--- title: IRCC Updates Proof of Fund Requirement for Express Entry Applicants | My Visa Source description: Are you an Expess Entry applicant? Find out the new updates on Proof of Funds required. 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More From My Visa Source [ Immigration Tools ](https://www.myvisasource.com/tools/) [ Express Entry CRS Calculator ](https://www.myvisasource.com/canadian-immigration/permanent-residence/express-entry/ee-crs-chatbot/) [ Language Point Calculator ](https://www.myvisasource.com/tools/ielts-celpip-tef-calculator/) [Twitter](https://twitter.com/MyVisaSource) [Facebook](https://www.facebook.com/MyVisaSource) [LinkedIn](https://www.linkedin.com/company/my-visa-source-law-mdp) Canadian Immigration News # IRCC Updates Proof of Fund Requirement for Express Entry Applicants 2.25 minute read "The Canadian government recently updated the amount of funds required for Express Entry applicants to immigrate to Canada. Express Entry applicants are required to demonstrate a certain amount of financial resources to successfully immigrate." Written by My Visa Source Team Published on:  Aug 2, 2021 ![drawing of proof of funds my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/200kb/drawing-of-proof-of-funds-my-visa-source-200kb.jpeg) Begin your immigration journey now Click and fill out a free online assessment to see how we can help you. It takes less than 1 minute to fill out. [Free Assessment▸ ](https://www.myvisasource.com/free-assessment) Call and speak to our team, so that they can book a time with a licensed immigration professional who will answer all your questions. [Call Us Now▸ ](tel:1-888-509-1987) Recommended For You Author info: The Canadian government recently updated the amount of funds required for Express Entry applicants to [immigrate to Canada](https://www.myvisasource.com/canadian-immigration/). Express Entry applicants are required to demonstrate a certain amount of financial resources to successfully immigrate.  ## **Who Will Be Affected by the New Changes to the Express Entry System?** The new changes will apply to [Express Entry](https://www.myvisasource.com/canadian-immigration/permanent-residence/express-entry/) applicants to the [Federal Skilled Worker Program](https://www.myvisasource.com/canadian-immigration/permanent-residence/federal-skilled-worker-permits/) (FSWP) and the [Federal Skilled Trades Program](https://www.myvisasource.com/canadian-immigration/permanent-residence/federal-skilled-trades-program/) (FSTP). It does not apply to applicants who already have a valid job offer from a Canadian employer.  Applicants who do not have a valid job offer will be required to demonstrate the following amount of funds to be eligible for permanent residence in Canada:   | **Number of Family Members** | **Fund Requirement** | | --- | --- | | 1 | $13,212 | | 2 | $16,449 | | 3 | $20,222 | | 4 | $24,553 | | 5 | $27,847 | | 6 | $31,407 | | 7 | $34,967 | For every additional family member, $3,560 is added to the fund requirement. If your Express Entry application shows fewer funds than the above-mentioned amounts, then you must update your profile no later than July 15, 2021.  **Note:** Updating your Express Entry application does not change the date or time it was initially submitted. Therefore, you can still keep your rank in a tie-breaking situation. What Is Your CRS Score For Express Entry? [Learn More](https://www.myvisasource.com/canadian-immigration/permanent-residence/express-entry/ee-crs-chatbot/) ![](https://www.myvisasource.com/hubfs/3d%20Model%20Stills/tile%20png/velvetRope3.png) ### Subscribe to our magazine to stay up to date with Immigration news ## **Why Was the Fund Requirement Updated?** Normally, the updates for fund requirements are announced in January. However, this year, this update wasn’t made until July. This is an indicator that the IRCC has no intention of holding an all-program Express Entry draw due to the ongoing global pandemic. All program draws for the Express Entry system were first stopped in March 2020 after the whole world suddenly went into lockdown. However, they were quickly resumed in July 2020. Up until now in 2021, the IRCC is yet to consider applicants to the FSWP and the FSTP for the [Express Entry draws](https://www.myvisasource.com/blog/express-entry-latest-draw-updates). This is because the IRCC is focused on applicants in the [Canadian Experience Class ](https://www.myvisasource.com/canadian-immigration/permanent-residence/canadian-experienced-class/)(CEC) and the [Provincial Nominee Programs](https://www.myvisasource.com/canadian-immigration/provincial-nominee-program/) (PNP) to ensure maximum transitioning of temporary residents to permanent residency. ## **What Documents Are Required to Demonstrate Sufficient Financial Resources to Immigrate to Canada?