Fund Requirements for Express Entry have Changed

On 11 May 2022, the immigration department of Canada recently updated their fund requirement for the Express Entry’s Federal Skilled Worker Program and Federal Skilled Trades Program. Candidates have time to update their funds until 8th June 2022. As per the visa requirement, Canadian Experience Class candidates do not require to show their funds. Get the complete information about the latest change with this article. Apart from this, the FSWP and FSTP candidates who do not have a Canadian job offer letter will require to show their funds.

• The new fund required will come into consideration from 9th June 2022.
• Candidates have to update their funds in the submitted express entry before the given date.
• This update will not affect the date and time of your submitted express entry profile. Generally, time and date will be important, when the IRCC implement the tie-breaking rule. Candidates, who receive the nomination from the IRCC with a minimum CRS score have submitted their profile before the decided date and time.

The fund requires to show Canada Immigration how candidates will going to survive in Canada while they receive their Canada PR.

Updated Fund Requirement for Canada PR

Here is the updated fund requirement for Canada Permanent Residency. The given below table will show the latest change and comparison with the previous requirement.

New Fund Requirement for FSWP & FSTP – 2022

Old Fund Requirement for FSWP & FSTP – 2021

Proof of Funds Accept for Canada PR

There is various form of proof accepted by Canada Immigration. The basic condition is that the must be readily available means it can be liquidated as and when requires. Second, if your spouse is coming with you to Canada then you can count the fund, which is available in their account. Even you can put the entire amount even though she/he is holding 100% fund amount in their account However, being the main applicant you should have all the access to liquidate the amount.

• Which form of Funds you can bring to Canada?
  • Cash
  • Certificates that show the capital that is payable to you
    • Stocks
    • Bonds
    • Debentures
    • Treasury bills
  • Certificates that show the Guaranteed payment that is payable to you.
    • Banker’s draft
    • Cheque
    • Money order
    • Traveller’s cheque
• How much maximum fund you can bring to Canada?
  • The exact amount that you can bring will depend on the cost of living where you will going to settle. However, there is no specific limit to bringing the money to Canada but if candidates are bringing more than CAD$ 10,000 into Canada then they must need to tell the border officer. If any candidate failed to do so then Canada Immigration may impose a fine on the candidate and may his/her funds could be seized.