Proof of Funds Increases for Express Entry Candidates in 2022

Post by : Admin on May 21,2022

Whether you apply for Express Entry programs or permanent residence, it is crucial to show the proof of funds. It reflects that you are financially stable enough to live and work in Canada. 

The proof of funds requirements has changed recently. So, you must update your fund settlement numbers accordingly in the respective Express Entry profile. You have until June 8 to update the same on your profile to avoid rejections or delays in application processing. 
 

Proof of Funds for Express Entry Candidates | What’s the New Update?

The update is applicable to Federal Skilled Worker Program and the Federal Skilled Trades Program candidates. Candidates from these programs with a valid job offer in Canada do not need to follow the update. Similarly, Canadian Experience Class candidates do not need to follow this update. 

If you are an FSWP or FTSP candidate with no Canadian job offer, keep the following proof of funds update in mind:

Number of family members                       Settle funds requirements (CAD)

               1                                                               $13,310

               2                                                               $16,570

               3                                                               $20,371

               4                                                               $24,733

               5                                                               $28,052

               6                                                               $31,638

               7                                                               $35,224

The proof of funds settlement amount depends on the size of your family. Include the following to calculate the size of your family:

  • Yourself 
  • Your dependent children
  • Your partner 
  • Your partner’s dependent children 

 Also, the funds' settlement amount increases by $3586 for every additional family member you add to the family. 

 

How important is this update?

You may have submitted the profile to Immigration Refugees and Citizenship Canada on a previous date. But, updating the same with the new fund's settlement amount won’t affect your rank in the profile’s status. However, it will act as a saviour in the case of a tie-break situation. 

Not updating the profile can cause delays in application processing. Keep these points in mind as well:

  • Make sure the funds are available at you when you apply and when you get the permanent resident visa. 
  • You have to prove to the immigration officer that you have enough money and can legally access it. 
  • Show that you are financially stable enough to pay the cost of your family’s living including those who didn’t come with you. 
  • Remember, you cannot use equity as property or borrow money from someone else to meet the requirements.  

 

What to Show as Proof of Funds?

You need official, formal letters from reputed financial institutions where you have kept the money. 

As per the IRCC government webpage, the letters should meet the following criteria:

  • The financial institution’s letterhead should print the letter. 
  • Include the contact information of the financial institution in it. 
  • Write your name. 
  • List outstanding debts including loans and credit card debts. 
  • List the account numbers, current balance of each account, account opening date and average balance for the previous six months for each investment and current bank account. 

 

Application Resumes in July 2022 for FSWP and CEC Candidates

There’s good news for Express Entry candidates eligible for FSWP and CEC programs. 

According to Immigration Minister Sean Fraser, FSWP and CEC draws will resume from July 2022. The Minister also announced the processing time for the new Express Entry application to return to six months. The processing time for most businesses is expected to return to normal by the end of 2022. 

Staying abreast of the updates and updating profiles can be daunting, especially amidst a hectic schedule. This is where Onkar Immigration comes into play. We have a brilliant team to guide you through all the updates. We will help you get through the complex processes efficiently.

 


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