Immigration, Refugees, and Citizenship Canada (IRCC) announced its yearly update on the revised Express Entry proof of fund requirement which became effective from April 25, 2023.
Any immigrant 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.
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 – PREVIOUS||Minimum Funds Required in CAD – CURRENT|
|Each additional family member||$3,586||$3,706|
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 being 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 2023
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.
Canada has held six all-program Express Entry and five program-specific draw so far in 2023. The 2023-2025 annual targets for Express Entry landings (principal applicants, spouses, and dependents) are projected at
- 82,880 ITAs in 2023
- 109,020 ITAs in 2024
- 114,000 ITAs in 2025
To assist PGWP holders, immigration minister Sean Fraser recently announced an 18-month open work permit extension. In this context, the recent extension to Post-Graduation Work Permits (PGWPs), and the regularity of all program draws will benefit candidates in the Canada Experience Class (CEC).
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.