Immigration, Refugees, and Citizenship Canada (IRCC) announced a minor update regarding the minimum proof of fund required to be disclosed by applicants to qualify under the Express Entry system.
The said changes are now applicable to two of the three immigration streams under the Express Entry: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). Typically candidates with no Canadian job offer are subjected to furnish the details of the below-tabulated amounts to qualify for an invitation to apply for permanent residency.
The announcement also made it clear for the existing applicants in the federal pool to update their proof of funds documents with the latest amounts. The update should be no later than July 15, 2021.
In case of applicability of tie-break rules, updating your profile will not change the date and time of when Immigration, Refugees, and Citizenship Canada (IRCC) received the profile. Applicants will keep their previous rank.
|Number of Family Members||Minimum Funds Required in CAD|
|Each additional family member||$3,560|
Eligible Proof of Funds
Written proof of funds will have to submit to IRCC after receiving an invitation to apply for permanent residency.
According to the government webpage, the most important proof of funds is an official letter from your bank or financial institution. The letter must typically contain the following:
- be printed on the financial institution’s letterhead;
- include the institution’s address, phone number, and email;
- include your name;
- list outstanding debts such as credit card debts and loans; and
- include, for each bank and investment account, the actual numbers, date each account was opened, current balance of each account, and the average balance for the past six months.
Also, ensure that funds must be readily available to you cannot be in the form of borrowed funds or equity. In case of accompanied by your spouse, money could be in a joint account.
Express Entry Draws in 2021
In-house immigration lawyers at CanApprove see the latest announcement to revise the minimum proof of fund as a sign of holding the first all-program Express Entry draw in 2021 soon.
After the pandemic-related travel restrictions came into force in 2020, Canada re-innovated to holding program-specific draws which facilitated temporary immigrants already present in Canada to apply for permanent residency. Such candidates qualified for Express Entry invitations under Canadian Experience Class or Provincial Nominee Programs. These programs have high numbers of candidates in Canada who are not necessarily required to provide proof of funds.
Before receiving an invitation, applicants are required to have strong language proficiency in English or French, an education degree of at least graduate level, adequate work experience, and aged less than 45 years for a better chance of approval.
Allowing nomination draws for candidates qualifying under FSWP and FSTP would mean the entry of more foreign immigrants without work experience. This is in line with the immigration levels plan for 2021-2023 to invite more than 1.2 million newcomers.
Take this free Express Entry assessment to determine your eligibility.
You can also contact CanApprove to know more about Canadian immigration and eligible immigration programs suited to your work & academic profile.