Canada PR: IRCC Updates Proof of Funds Requirement for Express Entry

IRCC has updated the proof of funds required for Express Entry candidates effective from April 25, 2023. Candidates need to show written proof that they have enough money to settle in Canada, with the amounts changing based on the size of their family.
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Immigration, Refugees and Citizenship Canada (IRCC) have recently updated the proof of funds requirement for Express Entry candidates. The change, which was announced on the IRCC website today, May 2nd, went into effect on April 25th.

It must be noted that the amounts of proof of funds are updated yearly. The amount is based on 50% of the low-income cut-off totals, according to IRCC. To remain eligible, you must keep the settlement fund numbers in your Express Entry profile up to date.

“We have updated the proof of funds table that shows how much money you need to settle in Canada. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile,” said IRCC in a Tweet.

It also stated that if you have already been invited to submit a PR application or have one in progress, you do not need to show that you meet the updated proof of funds requirement.

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Proof of Funds for Canada Express Entry?

Proof of Funds Requirement

Proof of funds demonstrates that you have sufficient funds to live in Canada. Anyone who receives an invitation to apply (ITA) through an Express Entry draw must be able to provide written proof of having this money.

This article will provide you with all the information you need to know about the updated requirements, including who needs proof of funds, how much money you need, and how to show proof of funds.

Who Needs Proof of Funds?

You need proof of funds to meet the minimum requirements of the following immigration programs:

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

If you are applying under the Canadian Experience Class, you do not need to show that you have enough money to support yourself and your family.

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Furthermore, an Express Entry candidate who is authorized to work in Canada and has a valid job offer is also exempt, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

How Much Money Do You Need?

The amount of funds required changes based on the size of a candidate’s family. A family consists of yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children.

Number of
family members
Funds required
(in Canadian dollars)
1$13,757
2$17,127
3$21,055
4$25,564
5$28,994
6$32,700
7$36,407
If more than 7 people, for each additional family member$3,706

Note that you must include your spouse or common-law partner and dependent children, even if they are Canadian citizens or permanent residents and not coming to Canada with you.

How to Show Proof of Funds?

You must obtain official letters from any banks or financial institutions where you have an account to prove you have enough money to settle. These letters must be printed on the financial institution’s letterhead and include:

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  • 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
  • account numbers
  • date each account was opened
  • current account balances
  • the average balance for the past 6 months

Your funds need to be available to you both when you apply and when you are issued a permanent resident visa. You must be able to show IRCC that you can legally access the money when you arrive in Canada.

This means that you cannot use the equity on real property as proof of settlement funds, and you cannot borrow this money from another person.

Furthermore, you must be able to use this money to pay for your family’s costs of living, even if they are not coming to Canada with you. If you have a spouse or partner coming with you, you can count any money you have together in a joint account. You may also be able to count your spouse’s money in a separate account, but you need to prove you can access the money as needed.

How Much Money Should You Bring?

The cost of living can vary widely throughout Canada, with large cities such as Toronto and Vancouver tending to be more expensive than other locations. IRCC advises that you should bring as much money as you can, as this will make moving and finding a home in Canada easier.

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Upon arriving in Canada, you must tell the border officer if you are bringing more than CAN$ 10,000 into the country. Failing to declare anything over that amount can result in a fine and your money being seized.

This includes cash and documents that show property or capital payable to you, such as:

  • Stocks
  • Bonds
  • Debentures
  • Treasury bills

It also includes 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

Bottomline

In conclusion, the recent update by IRCC regarding the proof of funds required for Express Entry candidates is an important development for anyone looking to immigrate to Canada through this program.

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It is essential to ensure that you have enough funds to support yourself and your family and that you have the necessary proof to show to IRCC. Understanding the new requirements and ensuring compliance can help increase your chances of success in the Express Entry program.


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Manish Khandelwal
Manish Khandelwal

Manish Khandelwal, a travel-tech enthusiast with over a decade of experience in the travel industry. Founder and Editor-in-Chief of Travelobiz.com, he's passionate about writing.

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