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Immigration, Refugees and Citizenship of Canada (IRCC) has made an update on the proof of funds required for Express Entry applicants. This change was announced on May 2, 2023.
Who needs proof of funds?
Applicants are required to show proof of funds to meet the minimum requirements of the following programs:
- Federal Skilled Trades program (FST)
- Federal Skilled Worker program (FSW)
How much money is needed in 2023?
The amount of funds required for Express Entry changes based on the size of an applicant’s family. An applicant’s family include:
- The applicant
- Their spouse or common-law partner
- Their dependent children
- Their spouse’s dependent children.
Number of |
|
1 | $13,757 |
2 | $17,127 |
3 | $21,055 |
4 | $25,564 |
5 | $28,994 |
6 | $32,700 |
7 | $36,407 |
If more than seven persons, for each | $3,706 |
How to show proof of funds
To show proof of funds, applicants must provide official letters from their financial institutions or banks. The letter must
- Include the applicant’s name
- Be printed on the letterhead of the financial institution
- Include their contact information (address, email address and telephone number)
- Account numbers
- State any outstanding debts such as debts, credit cards or loans
- Date each account was opened
- Current account balances
- Average balance for the past 6 months
According to IRCC, an applicant’s funds must be available when
- They apply
- They are issued a permanent resident visa
To learn more about the proof of funds required for express entry, please visit crestimmigration.ca or contact David Akinmoluwa on WhatsApp at +1(587)-974-8942 or info@crestimmigration.ca. We are here to help you achieve your goal!
