New Changes To The Proof of Funds Requirements By The IRCC
Immigration, Refugees, and Citizenship Canada (IRCC) recently updated the proof of funds needed for Express Entry candidates.
The new change, as announced recently on IRCC’s official website, became effective on 25 April.
It should be noted that updates are made to proof of funds on a yearly basis. Interestingly, the amount is based on 50% of the low-income cut-off totals by IRCC. You are required to update the settlement fund figures in your Express Entry profile to stay eligible.
In case you are confused, proof of funds indicates that you have sufficient money to settle in Canada. Individuals who get an invitation to apply (ITA) via an Express Entry draw need to submit written proof that their current financial situation is acceptable.
However, those who apply through the Canadian Experience Class are not required to prove they have sufficient money to support themselves and their family members financially.
Moreover, an Express Entry applicant authorized to seek employment in Canada is also exempt if they are able to secure a valid job offer.
You require proof of funds to fulfill the minimum requirements of the Federal Skilled Trades Program and Federal Skilled Worker Program.
How Many Funds Do You Require?
The amount of money needed depends on the size of the family of a candidate. A family may include the candidate, their spouse or common-law partner, dependent children, and the dependent children of their spouse or common-law partner.
Don’t forget to include your spouse or common-law partner and dependent children, even if they won’t be joining you in Canada or they are Canadian permanent residents or citizens.
We hope you found this information helpful. Follow our blogs for the latest updates and informative content on Canadian immigration.