IRCC increases the eligibility requirements of proof of funds for express entry in 2022

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    As per IRCC, the Federal Skilled Worker Program and Federal Skilled Trades Program candidates have until June 8 to update their proof of funds.

    IRCC has updated the requirement of proof of funds for express entry candidates.

    The requirements updated do apply to the candidates of express entry under Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP), except the candidates with a valid job offer in the country and CEC (Canadian Experience Class) candidates.

    The below table presents the eligibility requirements of IRCC for candidates who do not have a valid job offer.

    No. of family membersEligibility funds in CAD
    1$13310
    2$16570
    3$20371
    4$24733
    5$28052
    6$31638
    7$35224
    Each additional family member$3586

    If the candidates do not meet the eligibility requirements for funds as mentioned in the above table, they are welcome to update their profile before June 8. Making any changes to one’s profile for express entry does not affect the time when their profile was submitted to Immigration, Refugees and Citizenship Canada (IRCC).

    IRCC invites only those candidates who meet the minimum CRS Score (Comprehensive Ranking System), and their profile was submitted before the specified date by IRCC in the invitation round.

    The candidate must be able to easily access the funds at the time of application and when they get a permanent residency visa. So that, at the port of entry, they have a proof for the immigration officer that the money is accessible to them.

    The candidates must bear the cost of living of the family, including ones who are not travelling to Canada with them. The funds in the joint account of the candidate and the spouse shall be eligible when the spouse is travelling. In case the candidate does not have a joint account with the spouse, proof of accessibility by the candidates to the individual account of the spouse shall be provided.

    The proof of funds shall not include any money that was borrowed from somebody else on the property.

    Eligibility For Proof of Funds

    In order to provide proof of funds, an Official letter from the financial institutions and banks where money is kept shall be provided.

    According to IRCC, these letters must

    1. Be on the official letterhead of the bank or institution

    2. Include the candidate’s name

    3. Include the account number for each current and investment account

    4. Include the date on which the account was opened

    5. Mention the current balance along with the average six-month balance of the account.

    6. Provide the details to contact the financial institutions or bank in case verification is required

    Resuming Express Entry Draws for CEC And FSWP in July 2022

    As per Immigration Minister Sean Fraser, IRCC is to resume invitation for express entry candidates under CEC and FSWP at the beginning of July 2022. The Minister also addressed the recovery of processing times for new express entry candidates to a standard six months period

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