Immigration, Refugees and Citizenship Canada (IRCC) updates Express Entry proof of funds requirements.
The change, which was announced on IRCC’s website, was effective from April 25.
The quantity of proof of funds is changed annually. The amount is calculated by IRCC using 50% of the low-income cutoff amounts. You must update the settlement fund numbers in your Express Entry profile in order to maintain your eligibility.
Proof of funds proves that you have the resources necessary to live comfortably in Canada. Any applicant who is given an invitation to apply (ITA) following an Express Entry draw must be able to provide documented documentation proving they have this funding. Any applicant for the Canadian Experience Class, however, is exempt from having to demonstrate that they have the resources to support themselves and their family.
Who needs proof of funds?
You need proof of funds to meet the minimum requirements of the:
How much money do you need?
The amount of funds required changes based on the size of a candidate’s family. A family consists of:
- yourself
- your spouse or common-law partner
- your dependent children and
- your spouse or common-law partner’s dependent children
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If more than 7 people, for each additional family member | $3,706 |
You must include your spouse or common-law partner and dependent children, even if they are:
- Canadian citizens or permanent residents
- not coming to Canada with you
How to show proof of funds?
To demonstrate that you have the funds necessary to pay, you must obtain formal letters from any banks or other financial organizations where you have an account.
These letters must be composed in English and printed on the letterhead of the financial institution.
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
IRCC says that your funds need to be available to you both when:
- you apply
- You are issued a permanent resident visa
You must be able to show IRCC that you can legally access the money when you arrive in Canada.
For example, this means:
- you cannot use the equity on real property as proof of settlement funds
- you cannot borrow this money from another person
Furthermore, even if your family members aren’t traveling to Canada with you, you must be able to use this money to cover their living expenses.
You can include any funds held in a joint account if your spouse or other significant other is traveling with you. If your spouse has money in a different account, you might be allowed to claim it, but you’ll need to show that you have access to it when you need it. IRCC updates Express Entry proof of funds
How much money should you bring?
The cost of living varies greatly across Canada. The cost of living is typically higher in big cities like Toronto and Vancouver than in smaller places.
You should bring as much cash as you can, according to the IRCC. This will make moving to Canada and finding a home simpler. IRCC updates Express Entry proof of funds.
The agency points out that if you are carrying more than $10,000 CAN into Canada, you must inform the border guard when you arrive. If you don’t declare anything beyond that, you risk a fine and having your money taken. Cash and papers proving that you are entitled to property or capital, such as:
- stocks
- bonds
- debentures
- treasury bills
It also includes documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts
- cheques
- money orders
- travelers’ cheques
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