Ready to move to Canada? Check how much money you need under Express Entry

Highlights: How much money do you need for Canada Immigration via Express Entry?

• IRCC has established new proof of funds rules for FSTP and FSWP applicants.
• The new rules for Express Entry applicants are to be effective from May 28, 2024.
• Willing candidates are required to update their profiles by May 27, 2024.
• Canadian Experience Class applicants are exempted from the proof of funds requirement.

 

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Requirement of Proof of Fund

In a recent announcement, IRCC introduced a new requirement for Express Entry applicants to provide proof of funds. Candidates applying through the Federal Skilled Trades Program and Federal Skilled Worker Program must provide proof of funds to move to Canada.

The new requirement will take effect on May 28, 2024. Candidates will be required to provide documents proving that they have enough financial resources to support their stay in Canada.

 

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Who needs to show proof of funds?

FSTP and FSWP applicants must update their profiles with the new proof of funds requirement. However, applicants with a valid job offer and a Canadian work permit are exempted from the new requirement. Candidates applying under the Canadian Experience Class (CEC) must also show proof of funds.

As per the information provided by IRCC, updating a profile will not affect the rank of candidates as the date and time of profile submission do not change. Applicants who are exempt from the requirement have to upload a valid employment letter to complete the application process. CEC applicants must upload a letter stating they have applied under the Canadian Experience Class.

 

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How much settlement funds do you need?

The settlement amount depends on the number of members the applicant has in their family. This includes:

• The applicant
• Their spouse or common-law partner
• Their dependent children

Note: The applicant must include all family members in calculating the settlement funds, even if they are accompanying the applicant to Canada.

 

The table below lists the amount of settlement funds required as per the new proof of funds rule:

 

No. of family members	Updated Required Amount	Previous Required Amount
1	CAD 14,690	CAD 13,757
2	CAD 18,288	CAD 17,127
3	CAD 22,483	CAD 21,055
4	CAD 27,297	CAD 25,564
5	CAD 30,690	CAD 28,994
6	CAD 34,917	CAD 32,700
7	CAD 38,875	CAD 36,407
>7	CAD 3958 (for each additional member)	CAD 3,706 (for each additional member)

 

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Documents to show as proof of funds

According to IRCC, official letters from financial institutions or banks qualify as proof of funds. The documents must include the following details:

• Contact details of the financial institution, including location, phone number, and email ID.
• The applicant's name and financial details, such as current debts, loans, and credit card transaction history.
• The applicant’s bank account number is for all current and savings accounts.
• Account opening dates, present balance, and transaction history of at least the past six months.

Express Entry candidates must meet these requirements to avoid delays or rejection of their application.

 

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