When applying for the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), candidates for Express Entry must provide documentation of their financial situation. Candidates for the Canadian Experience Class (CEC) are exempt from submitting proof of finances.
Candidates from the FSWP and FSTP might not be needed to present proof of money if they already have a valid work permit for Canada and have a job offer.
Otherwise, depending on the size of their family, FSWP and FSTP candidates must demonstrate that they have access to the following sums. Even if they aren’t travelling with you or are Canadian citizens or permanent residents, you still need to list your spouse, common-law partner, and dependant children in your immigration application.
|No. of family members
|Each additional family member
These figures are updated annually by Immigration, Refugees and Citizenship Canada (IRCC) using data from 50% of the low-income cut-off totals.
You must update your settlement fund numbers in your Express Entry profile in order to maintain your eligibility. You will retain your rank if there is a tie, as updating your profile does not change the date that your profile was originally submitted.
The fresh figures were updated on May 2 on the IRCC website. But, the rules show that all properly eligible Express Entry candidates should update their profiles by April 25, 2023.
It basically means that candidates for the FSWP and FSTP who met the requirements must update their proof of funds if they received an ITA on April 26. In order to stay eligible when they go to apply, candidates in the pool who are applying for FSWP and FSTP will also need to update their proof of finances. Those who have filed and received an acknowledgement from IRCC don’t need to do anything.
The public employees of the IRCC went on strike from April 19 to May 1. One of the IRCC’s affected services was communications. However, IRCC has not stated publicly if the website update’s lateness was caused by the workers’ strike.
What the IRCC will accept as evidence of money
When you apply and when IRCC awards you a permanent resident visa, your finances must be accessible to you.
Equity in real estate cannot be used as collateral for settlement monies, nor can it be borrowed. When you get to Canada, you must be able to lawfully access the money.
You can count the funds in a joint account if your spouse is travelling with you. If you can demonstrate that you have access to the funds, you can also include funds from your spouse’s account.
You need formal letters from the bank or other financial institution where you have an account if you want to provide proof. They must be typed on the letterhead of the financial institution and contain the following:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts
- the account numbers, the date the account was opened, the current balances, and the average balance over the last six months for each current banking and investment account you have with them.
The actual amount of money you’ll need when you get to Canada, excluding your proof of funds, mostly depends on the cost of living in the area you want to live in. When you reach at the border, you must inform the border agent if you are taking more than $10,000 CAD with you into Canada. If not, you risk fines or having your money taken.