IRCC Updates Express Entry Proof of Funds Requirement

Highlights:

• The latest update on the proof of fund requirement was made on May 2.

• The IRCC bases the required amount on 50% of the low-income cut-off totals.

Immigration, Refugees, and Citizenship Canada recently updated the proof of funds requirement on May 2. The proof of funds requirements is updated annually. The IRCC bases the amount on 50% of the low-income cut-off totals.

Proof of funds demonstrates a candidate’s eligibility to settle in Canada. Individuals receiving ITAs through an Express Entry draw will be required to submit proof of funds showing that they can live and sustain themselves and their families in Canada.

However, people applying under the Canadian Experience Class stream are exempt from the proof of funds requirement. Anyone who already has a Canadian job offer is also exempt from the proof of funds requirements. This is true for candidates applying under the Federal Skilled Trades or Federal Skilled Workers program as well.

The proof of funds required depends on the size of the applicant’s family. The updated amounts for the funds an applicant needs to possess to get their permanent residence permit in Canada based on family size are as follows.

While calculating the required amount of funds, candidates must include their spouse and dependent children, even if they are

1. Canadian permanent residents
2. are not coming to Canada with the candidate.

To show proof of having the required amounts of funds, a candidate will need official letters from a bank or financial institution where they have an account. The letter must be printed on the institution’s letterhead and include the following information:

• the bank or institution's contact information (address, telephone number, and email address)
• your name
• your outstanding debts (such as credit card debts and loans)
• these details for each current banking and investment account you have with them.
• account numbers
• date each account was opened
• Current account balances
• the average balance for the past 6 months

However, the IRCC requires that candidates have the funds available when they apply for a PR visa and when they receive their permanent resident visa.

You need to be able to access the money legally when you arrive in Canada. This means you cannot show your settlement funds in terms of

• Equity in real property
• Borrowed money.

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