Immigration, Refugees, and Citizenship Canada (IRCC) has announced new proof of funds requirements for Express Entry candidates. This update impacts candidates applying through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The proof of funds is a crucial component of the immigration process, ensuring that candidates have the financial resources to support themselves and their families upon arrival in Canada.
How much money do you need to Immigrate to Canada under Express Entry?
The amount of money you need to support your family is based the size of your family.
To calculate the size of your family include
- yourself
- 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
- not coming to Canada with you
The below mentioned table showcases the increase in the settlement funds for Express Entry Candidates:
| Number of family members | 2018 amount (in Canadian dollars) |
2019 amount | Increase |
|---|---|---|---|
| 1 | $12,474 | $12,669 | $195 |
| 2 | $15,530 | $15,772 | $242 |
| 3 | $19,092 | $19,390 | $298 |
| 4 | $23,181 | $23,542 | $361 |
| 5 | $26,291 | $26,701 | $410 |
| 6 | $29,652 | $30,114 | $462 |
| 7 | $33,013 | $33,528 | $515 |
| Each additional family member | $3,361 | $3,414 | $53 |
What documents can you show as proof of funds?
For proof, you must get official letters from any banks or financial institutions where you have an account.
These letters must be printed on the financial institution’s letterhead and include
- Contact information for the bank or institution (address, telephone number, and email address).
- The applicant’s name and all existing debts, including loans and credit card debts.
- The account numbers for all current banking and investment accounts.
- The date each account was opened, the current balance, and the average balance for the past six months.
Who needs proof of funds
You need proof of funds to meet the minimum requirements of the
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Who does not need proof of funds
You don’t need to show that you have enough money to support yourself and your family if
- you’re applying under the Canadian Experience Class or
- you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program
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