Immigration, Refugees and Citizenship Canada (IRCC) has made an update to the proof of funds required for Express Entry candidates.
The change, which was announced on IRCC’s website today, on May 2nd, was effective on April 25.
Proof of funds amounts are updated yearly. IRCC bases the amount on 50% of the low-income cut-off totals. You need to update the settlement fund numbers in your Express Entry profile to stay eligible.
Proof of funds demonstrates that you have enough money to settle in Canada. Anyone who receives an invitation to apply (ITA) through an Express Entry draw must be able to show written proof that they have this money.
An Express Entry candidate who is authorized to work in Canada and has a valid job offer is also exempt. This is true even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
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
How much money do you need?
The amount of funds required changes based on the size of a candidate’s family. A family consists of:
- your spouse or common-law partner
- your dependent children and
- your spouse or common-law partner’s dependent children
(in Canadian dollars)
|If more than 7 people, for each additional family member||$3,706|
You must include your spouse or common-law partner and dependent children, even if they are:
· Canadian citizens or permanent residents
· not coming to Canada with you