How much proof of funds is required for Immigrating to Canada under Express Entry in 2022?
Immigration, Refugee and Citizenship Canada (IRCC) announced an increase in the proof of funds required for those applying to the Express Entry System under the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC)The settlement fund depends on family size, which gets revised annually based on 50% of the cut of totals of the low-income group. The settlement fund depends on family size, which gets revised annually based on 50% of the cut of totals of the low-income group. IRCC has provided until June 8th, 2022, to update your Express Entry profile if the total amount shown in the documents is less than the new required amount. This updation will have no impact on the date and time the IRCC received your express entry profile when IRCC uses the tie-break rule for CRS draws. The proof of funds criteria must be met at all time-When applying for the visa, when you get the permanent resident visa and when you land in Canada. In addition, you must ensure that the funds are readily available to you.
How much proof of funds is required for Immigrating to Canada under Express Entry in 2022?
Immigration, Refugee and Citizenship Canada (IRCC) announced an increase in the proof of funds required for those applying to the Express Entry System under the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC)The settlement fund depends on family size, which gets revised annually based on 50% of the cut of totals of the low-income group. The settlement fund depends on family size, which gets revised annually based on 50% of the cut of totals of the low-income group. IRCC has provided until June 8th, 2022, to update your Express Entry profile if the total amount shown in the documents is less than the new required amount. This updation will have no impact on the date and time the IRCC received your express entry profile when IRCC uses the tie-break rule for CRS draws. The proof of funds criteria must be met at all time-When applying for the visa, when you get the permanent resident visa and when you land in Canada. In addition, you must ensure that the funds are readily available to you.
Who requires proof of funds?
The proof of funds is one of the minimum requirements that you need to meet if applying under:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Who does not require proof of funds?
In case you are applying under one of the following streams, you do not need to show proof of funds:
- Canadian Experience Class or
- You have a valid job offer and are authorized to work in Canada, even if applying under Federal Skilled Trades Program (FSTP) or the Federal Skilled Worker Program(FSWP)
How much money is required as proof of fund?
The amount of money required is defined basis the size of your family. To calculate the family size, you must include:
- yourself
- your spouse or common-law partner
- your dependent children and
- dependent children of your spouse
You need to include your spouse and dependent children even if they are
- Canadian Citizen
- Permanent Resident of Canada
- Not accompanying you to Canada
The source for funds requirement for 2022
| Number of family members | Funds required (in Canadian dollars) |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| For each additional family member | $3,586 |
