Canada has updated the proof of settlement funds requirement for Express Entry candidates.
These changes apply to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). They do not apply to candidates from these programs who have a valid job offer in Canada, nor Canadian Experience Class (CEC) candidates.
FSWP and FSTP candidates who do not have a Canadian job offer will need the following amounts to remain eligible for immigration:
|Number of family members||Funds required in CAD|
|Each additional family member||$3,586|
You have until June 8 to update your profile if you have less than the above amounts shown on your documents. Updating an Express Entry profile does not affect the date and time that Immigration, Refugees and Citizenship Canada (IRCC) received your profile. This is important for when IRCC implements the tie-break rule. The candidates who have the minimum Comprehensive Ranking System (CRS) score only receive invitations if their profile was received on or before a certain date, which IRCC provides in each invitation round.
The funds must be readily available to you both when you apply and if you get a permanent resident visa. When you arrive, you will have to prove to the immigration officer that you can legally access the money.
You must be able to pay the cost of living for your family, even those who are not coming with you. If your spouse is coming, you can count the money you have together in a joint account. If you are accessing it through an account in their name only you must prove you have access to the funds.
You cannot borrow this money from another person, and you cannot use equity on property as proof of settlement funds.
What IRCC accepts as proof of funds
For proof, you need official letters from any banks or financial institutions where you’re keeping the money.
According to the IRCC government webpage, letters must:
- be printed on the financial institution’s letterhead;
- include the financial institution’s contact information (address, telephone number and email address);
- include your name;
- list outstanding debts such as credit card debts and loans; and
- include, for each current bank and investment account, the account numbers, date each account was opened, current balance of each account, and average balance for the past six months.
FSWP and CEC draws to resume July 2022
Canada will once again invite Express Entry candidates who are eligible for the FSWP and the CEC starting in early July, according to Immigration Minister Sean Fraser. Draws have been paused for FSWP candidates since December 2020, and since September 2021 for CEC candidates.
The immigration minister also said processing times for new Express Entry applicants would return to the six-month standard at that time. Processing times across most lines of business could return to normal by the end of 2022.
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