Immigration, Refugees, and Citizenship Canada (IRCC) announced an update regarding the minimum Express Entry proof of fund. Any immigration aspirant willing to enter the federal Express Entry pool must disclose the proof of settlement funds to apply for Canadian permanent residency under the Express Entry system.
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 to the Express Entry profile should be no later than June 08, 2022.
This also serves as an indication that IRCC is gearing up to resume all-program Express Entry draws for FSWP & CEC candidates by July 2022.
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.
|Total Number of Family Members||Minimum Funds Required in CAD|
|Each additional family member||$3,586|
Express Entry proof of funds is only applicable to candidates without a job offer in Canada and qualifying for two out of three immigration programs under Express Entry: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). Those with a job offer in Canada or qualifying under Canada Experience Class (CEC) are not required to disclose settlement funds.
In case of applicability of tie-break rules, updating Express Entry profiles will not change the date and time of when Immigration, Refugees, and Citizenship Canada (IRCC) received the profile. Applicants will keep their previous rank.
What is Express Entry Proof of Funds?
Written proof of settlement funds will have to submit to IRCC after receiving an invitation to apply for permanent residency.
According to the official page, the most important Express Entry 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, the date each account was opened, the current balance of each account, and the average balance for the past six months.
Also, ensure that disclosed funds are readily available at the time of applying for Canadian permanent residence and above the minimum requirement. The disclosed amount cannot be in the form of borrowed funds or equity. In case of accompanied by your spouse, money could be in a joint account.
Get in touch with our expert consultants to discuss further technicalities unique to your profile.
Express Entry Draws in 2022
In-house immigration consultants at CanApprove see the latest announcement to revise the minimum proof of fund as a build-up to holding the all-program Express Entry draw since 2020.
After the pandemic-related travel restrictions came into force in March 2020, Canada re-innovated to holding program-specific draws. PNP & CEC Express Entry draws facilitated temporary residents to apply for Canadian permanent residency. These programs have high numbers of candidates in Canada who are not necessarily required to provide Express Entry proof of funds.
Canada only held PNP-specific Express Entry draws throughout 2022. The latest draw invited 545 profiles with provincial nominations and a qualifying CRS score above 753 to apply for Canadian permanent residency.
Prior to receiving an invitation, applicants are required to have strong language proficiency in English or French, and education degree of at least graduate level, adequate work experience, and age 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 local Canadian work experience. This is in line with the immigration levels plan for 2022-2024 which aims to invite more than 1.7 million permanent residents. Nearly 60 per cent of the total target will be met under the economic-class programs.
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.