Canada has renewed the number of funds required by the Express Entry candidates to settle in the country.
These changes will apply to express entry candidates registered under the Federal Skilled Worker and Federal Skilled Trades program. Candidates with a genuine job offer from a Canadian employer are exempt from these recent changes.
So, FSW and FST candidates with no job offer from a Canadian employer require the following funds for immigration:
No. of family members | Funds required (CAD) |
1 | $13,213 |
2 | $16,449 |
3 | $20,222 |
4 | $24,553 |
5 | $27,847 |
6 | $31,407 |
7 | $34,967 |
Each additional family member | $3,560 |
If you have submitted your express entry profile but your documents for proof of funds are old, update your profile before July 15, 2021. However, updating your express entry profile does not affect the original date and time of your profile submission. So, it won’t affect your rank during the tie-break situation.
All-program express entry draws soon?
Through this announcement, we can assume that the IRCC is planning to hold an all-program express entry draw soon. Or it might conduct a separate draw for FSW and FST candidates.
This year Canada has been inviting CEC and PNP class immigration candidates only in the Express Entry Draws. Several candidates registered under these programs are living in Canada and they do not require proof of funds. Earlier, IRCC used to announce the modified figures of new proof of funds in January itself. However, because of the disruptions caused by the pandemic, this year the ministry has made this update in July.
This delay shows that the department did not plan to hold regular draws during the first half of 2021. And now that the situation is improving, IRCC released the updated version of the new funds. So, this means that Canada might invite Federal skilled workers and Federal skilled trade candidates in the coming draws.
What do you need to submit as proof of funds?
If you receive an invitation to apply for Canada PR, you will need to show that you have enough funds to sustain your living in Canada.
For the sake of proof of funds, you require official letters from your financial institution.
Your letter should meet the following conditions:
- be printed on the letterhead of the bank or financial institution;
- Have your name on it;
- Include the details such as the institution’s phone number, email, and address;
- List debts such as loans and credit cards;
- Include the details of each bank account: date of opening of the account, current balance, and the average balance within the past 6 months.