New minimum funds rule for Canada immigration candidates is here

Canada updates Express Entry proof of funds for 2021

In the latest update, Canada has revised the amount of money that Express Entry candidates required to be eligible for Canada immigration.

The new changes are applicable to Express Entry candidates in the FSWP and FSTP streams. It doesn’t apply to such candidates with a valid job offer in Canada.

FSTP and FSWP candidates who don’t have job offers in Canada must have the following amounts to be eligible for Canada immigration:

No. of family members The amount required (in CAD)
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967
For every additional family member $3,560

In case your documents proving the existence of your funds doesn’t show these amounts or more, you will need to make the necessary update in your Express Entry profile. This must be done on or before July 15, 2021. Updating your profile doesn’t change the date and time IRCC got your profile. Hence, you will maintain your rank in case you are in a situation involving a tie-breaker.

The intention of IRCC to hold an Express Entry draw for FSTP and FSWP candidates for the first time this year is indicated by this announcement. For some time now, due to the COVID-19 pandemic, Canada has been restricting its draws for CEC and PNP candidates only. The reason has been that such draws will then involve a large number of candidates in Canada who don’t have to give proof of funds compulsorily.

Things were different before the pandemic. Then, in the month of January, IRCC would announce the new directions regarding proof of funds for the particular year. This announcement was made in July this year.

Proof of funds – What Canada will accept

If you received an ITA for Canada PR, you will require proof in writing showing that you have the requisite money for Canada immigration.

As the government webpage says, to show proof of funds you will require official letters issued by your bank or a financial institution. The letters have to:

  • be printed on the letterhead of the financial institution
  • include your name
  • include the address, email, and phone number of the financial institution
  • include, for every bank and investment account involved, the actual numbers, the date on which individual accounts were opened, the current balance of each account, and the average balance in the account for the past 6 months
  • list debts that are outstanding viz. loans and credit card debts

It’s necessary that funds are readily available to you at the time of application and when IRCC issues you a Canada PR visa. The funds can neither be in the form of equity nor as borrowed money from any individual.

In case your spouse is accompanying you, you can count the money you possess together in a joint account. If you can give proof of access to an account only in their name, you could count that too.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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The Canada PNP program draws that made news in June 2021

Note:

PR – Permanent Residence/Permanent Resident

PNP – Provincial Nominee Program

ITA – Invitation to Apply

IRCC – Immigration, Refugees and Citizenship Canada

FSWP – Federal Skilled Worker Program

FSTP – Federal Skill Trades Program

CEC – Canadian Experience Class

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