In the latest update for some Express Entry applicants, Canada has raised the amount of funds mandate to meet the proof of funds requirement.
When applying for the (FSWP) Federal Skilled Worker Program, or the (FSTP) Federal Skilled Trades Program, Express Entry applicants must provide proof of funds. However, in the case of Canadian Experience Class applicants, there is no need to provide proof of fund documents.
Additionally, if an applicant for the FSWP or FSTP already has a valid work permit and a job offer from a Canadian organization, they may not be required to show their proof of funds.
Candidates for the FSWP and FSTP, depending on the number of members in their family, must demonstrate that they have access to the following sums. Whether they are not accompanying you or are Canadian citizens or permanent residents, you must list your spouse, common-law partner, and dependent children, even if they are not listed on your immigration application.
| Number of Family Members | Required Funds (In CAD) | Required Funds (In INR) |
| 1 | $13,757 | INR 8,31,844 |
| 2 | $17,127 | INR 10,35,618 |
| 3 | $21,055 | INR 12,73,132 |
| 4 | $25,564 | INR 15,45,778 |
| 5 | $28,994 | INR 17,53,179 |
| 6 | $32,700 | INR 19,77,270 |
| 7 | $36,407 | INR 22,01,421 |
| Each Additional Family Member | $3,706 | INR 2,24,090 |
Every year, Immigration, Refugees, and Citizenship Canada update these figures based on 50% of the totals for the low-income cut-off.
You must maintain your eligibility by updating your settlement fund information in your Express Entry profile. You will retain your rank if there is a tie, and the tie-breaker depends on your rank because updating your profile does not change the date that your profile was originally submitted.
The fresh figures were added to the IRCC website on May 2. However, according to the instructions, eligible Express Entry candidates must update their profile by April 25, 2023. It means that candidates for the FSWP and FSTP who met the requirements and got an ITA on April 26 must update their proof of funding.
When applying, candidates in the pool applying for the FSWP and FSTP will also need to update their proof of funds to maintain their eligibility. For individuals who have applied and gotten an acknowledgement from IRCC, in that case, nothing further changes are necessary.
It means that applicants for the FSW and FST programs who met the requirements must update their proof of funds if they received an ITA on April 26. To stay eligible when they apply, applicants in the pool applying for FSWP and FSTP must also update their proof of funds. Those who applied and got an acknowledgement from IRCC are not required to update the same.
What is Accepted by IRCC as Proof Of Funds?
When you apply for immigration and when IRCC issues you a Canadian PR, your funds must be available with you. While arriving in Canada, you must be able to access your fund legally. As per the norms, you can’t use your equity on real estate as proof of funds, and you can’t even borrow it from anywhere else.
Additionally, you can count the funds in your joint account if your spouse is travelling with you. If you can show that you can access your spouse’s funds, you can also include that money in your calculations.
You must provide formal letters from the bank or other financial institution where you have an account to prove your claim on your spouse’s funds. They should be typed on the financial institution’s letterhead and contain the following:
- Contact details for the bank or institution (address, phone number, and email address)
- your name and your current debts (including loans and credit card balances)
- These specifics for each current banking and investment account you have with them, including account IDs, the date of account opening for each account, the amounts on each account right now, and the rolling average balance for the last six months.
Once you arrive in Canada, your financial requirements will primarily rely on the cost of living where you choose to immigrate and your proof of funds. If you bring more than CAD 10,000 to Canada, you must inform the border agent upon arrival. If you don’t, you can get fined or have your proof of funds seized.
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