IRCC updates on the proof of funds required for Express Entry candidates.
Immigration, Refugees and Citizenship Canada (IRCC) has made an update to the proof of funds required for Express Entry candidates.
The modification went into effect on April 25 and was announced on the IRCC website on, May 2.
The amount of proof of funds is updated annually. The amount is calculated by IRCC using 50% of the low-income cutoff amounts. You must update the settlement fund numbers in your Express Entry profile in order to maintain your eligibility.
Proof of funds proves that you have the resources necessary to live comfortably in Canada. Any applicant who is given an invitation to apply (ITA) following an Express Entry draw must be able to provide written documentation proving they have this funding.
Any applicant for the Canadian Experience Class, however, is exempt from having to demonstrate that they have the resources to support themselves and their family.
A candidate for Express Entry who has a legitimate job offer and is qualified to work in Canada is also exempt. This holds true regardless of whether you submit an application through the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Who needs proof of funds?
You need proof of funds to meet the minimum requirements of the:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
How much money do you need?
The amount of funds required changes based on the size of a candidate’s family. A family consists of:
- yourself
- your spouse or common-law partner
- your dependent children and
- your spouse or common-law partner’s dependent children
Number of family members | Funds required (in Canadian dollars) |
1 | $13,757 |
2 | $17,127 |
3 | $21,055 |
4 | $25,564 |
5 | $25,564 |
6 | $25,564 |
7 | $36,407 |
If more than 7 people, for each additional family member | $3,706 |
You must include your spouse or common-law partner and dependent children, even if they are:
- Canadian citizens or permanent residents
- not coming to Canada with you
How to show proof of funds
You must get official letters from any banks or financial institutions where you have an account to prove you have enough money to settle.
These letters must be printed on the financial institution’s letterhead and include:
- 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
- average balance for the past 6 months
IRCC says that your funds need to be available to you both when:
- you apply
- You are issued a permanent resident visa
- You must be able to show IRCC that you can legally access the money when you arrive in Canada.
For example, this means:
- you cannot use equity on real property as proof of settlement funds
- you cannot borrow this money from another person
- Further, you must be able to use this money to pay for your family’s costs of living, even if they are not coming to Canada with you.
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’s money in a separate account, but you need to prove you can access the money as needed.
How much money should you bring?
The cost of living can vary widely throughout Canada. Large cities such as Toronto and Vancouver tend to be more expensive than other locations.
IRCC advises that you should bring as much money as you can. This will make moving and finding a home in Canada easier.
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:
- stocks
- bonds
- debentures
- treasury bills
It also includes documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts
- cheques
- money orders
- travelers’ cheques
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How does Express Entry Program work? The applicant needs to carry out the three core steps –
The applicant should enter the Express Entry pool by creating a profile. A profile needs to have the educational credential assessment and Language score.
After you are in the Express Entry pool, wait for the express entry draw to announce the results. On meeting the CRS score requirement, you will receive an ITA from the IRCC.
After receiving the ITA, the applicant will have around 60 days to submit the complete application along with the documents.
The program has three sub-streams, and the applicant can apply through any of the sub-streams.
- Federal Skilled Workers Program (FSWP)
- Federal Skilled Traders Program (FSTP)
- Canadian Experience Class (CEC)
FSWP is for skilled workers who have never lived in Canada before, while FSTP is for tradespersons with experience in listed occupations, and CEC is for foreign workers with Canadian work experience.
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