Proof of Express Entry funds increased for 2022

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Published on May 14, 2022 at 7:10 AM EDT

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Canada has updated proof of settlement funding requirements for Express Entry candidates.

This change applies to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). They do not apply to candidates from this program who have a valid job offer in Canada, or Canadian Experience Class (CEC) candidates.

FSWP and FSTP candidates who do not have a Canadian job offer will need the following amounts to remain eligible for immigration:

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Number of family members Funds needed in CAD
1 $13.310
2 $16,570
3 $20,371
4 $24,733
5 $28.052
6 $31,638
7 $35,224
Each additional family member $3,586

You have until June 8th to update your profile if you have less than the number listed on your documents. Updating your Express Entry profile does not affect the date and time Immigration, Refugee and Citizenship Canada (IRCC) received your profile. This is important when the IRCC applies tie-break rules. Candidates with a minimum Comprehensive Ranking System (CRS) score only receive an invitation if their profile is accepted on or before a certain date, which the IRCC provides in each invitation round.

Funds must be available to you both when you apply and if you get a permanent resident visa. When you arrive, you must prove to immigration officials that you can legally access the money.

You must be able to pay for living expenses for your family, even those who are not with you. If your partner comes, you can count the money you have together in the joint account. If you access them through an account in their name only, you must prove that you have access to the funds.

You cannot borrow this money from anyone else, and you cannot use the equity in the property as proof of settlement funds.

What does the IRCC accept as proof of funds

As proof, you need an official letter from the bank or financial institution where you deposited the money.

According to the IRCC government webpage, letters must:

  • printed on the letterhead of the financial institution;
  • include the financial institution’s contact information (address, telephone number and email address);
  • include your name;
  • a list of outstanding debts such as credit card debt and loans; and
  • including, for each current bank and investment account, the account number, the date each account was opened, the current balance of each account, and the average balance over the last six months.

FSWP and CEC draw will resume July 2022

Canada will once again invite eligible Express Entry candidates for the FSWP and CEC from early July, according to Immigration Minister Sean Fraser. The drawing for FSWP candidates has been stopped since December 2020, and since September 2021 for CEC candidates.

The immigration minister also said the processing time for new Express Entry applicants would return to the standard six months at that time. Processing times across most lines of business could return to normal by the end of 2022.

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