Recently Canada has revised the proof of funds category. This has given Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) candidates until June 8, 2022, to update the same. In case, the candidate has a legitimate job offer this is not necessary, nor is it a requirement for those in the Canadian Experience Class (CEC) category.  

But in case you are an FSWP or FSTP candidate without a Canadian job offer, you need to pay the following amounts to remain eligible for immigration to Canada:

Number of family membersFunds required 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

The amounts shown on your Express Entry profile do not match the above amounts, you have until June 8th, 2022 to update the same. 

Will updating my proof of funds affect the date of my profile submission?

The date of profile submission is important when the IRCC applies the tie-break rule. Updating your Express Entry Profile does not affect your date of submission or the date IRCC received your profile for consideration. 

What rules are associated with Proof of funds?

  • Your funds should be readily available to you as you will need to prove to your immigration officer your legal access to them when you arrive. 
  • You need to prove your ability to pay for the cost of living of family members including those who did not come with you. 
  • Borrowing of funds, or using the equity on the property is strictly prohibited. 

What can I use as proof of funds?

You can provide several documents as proof of funds to the IRCC. These include official letters from those banks and/or financial institutions where you have an account. The official letters need to follow a certain format. 

Why have the requirements been changed?

Draws for FSWP candidates have halted since December 2020, and for CEC candidates since September 2021. But Canada will begin inviting Express Entry candidates who are qualified for the FSWP and the CEC in early July.

Confused about how to update your Express Entry profile? Contact us today at contactus@wisaindia.com or call our Toll-Free number 1800 123 9212.