As Canada increases Express Entry proof of funds in 2021, The amount of money required for immigrants to immigrate to Canada has been adjusted.
The revisions apply to Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) Express Entry candidates (FSTP).
It does not apply to candidates who have a job offer in Canada from these programs.
Candidates for the FSWP and FSTP who do not have employment offers in Canada will need to pay the following amounts to stay eligible for immigration.
|Number of family members||Funds required in CAD|
|Each additional family member||$3,560|
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Deadline for Update of Proof of Funds
The date and time your profile was received by Immigration, Refugees and Citizenship Canada (IRCC) does not change when you update it. If you are in a tie-breaker situation, you will keep your rank.
According to the notification, IRCC intends to hold an Express Entry lottery for FSWP and FSTP candidates in 2021 for the first time.
Canada has only held drawings for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates as a pandemic response.
In Canada, there are a large number of candidates for these programs who are not obliged to produce proof of funds.
Prior to the pandemic, IRCC would declare new proof of funds for the year in January. The modification was issued by IRCC in July of 2021.
The delay could be an indication that the agency had no intentions to run all-program Express Entry draws in January.
The situation has altered now that we are halfway through the year. As more Canadians are vaccinated, public health precautions are being rolled back.
After Canada first went into lockdown in March 2020, IRCC stopped hosting all-program drawings. In July 2020, all program Express Entry drawings will restart.
Another FSTP draw was held in August as well. This year will not finish without an all-program Express Entry draw, based on historical precedence and revised proof-of-funds.
What does Canada accept as proof of funds?
- be printed on the financial institution’s letterhead;
- include the institution’s address, email, phone number;
- include your name;
- list outstanding debts such as credit card debts and loans; and
- include, for each bank and investment account, the actual numbers, date each account was
- opened, the current balance of each account, and the average balance for the past six months.
When you apply and when IRCC awards you a permanent resident visa, you must have sufficient funds.
They can not be in the form of equity, for example. You also can’t borrow them from someone else.
If you are bringing your spouse, you can count the money you have in a joint account.
You might be able to count it if you can show you have access to an account in their name solely.
Who Needs to show Proof of funds for Canada Express Entry?
Not all candidates under the express entry system will need proof of funds. You will only need proof of funds if you are applying under Federal Skilled Worker Program (FSWP) or Federal Skilled Trade Program (FSWP).
You may not need proof of funds if
- you’re applying under the Canadian Experience Class or
- you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
If you don’t show your proof of funds, then, you must indicate that you are applying for express entry under Canada Experience Class because the system demands that you must show it.
You can still decide to show your proof of fund since you may qualify for more than one program and you don’t know under which one you may be invited.
So, you are advised to indicate your proof of funds even if you are applying under CAC.
Official Documents for Proof of Fund
Before you can settle in Canada, you must show evidence that you have enough money to settle in Canada with your family. This proof of fund must be real money because equity of property like real estate cannot be used as proof of fund.
The proof of fund must be in a written document like a letter from your bank or financial institution.