The Immigration, Refugees and Citizenship Canada (IRCC) recently announced updates to the proof of funds requirement for Express Entry applicants. This new requirement affects all candidates applying for permanent residency through the Federal Skilled Worker Program (FSWP), Federal Skilled Trades Program (FSTP), and Canadian Experience Class (CEC).
As of April 1, 2021, the IRCC has increased the proof of funds requirement for all three programs. This means that candidates must now show more money in their bank accounts to be eligible for the Express Entry system. The updated amounts are as follows:
- For single applicants: CAD $13,213 (previously CAD $12,960)
- For couples: CAD $16,449 (previously CAD $16,135)
- For families of three: CAD $20,956 (previously CAD $20,654)
- For families of four: CAD $25,923 (previously CAD $25,377)
- For families of five or more: CAD $29,236 (previously CAD $28,833)
These amounts are based on the minimum amount of funds required to support the settlement of the applicant and their family members in Canada. It is important to note that these amounts are subject to change and may be adjusted periodically based on the cost of living in Canada.
What is the Proof of Funds Requirement?
The proof of funds requirement is a key component of the Express Entry system. It is designed to ensure that applicants have enough money to support themselves and their family members in Canada. This requirement is in place to prevent new immigrants from becoming a burden on Canadian society.
Applicants must show that they have enough money to support themselves and their family members for a period of at least three months. This means that they must have enough money to pay for rent, food, transportation, and other basic living expenses.
Acceptable forms of proof of funds include cash, bank statements, and investments. The funds must be readily available and transferable to Canada.
What are the Implications of the Updated Proof of Funds Requirement?
The updated proof of funds requirement means that applicants will need to have more money in their bank accounts to be eligible for the Express Entry system. This may make it more difficult for some applicants to qualify for permanent residency in Canada.
However, it is important to note that the updated amounts are still relatively low compared to the cost of living in Canada. Applicants will need to have additional funds beyond the minimum amount required to support themselves and their family members in Canada.
In addition, the IRCC has also made some changes to the way that applicants can prove their funds. For example, applicants can now use income from their spouse or common-law partner to meet the proof of funds requirement. This may make it easier for some applicants to qualify for the Express Entry system.
Conclusion
The updated proof of funds requirement for Express Entry applicants is an important change that affects anyone applying for permanent residency in Canada. While the new amounts may make it more difficult for some applicants to qualify, it is important to remember that they are still relatively low compared to the cost of living in Canada.
If you are planning to apply for permanent residency in Canada through the Express Entry system, it is important to familiarize yourself with the updated proof of funds requirement and ensure that you have enough money to support yourself and your family members in Canada.