** If you are invited to apply for [permanent residency in Canada](https://www.myvisasource.com/canadian-immigration/permanent-residence/), then you will be required to provide written proof to demonstrate that you have sufficient funds to support yourself and your family in Canada. To demonstrate sufficient funds, you will be required to present official letters from your bank or financial institution. These letters must include the following: - The institution’s letterhead - The address, phone number, and email address of the financial institution - Your full name - Any outstanding debts such as credit card debts or loans - Details of your bank or investment account including the date each account was opened, current balance, and the average balance for the last 6 months You can not use equity to demonstrate that you have sufficient financial resources. Your funds must be readily available. In case your spouse is accompanying you to Canada, you can use your joint account to demonstrate that you have sufficient financial resources. Questions About Immigration? My Visa Source Has Answers. My Visa Source stays updated on all immigration news and announcements across Canada and the United States, including sudden changes in government law. Our legal solutions help individuals, families, businesses and investors from North America and around the globe. 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[ Book a Consultation ](https://www.myvisasource.com/book-a-consultation) [ Free Assessment ](https://www.myvisasource.com/free-assessment) ![Canadian Flag](https://www.myvisasource.com/hubfs/3d%20Model%20Stills/Service%20Page%20compressed/cadFlag5_trimmed.webp) Latest Articles from Immigration Magazine [![a woman working at her desk by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-woman-working-at-her-desk-by-my-visa-source.jpg) Canadian Immigration Can I Get A Canadian Work Permit Without A Job Offer? Have you ever wondered what it would be like to work in Canada? Maybe you’ve already gotten a job offer, and you’re not sure what your next step is. Do you need a Canadian work permit or what should you consider when applying for a work permit in Canada? 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[![a woman signing paperwork by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-woman-signing-paperwork-by-my-visa-source.jpg) Canadian Immigration The Provincial Nominee Program (PNP) in 5 Easy Steps ](https://www.myvisasource.com/blog/provincial-nominee-program-in-5-easy-steps) If you’re considering coming to Canada and aren’t sure which immigration class makes the most sense for you, consider the Provincial Nominee program (PNP). While the immigration process in general is confusing, the PNP doesn’t have to be. Read on to learn about the five easy steps it takes to immigrate to Canada through the PNP - our Toronto lawyers can help. 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OVER A DECADE, WE’VE DEMOCRATIZED AND SIMPLIFIED IMMIGRATION. IT’LL TAKE LESS THAN 1 MINUTE TO FILL OUR ONLINE ASSESSMENT AND A TEAM MEMBER WILL FOLLOW UP WITH YOU. [Get Started](https://www.myvisasource.com/free-assessment) [![a skyline of toronto by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-skyline-of-toronto-by-my-visa-source.jpg) Canadian Immigration How Quickly Can I Apply for a Visa After Rejection? ](https://www.myvisasource.com/blog/how-quickly-can-i-apply-for-a-visa-after-rejection) Thinking of visiting Canada? The visa process for visitors can be complicated and messy. Reapplying for a rejected visa can be daunting, but having the right information at hand can greatly simplify the process. 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[![an older man holding blueprints by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/an-older-man-holding-blueprints-by-my-visa-source.jpg) Canadian Immigration Labour Market Impact Assessment (LMIA) Processing Times in Canada ](https://www.myvisasource.com/blog/labour-market-impact-assessment-lmia-processing-times) A Labour Market Impact Assessment (LMIA) is a vital part of the process when Canadian employers want to hire temporary foreign workers (TFW). Depending on the job and the industry sector, a positive LMIA must be issued before a TFW can apply for a temporary work permit. LMIA was formerly called a LMO (Labour Market Opinion). [![a woman working at her desk by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-woman-working-at-her-desk-by-my-visa-source.jpg) Canadian Immigration Can I Get A Canadian Work Permit Without A Job Offer? Have you ever wondered what it would be like to work in Canada? Maybe you’ve already gotten a job offer, and you’re not sure what your