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
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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. 

Who Will Be Affected by the New Changes to the Express Entry System?

The new changes will apply to Express Entry applicants to the Federal Skilled Worker Program (FSWP) and the 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.

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. This is because the IRCC is focused on applicants in the Canadian Experience Class (CEC) and the Provincial Nominee Programs (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, 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.

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