May 2, 2023
By Shelby Thevenot
Canada has increased the amount of funds required to meet the proof of funds requirement for certain Express Entry applicants.
Express Entry candidates must show proof of funds when they apply for either the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP). Canadian Experience Class (CEC) applicants do not need to provide proof of funds.
FSWP and FSTP candidates may not have to provide proof of funds if they are already authorized to work in Canada and have a valid job offer.
Otherwise, FSWP and FSTP candidates must provide proof that they have access to the following amounts, depending on the size of their family. You have to include your spouse or common-law partner and dependent children even if they’re not included in your immigration application, whether they’re not coming with you or they’re already Canadian permanent residents or citizens.
|No. Family members||Funds required, 2023|
Immigration, Refugees and Citizenship Canada (IRCC) updates these numbers every year based on 50 percent of the low income cut-off totals.
In order to stay eligible, you must update your settlement fund numbers in your Express Entry profile. Updating your profile does not change the date of when you submitted your profile, so you will keep your rank if you’re in a tie-breaker situation.
The IRCC website was updated on May 2 to reflect the new numbers. Yet, the instructions say that applicable Express Entry candidates must update their profile no later than April 25, 2023.
What it means is that applicable FSWP and FSTP candidates who received and ITA on April 26 must update their proof of funds. Candidates in the pool who are going for FSWP and FSTP will also need to update their proof of funds in order to remain eligible when they go to apply. No action is needed for those who have applied and received an acknowledgement of receipt from IRCC.
From April 19 to May 1, IRCC public servants were on strike. Communications were among the disrupted services at IRCC. However, IRCC has not communicated publicly whether the late update to the website was due to striking workers.
What IRCC accepts as proof of funds
Your funds must be available to you both when you apply and when IRCC issues you a permanent residency visa.
You cannot use equity on real estate as proof of settlement funds, and it cannot be borrowed from another person. You must be able to legally access the money in Canada when you arrive.
If your spouse is coming with you, you can count the money you have in a joint account. You may also count money in your spouse’s account, as long as you prove you have access to the money.
For proof, you need official letters from the bank or financial institution where you have an account. They must be printed on the financial institution’s letterhead and include:
- 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, such as account numbers, date of account opening, current balances, and average balance for the past 6 months.
Aside from your proof of funds, the actual amount of money you need when you get to Canada depends largely on the cost of living of where you wish to live. If you are bringing more than $10,000 CAD with you to Canada, you must tell the border officer when you arrive. Otherwise, you may face fines or your funds could be seized.
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May 2, 2023
By Shelby Thevenot
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