Canada’s IRCC updates Express Entry proof of funds for 2023
An update to the proof of funds requirements for Express Entry candidates was initially released on the website of Immigration, Refugees and Citizenship Canada (IRCC) on May 2. The change was made public on the IRCC website yesterday but went into effect on April 25.
Proof of funds amounts are updated yearly. The amount is calculated by IRCC using 50% of the low-income cutoff amounts. To stay eligible, candidates need to update the settlement fund numbers in their Express Entry profile. Since Proof of funds is how candidates can show the Canadian government that they have enough money to settle in Canada. If candidates get invited to apply after updating their express entry profile, they must provide them written proof that they have the mentioned money.
Who needs proof of funds?
Express Entry candidates from followings have to provide proof of funds when they apply for permanent residency:
- the Federal Skilled Worker Program (FSWP)
- the Federal Skilled Trades Program (FSTP)
Nonetheless, anyone applying under the Canadian Experience Class does not need to show their money proof to support themselves and their family financially.
Candidates applying to the FSWP and FSTP may not be required to present proof of funds if they already have a valid work permit for Canada and a job offer. Otherwise, FSWP and FSTP candidates must provide proof that they have access to enough money to support themselves and their family financially.
How much fund is required in the latest update 2023?
The amount of money needed to satisfy the express entry proof of funds criteria for some Express Entry candidates has increased by an update from Canada.
Depending on the size of their family, including spouse or common-law partner and dependent children even if they’re not included in immigration application, whether they’re not coming or they’re already Canadian permanent residents or citizens.
1 CAD= 60.08 INR
|Number of family members||Funds required in CAD dollar||Funds required in INR|
|Each member add on extra cost of||$3,706||₹2,22,658|
The updated tables were posted on May 2 on the IRCC website. However, the guidelines state that all eligible Express Entry applicants must update their profiles by April 25, 2023.
It basically means that candidates for the FSWP and FSTP who met the requirements must update their proof of funds if they received an ITA on April 26 express entry draw. In order to stay eligible when they go to apply, candidates in the pool who are applying for FSWP and FSTP will also need to update their express entry proof of funds. Those who have applied and gotten an acknowledgment from IRCC don’t need to do anything.
How to show proof of funds?
If a permanent residence visa is granted, an immigration officer will determine whether the applicant has access to the money at the time of application. An applicant is required to submit official letters from the bank where their funds are kept.
The official letter to demonstrate access to funds must include the following:
- The letterhead of the financial institution
- Contact information for the financial institution (address, phone number, and email address)
- The applicant’s name
- A list of all outstanding debts, including credit card and loan balances and information about any bank accounts, including account numbers, dates of opening, current balances, and average balances over the previous six months.
- account numbers
- date each account was opened
- current account balances
You can’t use property on property or money borrowed from another person when demonstrating settlement funds because it’s necessary that funds must be lawfully accessible to applicants when they arrive in Canada.
What much money should you bring?
Moving to Canada and settling there will be easy if applicants bring enough monet to live comfortably.
If you don’t disclose money over the $10,000 level, the Canadian Border Services Agency (CBSA) has the power to confiscate it; failing to do so may result in a fine or other consequences.
Money can be brought into Canada in the following ways:
- Cash Bearer Securities (such as Treasury Bills, Stocks, Bonds, and Debentures)
- Negotiable documents that must be carried by the bearer, such as bank draughts, checks, travellers’ checks, and money orders
- Money transfer from your bank to a Canadian bank
- Before coming to Canada, inquire with your financial institution about the rules and regulations governing money in both Canada and the nation you are leaving. Your ability to export a certain quantity of money may be constrained.
If you are leaving a nation with currency limitations, you may have up to three years to import any products you bought with this money there before. The CBSA must see evidence that you were subject to limitations, nevertheless.