Express Entry Proof of Funds Increases for 2022
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Recently, the Canadian government gave out the information that it will resume the invitation for eligible Express Entry candidates in early July and is planning to invite 1.8 million immigrants.
Along with it, there is news that Canada has also revised the proof of settlement funds requirement. The Settlement fund is the minimum sum of money that an immigrant should have to support themselves financially when they arrive in Canada and before the individual sets foot in the country, he/she has to provide solid proof that he/she is capable of paying the cost of living for your family in Canada and even those who are not accompanying you.
Given below are the revised amounts and the previous amount that will help you in understanding the difference:
|Number of family members accompanying||Previous Fund Required (in CAD)||Updated amount (in CAD)|
|Each additional member||$3,560||3,586|
It is important to note that these changes apply only to the Express Entry candidates who had applied through FSWP and FSTP. On the other hand, they are not applicable to those who have a valid job offer in Canada or CEC candidates. It has also been noted that if you have less than the mentioned amounts shown on your documents, then you have to update your profile by June 8, 2022. Although this update will not change the date and time on which IRCC has received your application, it will play a pivotal role in aiding IRCC in implementing the tie-break rule.
These funds should be available to the aspirants and he/she must be able to legally access these funds when they apply for the immigration process, as well as when they get the PR visa. If the spouse is accompanying them, he/she can consider using the money they have together in a joint account on the condition that the account should be in their name only and they must prove they have access to the funds.
Documents that are accepted as proof of settlement funds
According to the official page of Immigration, Refugees, and Citizenship Canada (IRCC), an aspirant needs official letters from financial institutions or banks with certain requirements as proof of funds. The principal applicant can get these letters from banks where they safeguard their money, and the letters must include the following information:
- Should be printed on the letterhead of the financial institution
- Should contain the contact information (address, telephone number, and email address) of the financial institution
- Should include the name of the immigrant
- Should list any outstanding debts and loans (credit card debts and loans)
- Should include that the primary applicant is fully free of any liens, debts, and encumbrances
- For each current bank and investment account, the following should be included:
- Account numbers
- Date when each account was opened
- The current balance of each account
- The minimum balance for the past six months
One should keep in mind that this fund will not be accepted as proof of settlement funds if it is borrowed from another person or is the equity on the property.