Changes to Express Entry Proof of Funds Requirement by IRCC
Immigration, Refugees and Citizenship Canada (IRCC) notified on May 2 that the proof of finance criteria for Express Entry candidates has been updated with effect from April 25.
To show their capability to settle in Canada, candidates must show written proof of sufficient funds upon receiving an invitation to apply (ITA) through an Express Entry draw.
The proof of funds amount is updated annually and is calculated based on 50% of the low-income cut-off totals. Candidates must update their settlement fund numbers in their Express Entry profile to remain eligible.
However, those applying under the Canadian Experience Class or those who have a valid job offer and are authorized to work in Canada are exempt from this requirement, even if they apply under the
How much money do you need?
The funds required vary based on the size of the candidate’s family, which includes the
Even if they are Canadian citizens or permanent residents not coming to Canada with the candidate, they must be included in the calculation.
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How to show proof of funds
Candidates must get official letters from all banks and financial institutions where the candidate holds an account must be obtained. The letters must be printed on the institution’s letterhead and include contact information-
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Contact information for the bank or institution (address, phone number, and email address)
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Candidate's name
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Outstanding debts
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Account numbers
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The date the account was opened
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Current account balances
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Current and average balances for the past 6 months.
IRCC Says The funds must be accessible to the candidate when they
IRCC notes that candidates cannot use the equity on real property or borrow money from another person as proof of settlement funds. Additionally, the funds must be available to pay for the family's costs of living, even if they are not coming to Canada with the candidate.
If the candidate's spouse or partner is coming with them, funds in a joint account can be counted, and the spouse's money in a separate account can also be counted if access can be proven.
The cost of living in Canada varies widely, and IRCC recommends that candidates bring as much money as possible to ease their transition to Canada.
How much money should you bring?
It is crucial to note that candidates must declare any amount over CAN$10,000 to the border officer upon arrival in Canada, Failing to declare anything over that amount can result in a fine and your money being seized.
This includes cash as well as documents that demonstrate your assets or capital, such as-
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Cash
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Stocks
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Bonds
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Debentures
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Treasury bills
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Banker’s drafts
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Cheques
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Money orders
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And travellers' cheques.
Also Read: How to Improve Chances of Getting a PR Visa
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