IRCC has just announced an update to the proof of settlement funds requirement for Express Entry candidates. These changes will only apply to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, if you are a candidate from these programs who have a valid job offer in Canada or Canadian Experience Class (CEC) candidates, these changes will not apply to you.
New Proof of Settlement Funds Requirement
If you are FSWP and FSTP candidates who do not have a Canadian job offer, the table below shows the amounts you need to remain eligible for immigration:
| Number of family members | Funds required in CAD |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| Each additional family member | $3,586 |
You have until June 8 to update your profile if you have less than the above amounts shown on your documents.
The funds must be readily available to you both when you apply and if you get a permanent resident visa. When you arrive, you will have to prove to the immigration officer that you can legally access the money.
What does IRCC accept as proof of funds?
To show proof of funds, you need official letters from any banks or financial institutions where you are keeping the money.
The letters must meet the requirements below:
- be printed on the financial institution’s letterhead;
- show the financial institution’s contact information (address, telephone number and email address);
- include your full name;
- list outstanding debts such as credit card debts and loans; and
- include, for each current bank and investment account, the account numbers, date each account was opened, current balance of each account, and average balance for the past six months.
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