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Proof of Funds for Express Entry
Proof of Funds for Express Entry
Commonly Asked Questions for Proof of Funds during Canadian Immigration
Immigration, Refugees and Citizenship Canada (IRCC) has revised Canada PR’s proof of funds requirement, effective May 28, 2024. The proof of funds amount for Express Entry is updated annually by IRCC and is determined based on 50% of the low-income cut-off thresholds. To maintain their eligibility for Canada PR, candidates were required to update their settlement fund details in their Express Entry profile by May 27, 2024.
When applying for Canada PR, you must provide documented evidence that you have sufficient funds to settle in Canada. The minimum required amount depends on the size of your family.
To assist you in understanding this requirement, we have compiled a list of the top 10 frequently asked questions about proof of funds for Express Entry in 2024.
Frequently Asked Questions (FAQ) - Proof of Funds for Express Entry
FAQ 1: What is the proof of funds requirement for Express Entry 2024?
| Number of family members | Funds you need (in Canadian dollars) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member, add | $3,958 |
Applicants must list their spouse or common-law partner and dependent children in their application, regardless of whether they are:
- Canadian citizens or permanent residents.
- Accompanying the applicant to Canada
FAQ 2: What if I don’t update the proof of funds in my Express Entry profile by May 27, 2024?
Please update your profile with the required proof of funds by May 27, 2024, to ensure your Express Entry profile is deemed eligible. Consequently, you will need to start over and submit a new application.
FAQ 3: Who needs to provide proof of funds?
Applicants who receive an Invitation to Apply (ITA) through an Express Entry draw must demonstrate that they have sufficient funds to settle in Canada. Proof of funds is necessary for those applying under the:
Applicants under the Canadian Experience Class (CEC) do not need to provide proof of funds. Additionally, individuals with a valid job offer from a Canadian employer are exempt from this requirement, regardless of whether they apply under the FSWP or FSTP.
FAQ 4: How can I show proof of funds for Express Entry?
To demonstrate proof of funds, you must obtain official letters from banks or financial institutions where you hold accounts. These letters should be on the institution’s letterhead and must include the following information:
- The institution's contact details (address, phone number, and email)
- Your name
- Details of any outstanding debts (credit card balances, loans)
- Information for each current banking and investment account, including:
- Account numbers
- The date each account was opened
- Current account balances
- Average balance over the past six months
Additionally, you must prove to IRCC that you can access these funds upon arrival in Canada. Bringing as much money as possible is recommended to facilitate your settlement.
FAQ 5: Can family members' funds be used as proof of funds?
IRCC permits the use of your spouse’s funds under certain conditions:
- Condition 1: If your spouse is accompanying you, funds in a joint account can be used.
- Condition 2: If the funds are in your spouse’s account, you can use them if you can prove access to these funds.
FAQ 6: Can a loan be used as proof of funds for Express Entry?
No, borrowed money cannot be used as proof of funds for Express Entry.
FAQ 7: Does having a valid job offer affect the proof of funds requirement?
Yes. Candidates under the FSTP and FSWP with a valid job offer are exempt from the proof of funds requirement.
FAQ 8: How do currency fluctuations affect proof of funds?
When submitting your application, you must provide proof of funds equivalent to Canadian dollars. Maintaining the required amount is essential until IRCC makes a final decision. IRCC may ask for updated proof of funds if significant currency fluctuations occur.
FAQ 9: What should you do if your financial situation changes after submitting your profile?
Update your profile immediately if there are any changes to your financial situation. Please update your profile to ensure you are eligible, especially if the changes affect your ability to meet the eligibility criteria for the Express Entry programs.
FAQ 10: What should you do if unsure about your documentation of your proof of funds?
If you are uncertain about your proof of funds documentation, consider consulting a certified Canadian immigration lawyer. They can assist you with:
- Gathering all necessary documents
- Avoiding critical mistakes
- Communicating with the Canadian government
- Using their expertise to prevent delays in the Express Entry process
The Express Entry system is an excellent pathway for skilled workers to gain permanent residency in Canada, but the process can be intricate and challenging. If you need assistance, consider a free consultation with the top immigration consultants in India at Universal Adviser.
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