Canada hikes funds required to be eligible for PR via Express Entry route
Candidates have until June 8 to update their profiles if they do not meet the new targets. Updating an Express Entry profile will not affect your application timeline.
By ET Online | Updated:
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Canada has announced a hike in the amount of settlement funds required to be shown for some Express Entry candidates.
The changes only apply to candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) without a valid job offer in Canada.
Candidates with a valid job offer, and Canadian Experience Class (CEC) candidates have been exempted.
Candidates have until June 8 to update their profiles if they do not meet the new targets. Updating an Express Entry profile will not affect your application timeline.
Express Entry candidates who are eligible for the FSWP and the CEC will be invited to apply in early July, according to Immigration Minister Sean Fraser.
To remain eligible for immigration, FSWP and FSTP candidates who do not have a Canadian job offer will need to show
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Number of family members
Funds required (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
What IRCC accepts as proof of funds For proof, you need official letters from any banks or financial institutions where you’re keeping the money. The letters must:
be printed on the financial institution’s letterhead
include the financial institution’s contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account, the account numbers, date each account was opened, current balance of each account, and average balance for the past six months
