If you are a FSWP or FSTP candidate and you do not have a Canadian job offer, the table shows the amounts you need to remain eligible for immigration:
|Number of family members||Funds required in CAD|
|Each additional family member||$3,560|
What To Do If Your Proof of Funds document Show Lesser Amount?
If your proof of funds documents show less than these amounts, you have to update your Express Entry profile latest by July 15, 2021. Please note that this does not change the date and time Immigration, Refugees and Citizenship Canada (IRCC) received your profile. So, you will still be able to keep your rank if you are in a tie-breaker situation.
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 intension in January of holding all-program Express Entry draws at that time. Now mid-way through the year, the situation has changed. So, you can expect a draw soon.
What does Canada accept as proof of funds?
According to the government webpage, for your proof of funds you will need official letters from your bank or financial institution. The 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.
If your spouse is coming with you, you can include a joint account. However, you need to be able to prove you have direct access to the account also.
Whatsoever instruments you decide to use, the funds must be readily available to you when you apply and when IRCC issues you a permanent residency visa. So, this means they cannot be in the form of equity.
If you like this article “Amount of funds Express Entry candidates need”, please share it with your friends and family. Also, subscribe to our newsletter and YouTube Channel to ensure you don’t miss any update from us. Finally, don’t forget to join our community to connect with others. Lastly, you can also follow us on our social media pages – Twitter, Facebook, Instagram and LinkedIn.