• Wed 14 Jul 2021
If you are someone who is moving to Canada through a skilled entry immigration programme in 2021, know that there are some modifications in the rules and proof you might have to adhere to when it comes to funds. In addition, such modifications and changes apply to candidates who have opted for the Canada Skilled Express Entry to immigrate. Furthermore, these changes apply against the FSWP or Federal Skilled Worker Programme and FSTP or Federal Skilled Trades Programme.  One should know that such a change does not apply to candidates who already have valid employment in Canada. FSTP and FSWP candidates without a Canadian job offer may have to follow specific figures to be eligible for skilled immigration. Given below are the funds required in CAD for various numbers of family members.
  • 1 member – $13,213
  • 2 members – $16,449
  • 3 members -$20,222
  • 4 members – $24,553
  • 5 members – $27,847
  • 6 members – $31,407
  • 7 members – $34,967
  • Every additional member – $3,560
If the applicant has proof of funds that are less than these mentioned figures, they may have to update their Express Entry profile by July 15, 2021. Remember, you will keep your rank if there is any tiebreaker. IRCC has not considered FSTP and FSWP candidates yet in the draw of express entry 2021. Since the pandemic measure is in effect, the North American nation is only holding draws for Provincial Nominee Program (PNP) and Canadian Experience Class (CEC) candidates. All these mentioned programmes and schemes have a pretty high number of applicants and candidates in Canada who do not need to submit any proof of their owned funds.

When were the changes introduced?

Before the pandemic took place, the IRCC usually updated the new proof of funds regulation in January. However, now it has been pushed to the month of July. This is an indicator that the Canadian government showed no intention of scheduling or holding the express entry draws when there were medical emergencies all over the world. Moving on, public health measures have started to roll back since many Canadian citizens are being vaccinated with each passing day. It is essential to know that IRCC stopped scheduling such programmes and their draws after the country’s national lockdown in March 2020. However, the express entry draw resumed in the month of July 2020, with the FSTP draw scheduled in August. IRCC may soon inch towards considering FSTP and FSWP candidates if you go by such precedents and updates.

What does Canada accept as proof of funds?

If you are invited to go for a PR in Canada, the applicant requires a written proof that states enough funds to settle down in the country. Going by the webpage of the government, an applicant may need official letters from their respective financial institutions or banks for proof of funds. Mentioned are some of the things your letter should contain:
  • Letters must be printed on your financial institution’s or bank’s letterhead.
  • Letters must include the institution’s phone number, address, and email.
  • The letter must contain your name.
  • The letter should list all your outstanding debts like credit card loans and debts.
  • In the end, the letter must include exact numbers, the current balance of every account, the date every account started, and your average balance for the past half a year.

In Conclusion

All your funds should be available to you when you submit your application. You need to follow the same steps when the IRCC issues you the PR visa. This simply implies that they cannot be in an equity form. Moreover, you cannot borrow funds from another individual as this would defeat the purpose of the Canada Express Entry programme. In case your spouse is a part of your application, you have the option of stating the funds together in a joint account. However, if you have access to any other account that falls under your name, you can count their funds as well.

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