Saturday, July 13, 2024

Canada updates proof of funds requirement for express entry programme

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If you aspire to immigrate to Canada through express entry route, make sure you have enough money.

The government of Canada has updated proof of funds required in order to to move to the country.

“Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money,” reads a notice from Immigration, Refugees and Citizenship Canada.

The Express Entry system currently asks all applicants to provide a proof of funds document unless you have been invited to apply under the Canadian Experience Class, or you have a valid job offer.

For proof, you must get official letters from any banks or financial institutions where you have an account.

These letters must be printed on the financial institution’s letterhead and include

  • the bank or institution’s contact information (address, telephone number and email address)
  • your name
  • your outstanding debts (such as credit card debts and loans)
  • these details for each current banking and investment account you have with them

account numbers

date each account was opened

current account balances

average balance for the past 6 months

Minimum amount of money you need to immigrate to Canada based on the size of your family

Number of family members Funds you need
(in Canadian dollars)
1 $14,690
2 $18,288
3 $22,483
4 $27,297
5 $30,690
6 $34,917
7 $38,875
If more than 7 people, for each additional family member, add

 

$3,958

 

Also Read

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Germany woos foreign workers with Opportunity Card dubbed Chansenkarte

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