Canada Updates The Amount Of Funds Express Entry Candidates Are Required To Have

New Requirements Only Apply To Candidates Without Job Offers

The federal government has updated the requirements for Express Entry candidates. Specifically, when it comes to the amount of funds that applicants are required to have. Furthermore, IRCC reduced  the Express Entry application period to just 60 days for candidates who are invited after June 29.

The new monetary requirements apply only to the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, candidates from these programs who have received a valid job offer in Canada will not be subject to the new requirements.

Depending on the size of their family, candidates without job offers will now have to submit proof that they have the following amounts of money:

  • 1 Family Member: $13,213
  • 2 Family Members: $16,449
  • 3 Family Members: $20,222
  • 4 Family Members: $24,553
  • 5 Family Members: $27,847
  • 6 Family Members: $31,407
  • 7 Family Members: $34,967
  • Every Subsequent Family Member: $3,560

The required funds must be easily available to you when you apply for permanent residence and when you are issued your permanent residency visa. For example, the funds cannot be in the form of equity or be borrowed from another person. However, if your spouse is coming with you to Canada, the amount of money you have together in a joint account will be accepted. If you can prove that you have access to an account that is solely under your spouse’s name, the funds in that account may also be accepted.

What is Considered Proof of Funds?

Those who are invited to apply for permanent residence must obtain written proof that they have enough money to settle in Canada according to the new requirements.

The federal government has defined “written proof of funds” as official letters from your bank or financial institution.

The government requires that these letters:

  • Be printed on your financial institution’s letterhead;
  • Include the institution’s address, phone number, and email;
  • Include your full name;
  • Outline any outstanding debts you have such as credit card debts and loans, and;
  • For each bank and investment account, include the account numbers, date the accounts were opened, the current balance of each account, and the average account balance for the past six months.

If you are unable to demonstrate that you have the required funds under the new rules, you must update your Express Entry profile by July 15, 2021.