Published on : May 14, 2022
Canada has updated the proof of funds requirement for those applying for Canadian permanent residence under the Express Entry system.
On May 11, 2022, the federal government of Canada updated the funds requirement for Express Entry. As per Immigration, Refugees and Citizenship Canada (IRCC), “We’ve updated the 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.”
Those with existing profiles in the Express Entry system will have to update their funds before June 8, 2022 in order to remain eligible for an invitation to apply. Skilled foreign workers creating their profile after June 9, 2022, will have to show the updated minimum amount.
In case of already existing profiles, the updation of proof of funds will not change the date that IRCC received the profile and hence not impact their ranking in the pool as per the Comprehensive Ranking System. Generally, IRCC applies a tie-breaking rule in Express Entry draws that prioritizes profiles created earlier.
So, how much money will you have to show for Express Entry as proof of funds? Let’s find out.
The funds requirement will be as per your immediate family members.
Proof of funds is for proving to IRCC that you have sufficient finances for settling in Canada as a permanent resident. You will have to give a written proof of having the money claimed when you receive an invitation to apply from IRCC to apply for Canada PR.
When do I have to show Express Entry proof of funds?
The funds must be available when -
You must be able to legally access the money upon arrival in Canada as a permanent resident.
Do all Express Entry candidates have to show proof of funds?
Proof of funds required if you are applying under -
However, FSTP/FSWP candidates don’t have to show funds if they - (1) have a valid job offer in Canada, and (2) are authorized to work in Canada.
By a “valid job offer” is implied a job offer that is full-time, paid, continuous, not seasonal, at least one year in duration, in a job that is either Skill Type 0 or Skill Levels A or B as per Canada’s National Occupational Classification (NOC). The job offer must be made by one employer.
Do I need proof of funds for Canadian Experience Class?
No. You don’t have to show that you have enough money for supporting yourself and your family for the Canadian Experience Class (CEC) immigration pathway.
Who comes under family for Canada’s Express Entry?
The amount of money that you need as proof of funds will be as per the size of your family. For calculating the size of your family, you must include your -
Do I have to include my spouse and child in my Canada EE profile even if they are not coming to Canada with me?
Yes. You will have to include your spouse and dependent children in your Canadian Express Entry profile even if they will not be coming to Canada with you.
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