The amount of funds required for Express Entry seekers to immigrate to Canada has been adjusted.
The revisions apply to Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) Express Entry candidates (FSTP). It does not apply to candidates who have a job offer in Canada from these programs.
Candidates for the FSWP and FSTP who do not have job offers in Canada will need to pay the following fees to stay eligible for immigration:
|Number of family members||Funds required in CAD|
|Each additional family member||$3,560|
You must update your Express Entry profile by July 15, 2021 if your proof of funding documents indicate fewer than these amounts. The date and time your profile was received by Immigration, Refugees and Citizenship Canada (IRCC) does not change when you update it. If you are in a tie-breaker position, you will keep your rank.
According to the notification, IRCC intends to hold an Express Entry lottery for FSWP and FSTP candidates in 2021 for the first time. Canada has only held drawings for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates as a pandemic response. In Canada, there are a large number of candidates for these programmes who are not obliged to produce proof of finances.
Prior to the epidemic, IRCC would declare the fresh proof of funds for the year in January. The modification was issued by IRCC in July of 2021.
The delay could be an indication that the agency had no plans to run all-program Express Entry lotteries in January. The situation has altered now that we are halfway through the year. As more Canadians are vaccinated, public health precautions are being rolled back.
After Canada first went into lockdown in March 2020, IRCC stopped hosting all-program drawings. In July 2020, all-program Express Entry drawings will restart. In August, there was also an FSTP draw. This year will not finish without an all-program Express Entry draw, based on precedence and revised proof-of-funds.
What kind of proof of funds does Canada accept?
You will require documented proof that you have enough money to settle in Canada if you are invited to apply for permanent residency.
Official letters from your bank or financial institution are required for evidence of funds, according to the government website.
- be printed on the financial institution’s letterhead;
- include the institution’s address, phone number, and email;
- include your name;
- list outstanding debts such as credit card debts and loans; and
- include, for each bank and investment account, the actual numbers, date each account was opened, current balance of each account, and the average balance for the past six months.
When you apply and when IRCC awards you a permanent resident visa, you must have sufficient funds. They can’t be in the form of equity, for example. You also can’t borrow them from someone else.
If you’re bringing your spouse, you can count the money you have in a joint account. You might be able to count it if you can show you have access to an account in their name solely.