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Immigration, Refugees and Citizenship Canada (IRCC) made an announcement on May 2nd, 2023, regarding a new update to the proof of funds that Express Entry candidates are required to provide.
The change, which came into effect on April 25th, affects those who receive an invitation to apply (ITA) through the Express Entry draw. In this article, we will discuss the updated requirements and everything you need to know about the proof of funds for Express Entry.
Proof of funds is a way of demonstrating that you have enough money to support yourself and your family in Canada when you arrive. To be eligible for Express Entry, you must show written proof that you have this money. The IRCC updates the amount of funds required yearly, which is based on 50% of the low-income cut-off totals.
If you are submitting an application for the Federal Skilled Worker Program or the Federal Skilled Trades Program, you must provide evidence of your financial resources. However, if you are applying under the Canadian Experience Class, you do not need to show that you have enough money to support yourself and your family.
The amount of funds required depends on the size of your family, which includes yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children. The following table shows the required funds in Canadian dollars:
Please be aware that you are required to include your spouse or common-law partner as well as any dependent children in your application, even if they are Canadian citizens or permanent residents and will not be accompanying you to Canada.
In order to demonstrate that you have sufficient funds to settle in Canada, you will need official letters from any banks or financial institutions where you hold an account.
These letters should be printed on the financial institution’s letterhead and include their contact information (such as address, telephone number, and email), as well as your name, any outstanding debts, and details about your current banking and investment accounts, such as account numbers, dates opened, current balances, and average balances for the last six months.
The Immigration, Refugees and Citizenship Canada (IRCC) requires that your funds be available to you both when you apply for permanent residency and when you are issued a permanent resident visa.
You must be able to legally access the money when you arrive in Canada, which means that you cannot use real property equity as proof of settlement funds, nor can you borrow money from another individual. Furthermore, this money must be available to cover your family’s living expenses, even if they are not accompanying you to Canada.
If you are immigrating with a spouse or partner, you can combine any money you have in a joint account. You may also be able to use your spouse’s funds in a separate account, but you must demonstrate that you have access to the money as required.
To settle in Canada, you must show proof of funds to Immigration, Refugees and Citizenship Canada (IRCC). The cost of living can vary widely throughout the country, with large cities like Toronto and Vancouver being more expensive than other locations. IRCC advises that you bring as much money as you can to make moving and finding a home in Canada easier. When you arrive, you must declare any amount over CAN$10,000 to the border officer. This includes cash, stocks, bonds, debentures, treasury bills, banker’s drafts, cheques, money orders, and traveller’s cheques. Failing to declare this amount can result in a fine and your money being seized.
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