Immigration, Refugees and Citizenship Canada (IRCC) recently announced changes to the minimum settlement fund requirements for Express Entry applicants. This blog post provides a comprehensive breakdown of these updates, including who needs to show proof of funds, how much is required, and acceptable forms of documentation.
Why Proof of Funds Matters
Proof of funds demonstrates to the Canadian government that you have sufficient financial resources to settle in Canada and support yourself and your dependents upon arrival. This helps ensure your successful integration into Canadian society.
Who Needs to Show Proof of Funds?
- Federal Skilled Worker Program (FSWP): Applicants for this program must demonstrate proof of funds.
- Federal Skilled Trades Program (FSTP): Similar to FSWP, FSTP applicants also require proof of funds.
Exceptions to Proof of Funds Requirement
- Canadian Experience Class (CEC): Applicants with valid Canadian work experience through CEC are exempt from the proof of funds requirement.
- Job Offer with Work Permit: If you have a valid job offer supported by a Labor Market Impact Assessment (LMIA) and a work permit, proof of funds isn’t mandatory for FSWP or FSTP.
New Minimum Settlement Fund Requirements (Effective May 28, 2024):
The required settlement funds are based on the number of people in your family unit, including yourself, your spouse/common-law partner, and any dependent children (yours or your spouse’s).
| Family Size | New Minimum Settlement Funds (CAD) | Old Minimum Settlement Funds (CAD) |
|---|---|---|
| 1 | $14,690 | $13,757 |
| 2 | $18,288 | $17,127 |
| 3 | $22,483 | $21,055 |
| 4 | $27,297 | $25,564 |
| 5 | $30,690 | $28,994 |
| 6 | $34,917 | $32,700 |
| 7 | $38,875 | $36,407 |
| Each Additional Family Member | $3,958 | $3,706 |
Important Notes:
- You must update your Express Entry profile with the new proof of funds requirements by May 27, 2024, to avoid any processing delays.
- If you have a tie-breaker scenario, your ranking won’t be affected by updating your profile.
- You need to include all dependent children, even if they aren’t immigrating with you.
- Provide documentation proving your employment offer or CEC eligibility if proof of funds isn’t required.
Acceptable Proof of Funds Documents:
IRCC accepts official letters from banks or financial institutions printed on their letterhead. These letters must include:
- A listing of all your current bank and investment accounts.
- Details of existing debts, including loans and credit card balances.
- Your contact information (name, address, phone number, email).
- Bank/institution contact information.
- Account numbers and opening dates for each banking/investment account.
- Current account balances and average balances for the past 6 months.
Conclusion
Staying updated on Express Entry requirements is crucial for a successful immigration application. This blog post provides a clear overview of the latest proof of funds updates. Ensure you meet the new minimums and submit the required documentation well before the deadline.
Additional Resources:
- Immigration, Refugees and Citizenship Canada (IRCC): https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada.html
