The Immigration, Refugees and Citizenship Canada (IRCC) has recently updated the proof of funds requirement for applicants applying through the Express Entry program. This change is set to come into effect on May 3, 2023, and aims to ensure that applicants have sufficient funds to support themselves and their family members during their stay in Canada.
What is the Express Entry Program?
The Express Entry program is an online system used by the Canadian government to manage applications for permanent residency from skilled workers who want to live and work in Canada. It is the most popular pathway for economic immigration to Canada, and it is designed to select candidates based on their ability to settle in Canada and contribute to the Canadian economy.
What is the Proof of Funds Requirement?
The proof of funds requirement is a mandatory requirement for all Express Entry applicants. It is intended to demonstrate that applicants have sufficient funds to support themselves and their family members during their stay in Canada. The amount of funds required depends on the size of the applicant’s family and the province or territory where they plan to settle in Canada.
The updated Proof of Funds Requirement
Effective May 3, 2023, the updated proof of funds requirement for the Express Entry program is as follows:
Increase in the required funds amount: The minimum amount of funds required has increased for all family sizes. Applicants with no accompanying family members must demonstrate that they have at least CAD $14,000 (previously CAD $12,960). For each additional family member, an additional amount of CAD $4,000 (previously CAD $3,492) will be required.
Changes in the currency conversion rate: The IRCC has updated the currency conversion rate to align with current market rates. This means that applicants must convert their funds into Canadian dollars using the rate specified by the IRCC.
Eligible proof of funds: The IRCC has also updated the list of eligible proof of funds to include additional financial instruments that demonstrate the availability of funds. This includes letters of credit, lines of credit, and cashable investments.
Here’s a table summarizing the updated financial requirements for the Express Entry program:
| Family Size | Required Funds |
|---|---|
| 1 | CAD $13,213 |
| 2 | CAD $16,449 |
| 3 | CAD $20,222 |
| 4 | CAD $24,553 |
| 5 | CAD $27,847 |
| 6 | CAD $31,407 |
| 7 | CAD $34,967 |
| 8 | CAD $38,528 |
Please note that these amounts are subject to change, and applicants should always check the IRCC website for the most up-to-date information on financial requirements for the Express Entry program.
The Reason for the Change
The IRCC’s decision to update the proof of funds requirement is part of its ongoing efforts to ensure that applicants have sufficient funds to support themselves and their family members during their stay in Canada. The updated requirement also takes into account the rising cost of living in Canada, which has increased significantly in recent years.
According to the IRCC, the updated requirement will help ensure that newcomers have the financial resources they need to successfully integrate into Canadian society and contribute to the Canadian economy. It will also help reduce the burden on social services by ensuring that newcomers are self-sufficient and not reliant on government support.
How the Updated Requirement Affects Applicants
The updated proof of funds requirement will affect all new applicants to the Express Entry program who submit their profile on or after May 3, 2023. Applicants who have already submitted their profile before this date will not be affected by the change.
Applicants will need to ensure that they have the required amount of funds available and that they provide acceptable proof of funds documentation when they submit their application. Failure to provide sufficient proof of funds documentation may result in the application being refused.
Conclusion
Applicants to the Express Entry program should also be aware of the other eligibility criteria for the program, such as language proficiency, education, and work experience. Meeting all of the eligibility criteria will increase the chances of receiving an Invitation to Apply (ITA) for permanent residency in Canada.
It is also important to note that the updated proof of funds requirement does not apply to those who are exempt from it. Exemptions may apply to applicants who are currently authorized to work in Canada and have a valid job offer from a Canadian employer, as well as those who have been invited to apply under the Provincial Nominee Program (PNP) and have received a nomination certificate from a province or territory.
In conclusion, the updated proof of funds requirement for the Express Entry program is a necessary change that will help ensure the success of newcomers to Canada. Applicants should be aware of the new requirements and ensure they meet them when submitting their application. With proper preparation and planning, applicants can successfully apply for permanent residency in Canada through the Express Entry program and start their new life in this welcoming and diverse country.
If you are planning to apply for permanent residency in Canada through the Express Entry program and want to ensure that your application is as strong as possible, we encourage you to book a free consultation with a qualified immigration lawyer at Titan Law. Our experienced legal team can provide you with the guidance and support you need to navigate the complex immigration process and maximize your chances of success.
During your free consultation, one of our immigration lawyers will review your case, answer your questions, and provide you with tailored advice on your immigration options. We understand that every client is unique, and we take a personalized approach to each case to ensure the best possible outcome.
To book your free consultation with a Titan Law lawyer, simply visit our website and fill out the consultation request form. We will be in touch with you shortly to schedule your appointment and start working towards your immigration goals.
The Proof of Funds Requirement is a mandatory requirement for applicants to the Express Entry program, which requires them to demonstrate that they have sufficient financial resources to support themselves and their family members upon arrival in Canada.
The amount of money required as proof of funds depends on the size of your family. As of May 2023, the minimum required funds are CAD $13,213 for a single applicant, with additional amounts required for each accompanying family member.
Yes, applicants can use certain assets, such as property or investments, as proof of funds. However, these assets must be easily convertible to cash and must be readily available for the applicant to use upon arrival in Canada.
No, applicants cannot borrow money to meet the Proof of Funds Requirement. The funds must be readily available and belong to the applicant or their accompanying spouse or common-law partner.
Failure to meet the Proof of Funds Requirement can result in the rejection of an application for permanent residency in Canada.
