There have been significant changes to the proof of settlement funds requirement for Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). These changes do not apply to candidates who have a valid job offer in Canada, nor to Canadian Experience Class (CEC) candidates
Want to immigrate to Canada? Make sure you have a good amount of money on hand.
The federal government has updated its Express Entry policy to require that applicants show they have sufficient funds in liquid assets or have access to that much. The rule doesn't apply if you're applying for a provincial nomination or an employer-specific exemption.
The change takes effect on June 8 and affects any profile received by IRCC before then.
"This policy update is part of our ongoing work to ensure that we are selecting candidates who can integrate successfully into the Canadian society and the labour market," said Canadian Immigration Minister in a statement.
Given below is a table that specifically dictates the funds' requirements for different criteria:
In order to prove that you have the funds necessary to settle in Canada, you must be able to pay the cost of living for your family. You can count money in a joint account that you and your spouse share, as well as money in your spouse’s name-only account. If you are accessing this money through an account in their name only, however, you must provide proof that they have given you permission to do so.
You cannot borrow this money from another person or use the equity on the property as proof of settlement funds.
What kind of proof does IRCC accept as proof of funds?
Proof of funds is the minimum amount you have to show that you can support yourself and any family members who come with you to Canada. You must show that you have enough money to cover your expenses for at least one year from the date you apply.
You will need to show the following:
· Bank account statements (with dates and amounts) showing that you have enough money in your account(s) to support yourself and any accompanying family members during your period of study or work; and
· Letter(s) from your bank confirming the amount in your bank account, or stating that they would be willing to open an account for you if needed.
· If you do not have a bank account, provide a letter from a financial institution indicating that they would be willing to open an account for you if needed.
Canada Plans To Resume Its FSWP and CEC in July 2022
In early July, Canada will reopen its Express Entry pools for FSWP and CEC candidates.
Immigration Minister Sean Fraser announced on April 1 that the federal government will once again invite eligible Express Entry candidates to apply for the FSWP and the CEC starting in early July. According to Fraser, Canada has seen a decrease in immigration levels due to the suspension of its immigration programs in January.
"Our country is built on immigration," Fraser said during his announcement. "We want to make sure that Canadian businesses have access to global talent."
The announcement comes after nearly two months of uncertainty surrounding Canada's future immigration policies. The federal government suspended all of its economic immigration programs earlier this year as part of an effort to reduce the number of immigrants entering Canada from abroad.
According to Fraser, Canada has seen a decrease in immigration levels because of this suspension. This decrease has led many businesses across the country to struggle with finding skilled workers who are qualified for their jobs.
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