next step is. Do you need a Canadian work permit or what should you consider when applying for a work permit in Canada? The answer to that question is, “It depends.” Read on to learn about what jobs you’ll need a work permit for, and which jobs don’t require one. ](https://www.myvisasource.com/blog/can-i-get-a-canadian-work-permit-without-a-job-offer) [![a couple talking through cups with a string by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-couple-talking-through-cups-with-a-string-by-my-visa-source.jpg) Canadian Immigration Can I Sponsor My Girlfriend to Become a Canadian? ](https://www.myvisasource.com/blog/can-i-sponsor-my-girlfriend-to-become-a-canadian) You met your girlfriend outside of Canada, and it was love at first sight. Now, you can’t imagine life without her, and you want to bring her to Canada to live with you permanently. [![a young woman holding a laptop by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/happy-couple-working-on-laptop-and-taking-notes-with-turquoise-background-by-my-visa-source.jpg) Canadian Immigration The Top 10 Universities in Canada for International Students ](https://www.myvisasource.com/blog/the-top-10-universities-in-canada-for-international-students) Canada, also known as The True North, contains some of the top universities in the world, according to the Times Higher Education’s World University Rankings 2020. These academic institutions offer exceptional opportunities for higher learning. If you’re an international student hoping to study abroad, Canadian universities offer many different programs and degrees for you to choose from. 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[![a young man at a business on his cell and taking notes by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-young-man-at-a-business-on-his-cell-and-taking-notes-by-my-visa-source.jpg) Canadian Immigration Owner Operator LMIA for Business Owners ](https://www.myvisasource.com/blog/owner-operator-lmia-business-owner-operators-avoid-lmia) Owner operators entering the Canadian market from abroad may spend less time and money on immigration processes because of exemptions offered by the government. Most workers require an LMIA (Labour Market Impact Assessment), but qualified owner operators get to avoid the process altogether. [![a business woman talking on her cell with a facemask by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-business-woman-talking-on-her-cell-with-a-facemask-by-my-visa-source.jpg) Canadian Immigration 4 Reasons Your Visa Application is Taking Longer Than Expected ](https://www.myvisasource.com/blog/4-reasons-your-visa-application-is-taking-longer-than-expected) Waiting is often the hardest part of applying for one of Canada’s many immigration and visa programs. Since the process is complicated, many reasons exist that could be causing a delay. These four reasons are among the top culprits that make applications take longer than expected. 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[![a skyline of toronto by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/a-skyline-of-toronto-by-my-visa-source.jpg) Canadian Immigration How Quickly Can I Apply for a Visa After Rejection? ](https://www.myvisasource.com/blog/how-quickly-can-i-apply-for-a-visa-after-rejection) Thinking of visiting Canada? The visa process for visitors can be complicated and messy. Reapplying for a rejected visa can be daunting, but having the right information at hand can greatly simplify the process. [![two hands forming a heart shape with rainbow bracelets by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/two-hands-forming-a-heart-shape-with-rainbow-bracelets-by-my-visa-source.jpg) Canadian Immigration Can I Sponsor My Same-Sex Spouse or Partner? ](https://www.myvisasource.com/blog/can-i-sponsor-my-same-sex-spouse-or-partner) Being in a same-sex relationship and living in a country where you can’t live openly as a homosexual or where you can’t marry is frustrating at best and life-threatening at worst. [![an older man holding blueprints by my visa source](https://www.myvisasource.com/hubfs/Compressed%20Blog%20Images/50kb%20resized%20jpg/an-older-man-holding-blueprints-by-my-visa-source.jpg) Canadian Immigration Labour Market Impact Assessment (LMIA) Processing Times in Canada ](https://www.myvisasource.com/blog/labour-market-impact-assessment-lmia-processing-times) A Labour Market Impact Assessment (LMIA) is a vital part of the process when Canadian employers want to hire temporary foreign workers (TFW). Depending on the job and the industry sector, a positive LMIA must be issued before a TFW can apply for a temporary work permit. LMIA was formerly called a LMO (Labour Market Opinion). 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