Canada Imposes New Proof of Funds Rules for Express Entry Immigration

Are you thinking about moving to Canada to study, work, or start a new life? Canada is a great choice! But before you start packing, it’s important to know about the latest rules for Express Entry candidates, especially when it comes to showing proof of funds.

Recently, Immigration, Refugees and Citizenship Canada (IRCC) made some changes to the proof of funds requirements for Express Entry candidates. These changes started on May 28, 2024, and they’re meant to match the current economic situation and that immigrants have enough money to support themselves in Canada.

Proof of funds is a way to show that you have enough money to live in Canada without needing help from social programs. It tells Canadian immigration officials that you can pay for important things like housing, food, and transportation for yourself and your family.

Who Needs Proof

You need proof of funds if for specific programs within the Express Entry system. These programs are for skilled workers who can help Canada’s economy grow. Here’s who needs to show proof of funds:

  1. Federal Skilled Worker Program (FSWP): This program is for skilled workers with experience in jobs listed in Canada’s National Occupation Classification (NOC). You need to show proof of funds to prove that you can support yourself and your family in Canada.
  2. Federal Skilled Trades Program (FSTP): This program is for skilled tradespeople with experience in jobs that are in high demand. Like the FSWP, you need to show proof of funds to prove that you can support yourself in Canada.

How Much Money You Need

The amount of money you need to show depends on how many people are in your family. IRCC has updated the minimum amounts based on 50% of the low-income cut-off for Canada.

Important Notes

If you already submitted an Express Entry profile, you need to update your proof of funds information by May 27, 2024. This won’t change your original submission date or your ranking in the pool.

Who Doesn’t Need Proof

There are some exceptions to the proof of funds requirement. You don’t need to show proof of funds if you’re applying under the Canadian Experience Class (CEC) or if you already have a job offer and permission to work in Canada.

Things to Remember

  • Your money needs to be available during the application process and when you get your permanent resident visa.
  • You can’t use things like home equity or borrowed money as proof of funds.
  • The money needs to be enough to cover your family’s expenses, even if they’re not moving to Canada with you right away.
  • If you’re married, you can use money that you and your spouse have together. You can also use money that’s only in your spouse’s name if you can show that you can access it.
  • You need official bank letters to prove where your money came from and that it’s available.
  • When you enter Canada, you need to declare any amount over CAD 10,000.

By understanding the new proof of funds requirements, you can make sure that your Express Entry application goes smoothly. For more information, you can visit the official IRCC website. Good luck with your move to Canada!

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