Canada updates Express Entry proof of funds for 2021

Canada has updated the amount of funds Express Entry candidates need to immigrate.

The changes apply to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). It does not apply to candidates from these programs who have a valid job offer in Canada.

FSWP and FSTP candidates who do not have Canadian job offers will need the following amounts to remain eligible for immigration:

Number of family members	Funds required in CAD
1	$13,213
2	$16,449
3	$20,222
4	$24,553
5	$27,847
6	$31,407
7	$34,967
Each additional family member	$3,560

Contact an immigration lawyer from Campbell Cohen

If your proof of funds documents show less than these amounts, you will have to update your Express Entry profile no later than July 15, 2021. Updating your profile does not change the date and time Immigration, Refugees and Citizenship Canada (IRCC) received your profile. So, you will keep your rank if you are in a tie-breaker situation.

IRCC has not yet considered FSWP and FSTP candidates in an Express Entry draw in 2021. As part of a pandemic measure, Canada has only been holding draws for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates. These programs have high numbers of candidates in Canada who are not necessarily required to provide proof of funds.

Before the pandemic, IRCC would announce in January the new proof of funds for the year. In 2021, IRCC has made the update in July.

The delay could be an indicator that the department had no intention in January of holding all-program Express Entry draws at that time due to the domestic and global COVID-19 situation. Public health measures are starting to roll back as more Canadians are getting vaccinated.

IRCC originally stopped holding all-program draws after Canada first went into lockdown in March 2020. All-program Express Entry draws resumed in July, 2020. There was also a FSTP draw in August. Based on this precedent, and the updated proof of funds, it could mean IRCC is a step closer to considering FSWP and FSTP candidates.

What does Canada accept as proof of funds?

If you get invited to apply for permanent residence, you will need written proof that you have enough money to settle in Canada.

According to the government webpage, for your proof of funds you will need official letters from your bank or financial institution.

Letters must:

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.

Funds must be readily available to you when you apply and when IRCC issues you a permanent residency visa. Meaning they cannot be in the form of equity. And, you cannot borrow them from another person.

If your spouse is coming with you, you can count the money you have together in a joint account. If you can prove you have access to an account under their name only, you may be able to count it too.

Get a Free Express Entry Assessment