Proof of funds for Express Entry candidates updated for 2021

Author: Swift Connect |

Proof of funds for Express Entry candidates updated for 2021.jpg

Canada has released the updated list of funds that Express Entry candidates need to immigrate to Canada in 2021.

The new changes apply to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The changes do not apply to candidates from these programs who have a valid job offer in Canada.

FSWP and FSTP candidates without a Canadian job offer need the following amount of funds to be eligible for immigration.

Number of Family Members

Funds required in CAD

1

$13,213

2

$16,449

3

$20,222

4

$24,553

5

$27,847

6

$31,407

7

$34,967

Each additional family member

$3,560

 

If an applicant’s proof of funds documents shows less than these amounts, they will need to be updates on the Express Entry profile before July 15, 2021.

Updating the profile will not change the date and time the Immigration, Refugees and Citizenship Canada (IRCC) receives the profile. The rank a candidate holds will not change.

With this announcement, it is safe to assume that the IRCC is planning to hold an Express Entry draw for FSWP and FSTP candidates soon. This will be the first time in 2021 these programs will have a draw since 2020. Typically, IRCC announces the updated list of proof of funds for the year in January.

The delay could indicate that earlier this year there was no plan to hold all-program Express Entry draws. Now that more Canadians are getting vaccinated and COVID-19 cases are decreasing, the situation has changed.

If a candidate receives an Invitation to Apply (ITA) for permanent residence, they will need to prove that they have enough money to settle in Canada. Candidates need an official letter from their bank or financial institution. The letter must:

  • be printed on the financial institution’s letterhead;
  • include the institution’s address, phone number, and email;
  • include the applicant’s name;
  • list outstanding debts such as credit card debts and loans; and
  • include, for each bank and investment account, the actual account numbers, date each account was opened, current balance of each account, and the average balance for the past six months.

All funds must be readily available when applying and when IRCC issues a permanent residency visa. This means that the funds cannot be in the form of equity and cannot be borrowed from someone else.

If an applicant has a spouse coming along, the applicant can count the money they have together in a joint account. Candidates may be able to count a spouse’s account under their own name if the applicant can prove they have access to it.



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