Express Entry Proof of Funds Requirements Are Updated by IRCC

According to a May 2 post on their website, Immigration, Refugees and Citizenship Canada (IRCC) has modified the evidence of financial requirements for applicants in the Express Entry pool.

It is an annual update based on 50% of the low-income cut-off totals, and it took effect on April 25. Candidates must update the settlement fund numbers in their Express Entry profile in order to maintain their eligibility.

The Canadian Experience Class exempts applicants from having to demonstrate that they have the resources to sustain themselves and their dependents.

The requirement to provide proof of money is also waived for candidates in the Express Entry pool who have a legitimate job offer and are lawfully permitted to work in Canada. Candidates who apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program are also covered by this exemption.

Who Requires Evidence of Funds?

To fulfill the minimal requirements, you must provide funds evidence, for:

• Federal Skilled Trades Program (FSTP)
• Federal Skilled Worker Program (FSWP)

How Much Amount Do You Require?

Depending on their family’s size, Express Entry candidates must have a different amount of money on hand. Family members are:

• Children who are dependent on the candidate’s common-law partner or spouse
• The candidate’s common-law partner and spouse
• The candidate personally
• Dependent children of the candidate

IRCC adjusts the minimum amount of funds necessary for each family size on a yearly basis. Candidates must submit written evidence, such as bank statements or other paperwork, proving they will have the necessary resources to maintain themselves and their families once they arrive in Canada.

Your spouse, common-law partner, and dependent children must be listed in your proof of money, even if they are citizens of Canada or residents who live there permanently and are not traveling with you to Canada.

How to Demonstrate Funds Evidence

You must show that you have the means required to establish yourself in Canada by obtaining official letters from each bank or financial institution where you have registered your account. The following information should be included in these letters, which have to be printed on the letterhead of the financial institution:

• Contact details of the bank or institution such as their address, cell phone number, and email address.
• Candidate’s name
• Any outstanding debts you owe, such as unpaid credit card balances or loans.
• For each of your existing banking and investment accounts with the institution, the information should include account numbers, date of account opening, current account balances, and the average balance over the previous six months.

Your finances must be accessible to you both when you apply for and are granted a permanent resident visa, claims IRCC. When you get to Canada, you must also be able to show the IRCC that you have legitimate access to the funds. Observe the following supplementary information:

• You cannot utilize real estate equity as collateral for settlement payments and you are not allowed to borrow this money from anybody else.
• Even if your family members are not traveling with you to Canada, you must be able to use the funds to cover their daily costs of living.
• If your spouse or other significant other is traveling with you and any funds stored in a joint account are admissible as part of your proof of finances.
• If your spouse has money in a different account, you might be able to include it, but you’ll need to be able to prove that you have access to the money when you need it.

What Is the Required Amount of Funds to Bring When Immigrating to Canada?

According to the IRCC, living costs can differ significantly across Canada, with big cities like Toronto and Vancouver typically being much more expensive than other regions.

IRCC advises carrying as much cash as you can in order to make your move and housing search in Canada as easy as possible.

Any amount over CAN$ 10,000 must be declared to the border official upon arrival in Canada. A fine and the money itself may be taken if the amount is not declared. This also holds true for money and papers proving you are the rightful owner of any assets or capital. Examples comprise:

When entering Canada with more than CAN$10,000, you must also report the following financial assets:

• Bonds
• Debentures
• Stocks
• Treasury bills

Additionally, you must declare any documents that promise to pay you a specific sum of money, such as:

• Cheques
• Cheques of traveler
• Drafts of banks
• Money orders

Failure to declare any sum above CAN$ 10,000 may subject you to a fine and money seizure once you arrive in Canada.