The Canadian government has updated the amount of money required for settling in Canada.
In order to remain eligible for the Express Entry system, an individual might have to update the settlement fund numbers in their Express Entry profile with Immigration, Refugees and Citizenship Canada [IRCC].
The update of settlement funds in an existing IRCC Express Entry profile must be made no later than July 15, 2021.
In case an update is required and subsequently made by a Canada immigration hopeful, the update will not affect the date and time of receiving the profile. Thereby, retaining their ranking in the event of a tie-break situation in future.
|What is meant by “proof of funds”?|
|As per IRCC, “Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money.”
Proof of funds is NOT required for those –
· applying under the Canadian Experience Class [CEC]
· eligible for the Federal Skilled Worker Program [FSWP] with the authorization for working in Canada and with a valid job offer in Canada
· under the Federal Skilled Trades Program [FSTP] with the authorization for working in Canada and with a valid job offer in Canada.
Others with their profiles in IRCC Express Entry will require proof of funds.
The total amount of money that will be required for supporting a family while in Canada will be as per the size of the family.
For IRCC Express Entry applications, by ‘family’ is implied –  the principal applicant,  the applicant’s spouse or partner,  the dependent children of the main applicant, and  the dependent children of the main applicant’s spouse or partner.
Do keep in mind that proof of funds, according to the size of the family of the principal applicant, will be required even if those dependents are not going to Canada with the main applicant.
Similarly, proof of funds will be required for a spouse and dependent children even if they are already Canadian permanent residents or hold the citizenship of Canada.
|Proof of Funds required for IRCC Express Entry|
|Number of family members||Funds required [in Canadian dollars]|
|For each additional family member||CAD 3,560
Note. This is the minimum amount required for immigrating to Canada via the Express Entry system. Those with more money than mentioned above should list the full amount in their IRCC profile or Canada PR application.
The funds must be readily available, both at the time of applying to IRCC as well as when issued a Canada PR visa.
If you are looking to Work, Study, Invest, Visit, or Migrate to Canada, talk to Y-Axis, the World’s No. 1 Immigration & Visa Company.
If you found this blog engaging, you may also like …
Canada updates proof of funds requirement for Express Entry 2021
Posted on July 6, 2021