Aspiring migrators seeking Canadian Permanent Residence under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP), Canada will need to update the amount of funds required under Express Entry. Candidates having a valid job offer in Canada are exempt from the updated requirement.
To immigrate to Canada, the following amount of funds is needed as per the new update:
| Family Members | Funds required (CAD) |
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
| 5 | $27,847 |
| 6 | $31,407 |
| 7 | $34,967 |
| Each additional family member | $3,560 |
All candidates having less funds than the required amount have to update their funds in the Express Entry profile before July 15, 2021, and updating the amount of funds will not affect the processing time.
FSWP and FSTP candidates have not been considered yet the Express Entry in 2021, and due to pandemic, candidates under Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) are being considered.
IRCC was supposed to announce new proof of funds in January 2021 but the update has been provided in July 2021. As the situation is getting better now, IRCC has come up with the update finally.
Candidates who receive an Invitation to Apply (ITA) for permanent residence need to prove in written that they have adequate funds to settle in Canada. The written proof includes an official letter official letters from the bank or financial institution.
The certificate or document provided must be printed on the letterhead of the financial institute in which address, phone number, and email is given. It must include name of the candidate and information regarding outstanding debts. It must also state the current balance, average balance for last 6 months, account information, and account opening date.
The funds mentioned must be readily available at the time of application and when permanent residency visa is issued by IRCC. Funds cannot be borrowed from another person neither they can be in the form of equity. There are various other requirements that are needed to be fulfilled and the right guidance by expert professionals can make the whole immigration process smooth. To apply for one of the programs leading to Canadian Permanent Residency, contact Options Abroad.
