Express Entry | Important Update on Proof Of Funds

The Proof of Funds (PoF) [aka settlement fund] requirement for Express Entry candidates to migrate to Canada has been updated. These changes will be in effect from July 15 2021, for candidates under the Federal Skilled Workers Class (FSWC), Federal Skilled Trades Class (FSTC) & Canadian Experience Class (CEC) – as long as they have not secured a valid job offer from a Canadian employer.

Those candidates without a job offer are require to update their fund requirement matching those stated by Immigration, Refugees and Citizenship Canada (IRCC).

The updated fund requirement runs as below.

The candidate is required to update their Express Entry profile no later than 15 July 2021, if the existing proof of fund document shows that amount is not in accordance with what has been exhibited the table above (source: the IRCC). The candidate updating their Express Entry profile does not mean a change in the date and time IRCC received the candidate’s profile and it does not affect their existing ranking in the stream.

Since the onset of the pandemic, IRCC has not been conducted Express Entry draws frequently, but several draws have been conducted under Provincial Nominee Program (PNP) and the Canadian Experience Class (CEC) in the past months. Under these programs, candidates are not required to show proof of funds.

Proof of Funds (PoF) are usually updated in the month of January each year. In 2021, this update was carried out in July owing to the pandemic situation as Canada had not yet opened its boarders fully for new incoming migrants. This announcement comes as a welcome news for Express Entry candidates. This also suggests that Canada is now open to new immigrants as the country’s vaccination drive is almost at its final stage.

Proof Of Funds

Canada needs a written proof from the invited candidate that they have sufficient funds to settle in Canada. This assures the Canadian government that the new immigrant has sufficient funds for their initial days in Canada. The candidate needs official letter from their bank or financial institution stating Proof of Funds [PoF]. This letter should:

• be printed on the financial institution’s letterhead.
• include the institution’s address, phone number, and email.
• include the candidate’s name.
• list outstanding debts such as credit card debts, mortgages, 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.

At the time IRCC issues permanent residence visa to the candidate, the funds should be readily available and should not be in equity form. The funds must not have been borrowed. If the candidate’s spouse is travelling to Canada, they can provide the joint account funds. The candidate can also prove that they have access to their spouses account, and this also counts towards PoF.

Express Entry

Express Entry is an electronic selection system used by the Federal as well as Provincial governments of Canada [to select], as well as designated Canadian employers [to nominate] candidates for Canadian permanent residence under three of its popular economic [skilled] immigration programs:

• Federal Skilled Worker Class (FSWC),
• Federal Skilled Trades Class (FSTC), and
• Canadian Experience Class (CEC)

Candidates eligible for any of the above programs are given a Comprehensive Ranking System (CRS) score in the Express Entry Pool. It is based on their Core/Human capital factors such as age, work experience, education, and language ability in English and/or French, etc. And, based on scores, candidates are periodically invited (or nominated) for permanent residence.

Check out Owlspriority Immigration’s Canada Settlement Resources to learn more about ways to find a new job in Canada, making your initial days in Canada stress-free and confident, etc.