IRCC updates Express Entry proof of funds requirement
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. To stay eligible, you need to update the settlement fund numbers in your Express Entry profile.
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.
However, anyone applying under the Canadian Experience Class does not need to show that they have enough money to support themselves and their family.
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:
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
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
How to show proof of funds
You must get official letters from any banks or financial institutions where you have an account to prove you have enough money to settle.
These letters must be printed on the financial institution’s letterhead and include:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
IRCC says that your funds need to be available to you both when:
- you apply
- You are issued a permanent resident visa
You must be able to show IRCC that you can legally access the money when you arrive in Canada.
For example, this means:
- you cannot use equity on real property as proof of settlement funds
- you cannot borrow this money from another person
Further, you must be able to use this money to pay for your family’s costs of living, even if they are not coming to Canada with you.
If you have a spouse or partner coming with you, you can count any money you have together in a joint account. You may also be able to count your spouse’s money in a separate account, but you need to prove you can access the money as needed.
How much money should you bring?
The cost of living can vary widely throughout Canada. Large cities such as Toronto and Vancouver tend to be more expensive than other locations.
IRCC advises that you should bring as much money as you can. This will make moving and finding a home in Canada easier.
The department notes that upon arriving in Canada, you must tell the border officer if you are bringing more than CAN$10,000 into the country. Failing to declare anything over that amount can result in a fine and your money being seized. This includes cash and documents that show property or capital payable to you, such as:
- treasury bills
It also includes documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker's drafts
- money orders
- travellers’ cheques