This announcement is an indication that all-program draw is now imminent for Federal Skilled Worker Program and Federal Skilled Trades Program applicants.
Canadian Immigration Authorities have just made an announcement about the update in the proof of funds that the applicants are going to need in order to migrate to Canada.
These recent changes apply to Express Entry applicants in the Federal Skilled Trades Program (FSTP) and the Federal Skilled Worker Program (FSWP). However, it does not apply to the applicants who are already in possession of a valid job offer in Canada.
The following table shows the amount of funds that the applicant needs in order to be eligible for Canada Immigration:
There is a deadline of 15 July for the candidates who are having their profile in the Express Entry pool, to update their documents pertaining to the latest update. Updating the profile in the Express Entry pool does not change the date and time of your profile when the Immigration, Refugees, and Citizenship Canada (IRCC) received it. So in hindsight, the ranking of your profile will not change even if you are in a tie-breaker situation.
This announcement suggests that Canada is planning to move forward with the all-program draws for FSWP and FSTP candidates. This will be the first time in the year 2021 that IRCC will hold these draws. As we all know because of the pandemic, Canada has only been holding draws for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates.
Before this pandemic, IRCC usually announces the proof of funds required for the year in January but this year, they have made the announcement in July.
This change also indicates that the Canadian Immigration department does not have any intentions for all program draws for the year 2021, but things are starting to turn around and the situations are changing as well. Health measures are also starting to roll back to normal conditions as more Canadian are getting vaccinated day by day.
The all-program draw was stopped by IRCC after the starting of the lockdown in March 2020. It has now been more than a year now as the all-program draw is going to resume for July 2021.
What does Canada accept as proof of funds?
If the applicant gets invited for a permanent residency, they will then be needed to have a written proof that they have enough in order to settle in Canada.
According to the official government website, the applicant must a financial statement or an official statement from the bank to show their proof of funds.
The Letter must contain:
Financial Institution Letterhead
Bank address, phone number, email address, and the applicant’s name as well.
List of Credit Card debts or any loans.
Funds are required to be in the applicant’s bank account when they apply for a Canada PR visa or when IRCC issues them a permanent residency visa.
Funds do not have to be in any form of equity or borrowed from any other person.
If the applicant is coming along with their spouse then they can show the proof of funds in a joint account as well. If the applicant can prove that they have access to the accounts under their names, then they may be able to count them as well.
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