Canada updates Express Entry proof of funds for 2021 - CanImmNewsletter.com - Canada Immigration Newsletter
Express Entry proof of funds @AfriCanada.com

Canada updates Express Entry proof of funds for 2021

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Immigration, Refugees, and Citizenship Canada (IRCC) has updated Canada’s Express Entry proof of funds requirements. This is the amount of funds Express Entry candidates need prove in order to immigrate to Canada.

Canada uses the Express Entry immigration system to actively recruit, assess and select skilled immigrants under the three Federal High Skilled economic-class immigration programs. These are the Federal Skilled Worker Class; the Federal Skilled Trades Class; and the Canadian Experience Class.

Many foreign nationals who apply for Canadian permanent residency must show that they have the ability to financially support their resettlement to Canada.

You may pre-qualify for a Canada immigration program.

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Canada[s proof of funds regulation is how Express Entry applicants would demonstrate to IRCC that they have sufficient money for supporting themselves and their family after they get to Canada.

Very importantly, if you receive an invitation to apply (ITA) for Canadian permanent residency in Canada Express Entry draw (usually conducted every two weeks), you must give written proof that you have this money.

IRCC updates the minimum amount you need for proof of funds every year, based on 50% of the low income cut-off totals. According to the IRCC, the changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.

Who needs Express Entry proof of funds

You need Express Entry proof of funds to meet the minimum requirements of the

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  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

Who does not need proof of funds

You don’t need to show that you have enough money to support yourself and your family if

  • you’re applying under the Canadian Experience Class or
  • you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program

Keep your funds up to date in your profile. The system may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.

How much money you’ll need for Express Entry proof of funds

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

Moreover, include your spouse or dependent children even if they’re

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  • permanent residents or Canadian citizens
  • not coming to Canada with you

FSWP and FSTP candidates who do not have Canadian job offers will need the following amounts to remain eligible to apply under the Express Entry system for immigration to Canada:

Number of family membersFunds required in CAD
1$13,213
2$16,449
3$20,222
4$24,553
5$27,847
6$31,407
7$34,967
Each additional family member$3,560

Meanwhile, if you had already applied for Canadian permanent resident status under any of the Express Entry programs, to remain eligible, you may need to update your settlement fund numbers in your Express Entry profile. The update must be done no later than July 15, 2021.

How much money you should bring to settle in Canada

The above is the minimum required settlement funds proof for IRCC to continue processing your application for Canadian permanent residence. More importantly, IRCC advices that you should also research how much it costs to live in the place where you plan to settle in Canada:

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. This includes:

IRCC – Canada Proof of Funds

What does Canada accept as proof of funds for example

Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).

However, if your spouse is coming with you, you can count money you have together in a joint account. Moreover, you may be able to count money in an account under their name only, but you must prove you have access to the money.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

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Letter(s) must

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account
    • average balance for the past 6 months

How to show Express Entry proof of funds

  • cash
  • documents that show property or capital payable to you, such as:
    • stocks
    • bonds
    • debentures
    • treasury bills
  • documents that guarantee payment of a set amount of money, which are payable to you, such as:
    • banker’s drafts
    • cheques
    • money orders
    • travellers’ cheques

Updates to fund requirements

IRCC updates the minimum amount you need every year, based on 50% of the low income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.

How much money you should bring

According to IRCC, research how much it costs to live in the place where you plan to settle in Canada.

Therefore, bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. For example:

  • cash
  • documents that show property or capital payable to you, such as:
    • stocks
    • bonds
    • debentures
    • treasury bills
  • documents that guarantee payment of a set amount of money, which are payable to you, such as:
    • banker’s drafts
    • cheques
    • money orders
    • travellers’ cheques

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You may pre-qualify for a Canada immigration program.