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May 25, 2022

Express Entry proof of funds increases for 2022

Candidates for the Federal Skilled Worker Program and Federal Skilled Trades Program must update their proof of funding by June 8.

The evidence of settlement money needed for Express Entry applicants has been amended by Canada.

These modifications apply to Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) Express Entry applicants (FSTP). Applicants from these programs who have a legitimate employment offer in Canada, as well as Canadian Experience Class (CEC) candidates, are not affected.

Candidates for the FSWP and FSTP who do not have a job offer in Canada must pay the following fees to stay eligible for immigration:

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Number of family membersFunds required in CAD
Each additional family member$3,586

If your papers reflect less than the aforementioned sums, you have until June 8 to amend your profile. The date and time that Immigration, Refugees and Citizenship Canada (IRCC) received your Express Entry profile are unaffected by updating it. This is crucial when the IRCC applies the tie-break rule. Candidates with the lowest Comprehensive Ranking System (CRS) score are only invited if their profiles are submitted on or before a specific deadline set by IRCC for each invitation round.

Both when you apply and if you are granted a permanent residence visa, you must have sufficient finances. You’ll have to show the immigration official that you have legal access to the funds when you arrive.

You must be able to cover the costs of living for your entire family, including those who will not accompany you. You can count the money you have in a joint account if your spouse is coming. You must verify you have access to the funds if you are using an account in their name exclusively.

You can’t borrow this money from someone else, and you can’t utilize home equity to prove settlement funds.

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What evidence of funding does the IRCC accept?
Official letters from any banks or financial institutions where you’re holding the money are required as proof.

Letters must, according to the IRCC government website:

  • be printed on the letterhead of the banking institution;
  • contain the contact information for the financial institution (address, phone number, and email address);
  • mention your name;
  • list all outstanding obligations, including credit card and loan balances;
  • Also include the account numbers, date each account was opened, current balance of each account, and average balance over the last six months for each current bank and investment account.

The FSWP and CEC will restart their drawings in July 2022.
According to Immigration Minister Sean Fraser, Canada will begin inviting Express Entry candidates who are qualified for the FSWP and CEC in early July. Draws for FSWP candidates have been halted since December 2020, and for CEC candidates since September 2021.

At same time, the immigration minister also stated that processing periods for new Express Entry candidates will be reduced to six months. By the end of 2022, processing times in most lines of business could be back to normal.

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To discover more about your possibilities, speak with our consultants.

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