Canada has increased the proof of funds requirement for Express Entry applicants. The required settlement funds have increased to the following amounts:
| Number of family members | Required funds (in CAD) |
|---|---|
| 1 (single applicant) | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| For each additional family member, add | $3,586 |
Candidates with active Express Entry profiles must ensure they meet the new proof of funds requirements. If a candidate’s profile indicates they hold less than the new amount of funds required, the candidate must update their profile by June 8, 2022, or their profile will be deemed ineligible and removed from the pool.
The proof of funds requirement is used to determine if an Express Entry candidate has enough money to settle in Canada. This is not an application fee—applicants get to keep this money and use it to fund their own settlement in Canada.
Proof of funds is required for applicants to the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs. Notably, this is not required for applicants in the Canadian Experience Class (CEC), nor for those with valid job offers.
The proof of funds requirement is updated each year based on 50 percent of Canada’s low income cut-off totals.
How do you show proof of funds for Express Entry?
If an Express Entry candidate is invited to apply for Canadian permanent residence, they must submit proof of funds as a part of this application.
Proof of funds must be for money that is readily available. This means that candidates cannot show proof of funds through assets, like property or vehicles.
This money must not be borrowed. It must be in the name of the principal applicant and/or their spouse or common-law partner (as long as the principal applicant can access those funds).
Applicants must meet the proof of funds requirement both when they submit their application for PR and when they are issued their permanent resident visa.
To show proof of funds, applicants must submit official letters from banks or financial institutions where their funds are held. The letters must contain the following:
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
-
include, for each current bank and investment account, the:
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
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