In a new update, IRCC has announced changes to the proof of funds requirements for candidates in the Express Entry pool. The change was officially announced on IRCC’s website on May 2, 2023, but was enacted on April 25.
According to IRCC, the proof of funds requirements is updated annually, based on 50% of the low-income cut-off totals. To remain eligible, candidates who have applied for Express Entry and are waiting for an invitation to apply (ITA) must update their settlement fund numbers in their Express Entry profile. The update must be done no later than April 25, 2023.
Candidates with a valid ITA observed that they could not submit their Express Entry questionnaire because they had not met the requirements for proof of funds. Once this was updated, they were able to submit their profile and upload their documents.
What is proof of funds?
If you’re hearing this for the first time, proof of funds shows IRCC that you have enough money to settle in Canada. Any candidate who receives an Invitation to Apply via an Express Entry draw must provide written proof that they have the funds required to settle in Canada.
Canada Programs that require proof of funds
You need to show proof of funds to meet the minimum requirements of these programs:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
You don’t need to provide proof of funds if you’re applying through:
- Canadian Experience Class
- or you have a valid job offer
How to show Proof of Funds
To show that you have the minimum amount of money required to settle in Canada, you must get official letters from any banks or financial institutions where you have an account. It must be printed on the financial institution’s letterhead and contain:
- 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)
- details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- your average balance for the past 6 months
The funds declared must be available when you apply for Express Entry or are issued a Permanent Resident Visa. You must also be able to prove that you can legally access the money when you arrive in Canada. This means that:
- you can’t use the equity on real estate property as proof of settlement funds
- you can’t borrow this money from another person
- you must be able to use this money to pay for your family’s living costs (even if they aren’t coming with you to Canada).
Money used as proof of funds can be counted together in a joint account or an account under the applicant’s spouse’s name only, but they must be able to prove that they have access to the money.
How much money do I need?
The amount of money you must show as proof of funds depends on your family’s size. To calculate your family size of your family, including
- your spouse or common-law partner
- your dependent children and
- your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and dependent children, even if they’re Canadian citizens or permanent residents or not coming to Canada with you
This table shows the minimum amount you need to immigrate to Canada as of April 25, 2023:
Remember, the IRCC you to migrate to Canada as much money as you can. This will make settling and finding a home in Canada easier.