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<\/p>\nIRCC updates Express Entry proof of funds requirement<\/p>\n
Immigration, Refugees and Citizenship Canada (IRCC) has made an update to the proof of funds required for Express Entry candidates.<\/p>\n
The change, which was announced on IRCC\u2019s website today, on May 2nd, was effective on April 25.<\/p>\n
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.<\/p>\n
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.<\/p>\n
However, anyone applying under the Canadian Experience Class does not need to show that they have enough money to support themselves and their family.<\/p>\n
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.<\/p>\n
Who needs proof of funds
\nYou need proof of funds to meet the minimum requirements of the:<\/p>\n
Federal Skilled Worker Program
\nFederal Skilled Trades Program
\nHow much money do you need?
\nThe amount of funds required changes based on the size of a candidate\u2019s family. A family consists of:<\/p>\n
yourself
\nyour spouse or common-law partner
\nyour dependent children and
\nyour spouse or common-law partner\u2019s dependent children<\/p>\n
<\/p>\n
You must include your spouse or common-law partner and dependent children, even if they are:<\/p>\n
Canadian citizens or permanent residents
\nnot coming to Canada with you
\nHow to show proof of funds
\nYou must get official letters from any banks or financial institutions where you have an account to prove you have enough money to settle.<\/p>\n
These letters must be printed on the financial institution\u2019s letterhead and include:<\/p>\n
the bank or institution\u2019s contact information (address, telephone number and email address)
\nyour name
\nyour outstanding debts (such as credit card debts and loans)
\nthese details for each current banking and investment account you have with them
\naccount numbers
\ndate each account was opened
\ncurrent account balances
\naverage balance for the past 6 months
\nIRCC says that your funds need to be available to you both when:<\/p>\n
you apply
\nYou are issued a permanent resident visa
\nYou must be able to show IRCC that you can legally access the money when you arrive in Canada.<\/p>\n
For example, this means:<\/p>\n
you cannot use equity on real property as proof of settlement funds
\nyou cannot borrow this money from another person
\nFurther, you must be able to use this money to pay for your family\u2019s costs of living, even if they are not coming to Canada with you.<\/p>\n
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\u2019s money in a separate account, but you need to prove you can access the money as needed.<\/p>\n
How much money should you bring?
\nThe cost of living can vary widely throughout Canada. Large cities such as Toronto and Vancouver tend to be more expensive than other locations.<\/p>\n
IRCC advises that you should bring as much money as you can. This will make moving and finding a home in Canada easier.<\/p>\n
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:<\/p>\n
stocks
\nbonds
\ndebentures
\ntreasury bills
\nIt also includes documents that guarantee payment of a set amount of money, which are payable to you, such as:<\/p>\n
banker\u2019s drafts
\ncheques
\nmoney orders
\ntravellers\u2019 cheques<\/p>\n