each current bank and investment account, the account numbers, date each account was opened, current balance of each account, and average balance for the past six months.
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