The IRCC strike recently ended, which meant government workers are back to work. And the first thing that the workers have to update is the proof of funds which the candidates need to show when they are creating an Express Entry profile. IRCC updates proof of funds required for Express Entry. This updates happen every year so it’s pretty usual. Candidates are to show these funds when creating a profile. Let’s take a look at the update now.
What’s the Update?
Every candidate that is creating an Express Entry profile needs to show that they are eligible to apply for the permanent residency of Canada. This is called Proof of Funds.
If you don’t show enough funds, you may not be able to create your profile, and hence take part in the Express Entry pool. Moreover, whenever these changes happen, you need to update the amount of funds in your profile to stay eligible too.
Let’s see the amount of funds you would need to show. The amount we are going to show will be based on the candidate’s family. Required funds are in Canadian dollars.
- A family of 1- $13,757
- A family of 2- $17,127
- A family of 3- $21,055
- A family of 4- $25,564
- A family of 5- $28,994
- For every additional family member- $3,706
Do you need to show proof of funds?
If you are applying for Express Entry through these immigration pathways, you need to show proof of funds:- Federal Skilled Worker Program and Federal Skilled Trades Program.
Those applying via Canadian Experience Class do not have the need to prove. In addition, if you have a valid job offer and are allowed to work in Canada, there’s no need to prove the funds.
How can you show proof of funds?
The first thing that you need to do is get documents issued from your bank or the financial institution where you have an account. Ask them for official letters that will be used to prove that you have enough money to settle down in Canada.
The letters need to be printed on the letterhead of the financial institution. Moreover, it should include:-
- All the outstanding debts
- Bank holder’s (your) name
- Information of the bank or the financial institution’s contact info
- Account numbers
- If you have more than one account with that bank or the financial institution, the letterhead must have all the details
- The details of the current account balances
- You should show the balance of the last 6 months
- One more thing that the letterhead must have is the date when your account was opened
Additionally, according to the IRCC, the candidate should have funds available when they are creating an Express Entry profile, as well as when applying for a residency visa.
