Canada updates Express Entry proof of funds for 2021

Shelby Thevenot
Published: July 5, 2021

Canada has updated the amount of funds Express Entry candidates need to immigrate.

The changes apply to Express Entry candidates in the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). It does not apply to candidates from these programs who have a valid job offer in Canada.

FSWP and FSTP candidates who do not have Canadian job offers will need the following amounts to remain eligible for immigration:

Number of family membersFunds required in 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

Contact an immigration lawyer from Campbell Cohen

If your proof of funds documents show less than these amounts, you will have to update your Express Entry profile no later than July 15, 2021. Updating your profile does not change the date and time Immigration, Refugees and Citizenship Canada (IRCC) received your profile. So, you will keep your rank if you are in a tie-breaker situation.

IRCC has not yet considered FSWP and FSTP candidates in an Express Entry draw in 2021. As part of a pandemic measure, Canada has only been holding draws for Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates. These programs have high numbers of candidates in Canada who are not necessarily required to provide proof of funds.

Before the pandemic, IRCC would announce in January the new proof of funds for the year. In 2021, IRCC has made the update in July.

The delay could be an indicator that the department had no intention in January of holding all-program Express Entry draws at that time due to the domestic and global COVID-19 situation. Public health measures are starting to roll back as more Canadians are getting vaccinated.

IRCC originally stopped holding all-program draws after Canada first went into lockdown in March 2020. All-program Express Entry draws resumed in July, 2020. There was also a FSTP draw in August. Based on this precedent, and the updated proof of funds, it could mean IRCC is a step closer to considering FSWP and FSTP candidates.

What does Canada accept as proof of funds?

If you get invited to apply for permanent residence, you will need written proof that you have enough money to settle in Canada.

According to the government webpage, for your proof of funds you will need official letters from your bank or financial institution.

Letters must:

  • be printed on the financial institution's letterhead;
  • include the institution's address, phone number, and email;
  • include your name;
  • list outstanding debts such as credit card debts and loans; and
  • include, for each bank and investment account, the actual numbers, date each account was opened, current balance of each account, and the average balance for the past six months.

Funds must be readily available to you when you apply and when IRCC issues you a permanent residency visa. Meaning they cannot be in the form of equity. And, you cannot borrow them from another person.

If your spouse is coming with you, you can count the money you have together in a joint account. If you can prove you have access to an account under their name only, you may be able to count it too.

Get a Free Express Entry Assessment

© CIC News All Rights Reserved. Visit CanadaVisa.com to discover your Canadian immigration options.

Share this article
Share your voice
Did you find this article helpful?
Thank you for your feedback.
Subscribe to our newsletter
Did you find this article helpful?
Please provide a response
Thank you for your helpful feedback
Please contact us if you would like to share additional feedback, have a question, or would like Canadian immigration assistance.
  • Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
  • Send us your feedback or your non-legal assistance questions by emailing us at media@canadavisa.com
Related articles
IRCC to update application fees on December 1
A couple looks to their laptop, credit card in hand, anticipating the online payment of their IRCC fees.
Canada holds first healthcare Express Entry draw since July
A scenic lake with a mountain in the background on a summer day
Pilot programs offer alternate pathways to PR for Quebec temporary residents
A view of a skyline in Canada during a sunset
IRCC invites Express Entry candidates in third draw of the week
Cape Breton Island
Top Stories
Canada vs. Australia: Which country is the best choice for international students seeking immigration?
CRA to hold webinar for international students
Manitoba announces new pilot pathway to permanent residency
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
Subscribe
More in Provinces
Manitoba announces new pilot pathway to permanent residency
A walkway through a field
Your guide to Ontario’s paid days off in 2025: public holidays and long weekends
An Out-Of-Office post-it stuck on a laptop
British Columbia and Alberta invite PNP candidates
New survey reveals the happiest provinces in Canada
A person holds a cutout of a smiley face in front of their face.
Link copied to clipboard