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Financial stability for Express Entry

Financial stability for Express Entry

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Express Entry is a program the Canadian government runs to handle skilled foreign worker applications for permanent residency. Applicants for Express Entry must show they have enough money to support themselves and their families in Canada. This is a very important part of the application process.

Applicants must show proof of funds to show that they are financially stable. The amount of money you need depends on how many people in your family are on the application. As of 2021, a single applicant will need at least CAD 13,213 in funds, and the amount goes up for each extra family member.

Bank accounts, investment statements, and proof of property ownership are all ways to show that you have money. The money must be easy to get and not tied down by debt or other financial responsibilities.

To be eligible for Express Entry, applicants must meet other standards, such as being able to speak a language and having work experience. Based on these things, the Express Entry system gives applicants points, and those who get the most points are asked to apply for permanent residency.

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The proof of funds that Express Entry candidates need to show has been changed by Immigration, Refugees, and Citizenship Canada (IRCC).

The change went into force on April 25. But these were announced on IRCC’s website on May 2, 2023.

The amounts of proof of funds are changed every year. The amount is based on 50% of the totals for the low-income cut-offs. To stay qualified, you need to keep your Express Entry profile’s settlement fund numbers up to date.

This document shows that you have enough money to live in Canada. Anyone who gets an offer to apply (ITA) through an Express Entry draw must be able to prove in writing that they have this money.

But if you apply under the Canadian Experience Class, you don’t have to show that you have enough money to care for yourself and your family.

A candidate for Express Entry with permission to work in Canada and a real job offer is also excluded. This is still the case even if you apply through the Federal Skilled Worker Program or the Federal Skilled Trades Program.

Who needs evidence of money?

You need proof that you have enough money to meet the minimum standards of:

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

What do you need money for?

The amount of money needed depends on how many people are in a candidate’s family. A family comprises you, your spouse or common-law partner, your children who depend on you, and the children who depend on your husband or common-law partner.

Number of

family members

Funds required

(in Canadian dollars)

1 $13,757
2 $17,127
3 $21,055
4 $25,564
5 $28,994
6 $32,700
7 $36,407
If more than 7 people , each additional family member $3,706

You have to list your husband or common-law partner and any children who depend on you, even if they are:

  • Canadian citizens or permanent residents
  • who isn’t going with you to Canada

How to prove you have money

You must provide proof of settlement funds by submitting formal documents from all financial institutions where you hold accounts.

These letters must be printed on the letterhead of the banking institution and have the following information:

  • the address, phone number, and email address of the bank or other organization.
  • your name, your unpaid debts, like loans and credit card bills.
  • this information for each of your current bank and stock accounts with them.
  • account numbers, the date each account was started, and the average balance for the last six months

The IRCC says that you need to have access to your money when:

You are given a permanent resident visa. You have to show IRCC that you have a legal way to get to the money when you get to Canada.

This means, for example, that you can’t use the value of your home as proof of payment funds. You can’t ask someone else to lend you this money.

Also, you must be able to use this money to pay for your family’s living expenses, even if they are not coming to Canada with you.

If you’re going with a husband or partner, you can put all of your money in a joint account. You can also count your spouse’s money if it’s in a different account, but you’ll have to show that you can get to it when you need to.

How much cash do you need?

The cost of living can be very different in different parts of Canada. Most of the time, big towns like Toronto and Vancouver are more expensive than other places.

The IRCC says to bring as much money as you can. This will make it easy to move to Canada and find a place to live there.

The department says that if you bring more than CAN$ 10,000 into the country, you must tell the border guard when you arrive. You could be fined and have your money taken if you don’t report anything over that amount. This includes cash and papers that show someone owes you money or property, such as:

stocks, bonds, debentures, and government bills are all types of investments. It also includes documents that ensure you will get a certain amount of money, such as:

  • banker’s draft checks
  • orders for money
  • travellers’ checks

Summary:

  1. Express Entry applicants need financial stability.
  2. Applicants must show financial proof depending on family size.
  3. In April 2023, proof of financing was 50% of low-income cut-offs and modified annually.
  4. Canadian Experience Class and work permit applicants do not need financial proof.
  5. Financial institutions must provide official letters and give easily accessible, debt-free funds. Declare any amount exceeding CAN$ 10,000 before entering Canada.
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