09 Jan, 2018 Express Entry Proof of Funds Requirement Increased | Canada Immigration News
Every year, Immigration, Refugees and Citizenship Canada (IRCC) updates the minimum funds requirement for skilled immigrants. This change could affect your eligibility for programs under Express Entry, if you are subject to the proof of funds requirement.
One of the requirements to submit a profile to the Express Entry pool through either the Federal Skilled Worker Program (FSW) or the Federal Skilled Trades Program (FST) is that you have enough money to support yourself and your family.
The amount of money that you need to support your family changes from year to year, since the cost of living in Canada also changes. IRCC updates the proof of funds requirement every year to reflect these changes.
You need to maintain enough funds for the entire time that your profile is in the pool and, in the event you receive an ITA, while your application for permanent residence is being processed.
You do not need to demonstrate proof of funds to meet the eligibility requirements for the Canadian Experience Class (CEC). You also do not need to demonstrate proof of funds if you have a valid job offer from a Canadian employer and are currently authorized to work in Canada.
How Much Money Do I Need?
The amount of money you need depends on the number of people in your family.
|Number of Family Members||2018 Minimum Funds Requirement (CAD)|
|For each additional member||$3,361|
|* Please note that the minimum required funds are updated each year at the discretion of IRCC|
When you’re counting the number of family members, remember to include:
Include these family members even if they are not accompanying you to Canada, or if they are already permanent residents or Canadian citizens.
How Do I Prove I Have Enough Money?
You do not need to spend the proof of funds money, but you do need to prove to IRCC that you would be able to, if needed. Therefore, the funds have to be readily available to you.
For proof, you have to submit official letters from any banks or other financial institutions where you are keeping money. These letters must:
- Be printed on the institution’s letterhead
- Include their contact information
- Include your name
- List any outstanding debts
- Include, for each current account:
- Account numbers
- The date each account was opened
- The current balance of each account
- The average balance for the past six months
The Canadim Team!
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