Canada has introduced new proof of funds requirements for Express Entry applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The changes will take effect on May 28, 2024, and candidates must update their profiles by May 27, 2024, to meet the revised settlement funds requirements.
However, candidates with a valid job offer and work permit for Canada, as well as those applying under the Express Entry Canadian Experience Class (CEC), are exempt from this requirement. If proof of funds is not required, candidates must upload a letter stating they have a valid employment offer or are applying under the CEC.
How is Express Entry proof of funds calculated?
When applying for settlement funds, it’s important to remember that the required amount varies depending on the number of family members in the applicant’s household. This includes the applicant, their spouse or common-law partner, their dependent children, and any dependent children of the spouse or partner. Even if a family member does not plan to accompany the applicant to Canada, including them in the calculation is crucial.
How much Proof of Funds is needed for Canada Express Entry in 2024?
As part of the Express Entry process, applicants must provide proof of funds for Canada that cover their living expenses and those of their families. This requirement is essential as it demonstrates the candidate’s ability to support themselves and their dependents without relying on government assistance. Here are the updated proof of funds requirements for Express Entry effective May 28, 2024:
| Number of Family Members | Funds Required Now (in CAD) | Funds Required by May 28, 2024 (in CAD) | Percentage Increase (%) |
|---|---|---|---|
| 1 | 13,757 | 14,690 | 6.78 |
| 2 | 17,127 | 18,288 | 6.77 |
| 3 | 21,055 | 22,483 | 6.77 |
| 4 | 25,564 | 27,297 | 6.77 |
| 5 | 28,994 | 30,690 | 5.85 |
| 6 | 32,700 | 34,917 | 6.77 |
| 7 | 36,407 | 38,875 | 6.78 |
| Each additional member | 3,706 | 3,958 | 6.80 |
These funds must be proven through bank statements or other financial documents. This plays a significant role in the Express Entry process as it demonstrates a candidate’s ability to reside in Canada without relying on government assistance. It’s important to note that these funds cannot be borrowed and must be accessible from the application until permanent residency is granted.
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What is Acceptable Proof of Funds for Express Entry?
To prove funds for Express Entry to Canada, an applicant must provide official letters from recognized banks or financial institutions. These letters should include specific details about the applicant’s financial status. There are key elements that the letter must include, such as:
- The letter must be printed on the financial institution’s letterhead.
- It should include the financial institution’s contact information.
- It must include the name of the applicant.
- Any outstanding debts, including credit card debts and loans, should be listed.
- For each account, the letter must include the following information:
- Account numbers
- Date of opening
- The current balance of each account
- The average balance for the previous six months.
How much money can you bring to Canada?
When immigrating to Canada, it’s important to understand the rules and regulations regarding bringing money into the country. Here are some key points to consider:
No Legal Limits, But Declaration Required
There are no legal limits on how much money you can bring into Canada. However, if you travel with over 10,000 Canadian dollars (CAD) or its equivalent value in foreign currency, you must disclose it to the Canada Border Services Agency (CBSA) upon arrival.
Penalties for Non-Declaration
Failure to declare amounts higher than $10,000 could lead to penalties or confiscation of the funds. The $10,000 threshold includes all money you carry, such as cash, bank drafts, traveller’s checks, and other financial instruments.
Research Cost of Living
Researching the cost of living in different places in Canada is essential. Bringing as many funds as possible is recommended to make life easier in the initial days. Along with cash, some important financial assets candidates must carry with them include:
- Stocks
- Bonds
- Debentures
- Treasury bills
It’s not mandatory that funds must be in cash, but they must be readily available and not tied to long-term investments, locked investments, or properties.
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Need help?
Navigating the complexities of the proof of funds requirements for Express Entry can be challenging. It’s crucial to plan and prepare all necessary documents. For expert guidance, consider reaching out to licensed professionals at ELAAR Immigration. Our team of experienced immigration consultants can provide you with support and guidance. Contact us for a consultation, and let us help you with your immigration needs.
