Canada has revised Express Entry proof of settlement funds in 2022.
Canada has revised Express Entry proof of settlement funds in 2022.
Federal Skilled Worker Program and Federal Skilled Trades Program applicants should be updated until June 8 in order to update their proof of funds.
These changes are applicable only to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) but do not refer to applicants from these programs who have a valid job invitation from Canada, nor Canadian Experience Class (CEC) aspirants.
FSWP and FSTP candidates who do not have a Canadian job offer will require the following amounts to stay eligible for immigration:
Number of family members Funds expected in CAD
1 $13,310
2 $16,570
3 $20,371
4 $24,733
5 $28,052
6 $31,638
7 $35,224
Funds Required for Each additional family member $3,586
You have to update your profile until June 8, if you have less than the amount mentioned above on your documents. Furthermore, the Submission date and time of your Immigration, Refugees, and Citizenship Canada (IRCC) profile do not get affected when you update your express entry profile. This would be important for when IRCC carries out the tie-break rule. The applicant with the minimum Comprehensive Ranking System (CRS) scores only receives invitations if their profile was received on or before a particular date, which IRCC provides in each invitation round.
The funds must be easily accessible to you both times when you apply and if you get a permanent resident visa. When you arrive in Canada, you will have to prove to the immigration officer that you can legally access the funds.
You have to arrange the cost of living for your family, even those who are not accompanying you. If your partner is coming, you can count the money you have together in a joint account. If you are accessing the funds through an account in their name only you must show you have access to the funds.
You cannot borrow this fund from someone else, and you cannot utilize the equity on the property as proof of settlement funds.
Also Read- How to Move to Canada without Job Offer
What IRCC accepts as proof of funds
For proof, you need authorized letters from any financial institutions or banks where you’re safekeeping the money.
According to the IRCC government webpage, letters must:
- be printed on the letterhead of the financial institution;
- contain the financial institution’s contact information (telephone number, email address, and physical address);
- contain your name;
- list outstanding debts such as loans, credit cards, and debts; and
- contain, for each investment account and current bank, the account numbers, the current balance of each account, the date each account was opened, and the average balance for the past six months.
FSWP and CEC draws to continue in July 2022
Express Entry candidates will be once again invited by Canada who are qualified for the FSWP and the CEC beginning in early July, as stated by Immigration Minister Sean Fraser. Draws have been delayed for FSWP applicants since December 2020, and since September 2021 for CEC applicants.
The immigration officer also said processing times for new Express Entry candidates would return to the six-month standard at that time. Processing times across most lines of business could return to normal by the end of 2022.
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