The proof of funds required for Express Entry candidates has been updated by Immigration, Refugees, and Citizenship Canada (IRCC).
The modification, which was reported on the IRCC website today, May 2nd, went into effect on April 25th.
The amounts of proof of funds are changed yearly. The sum is based on 50% of the low-income cut-off totals, according to IRCC. To remain eligible, you must keep the settlement fund numbers in your Express Entry profile up to date.
Proof of funds proves that you have sufficient funds to live in Canada. Anyone who obtains an invitation to apply (ITA) through an Express Entry draw must be able to provide documented proof of having this money.
Anyone applying under the Canadian Experience Class, on the other hand, is not required to establish that they have enough money to sustain themselves and their family.
Exempt is an Express Entry candidate who is permitted to work in Canada and has a legitimate job offer. This is true regardless of whether you apply through the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Who required proof of funds?
To meet the basic standards, you must provide proof of finances.
How much funds do you require?
The amount of money needed varies depending on the size of the candidate's family. A family is made up of the following members:
yourself
your spouse or common-law partner
your dependent children and
your spouse or common-law partner’s dependent children
You must mention your spouse or common-law partner, as well as any dependent children, regardless of whether they are:
Citizens of Canada or permanent residents
not accompanying you to Canada
How to Present Proof of Funds?
To prove you have enough money to pay, you must obtain formal letters from any banks or financial organizations where you have an account.
These letters must be printed on the financial institution's letterhead and include the following information:
Contact details for the bank or institution (address, phone number, and email address)
your given name
your outstanding obligations (including credit card and loan balances)
these particulars for each of your current banking and investing accounts with them
bank account numbers
when each account was opened
balances in current accounts
average balance over the previous six months
According to IRCC, your money must be available to you both when:
you apply
You have been granted a permanent resident visa.
When you arrive in Canada, you must be able to demonstrate to IRCC that you have legal access to the funds.
For instance, this means:
You cannot utilize real estate equity as proof of settlement payments.
You cannot borrow this money from someone else.
Furthermore, you must be able to use this money to cover the living expenses of your family, even if they are not accompanying you to Canada.
If you're traveling with a spouse or partner, you can put any money you have in a joint account. You may also be permitted to count your spouse's money in a separate account, but you must demonstrate that you have access to the funds when needed.
What amount of money should you bring?
The cost of living varies greatly across Canada. Large cities like Toronto and Vancouver are typically more expensive than other regions.
The IRCC recommends that you bring as much money as possible. This will make it easy to relocate and find a home in Canada.
According to the agency, if you are carrying more than CAN$ 10,000 into Canada, you must notify the border officer. Failure to declare anything beyond that amount may result in a fine and the seizure of your funds. This comprises cash as well as documentation demonstrating property or capital payable to you, such as:
stocks
bonds
debentures
treasury bills
It also contains documents that guarantee payment of a specific sum of money to you, such as:
banker’s drafts
cheques
money orders
Travellers’ cheques