Proof of funds – Express Entry: Update

Proof of funds is an essential requirement; the main purpose of this proof is to show the immigration officer that you have enough money to settle in Canada. If the candidate receives an invitation to apply, he or she must give written proof regarding the funds.

Settlement funds required for new Express Entry candidate coming to Canada have now increased from $12,474 to $12,669 for a single applicant, Similarly, there is also a minimal increase in funds required for additional family members.

In the year 2018, The funds were increased to $12,474 from $12,300.

This update of settlement funds applies to both the candidates of Federal Skilled Worker and Federal Skilled Trades programs. candidates who are working in Canada having a valid job offer (Different from regular job offer) exempted to show proof of funds even if they are applying under Federal Skilled Worker and Federal Skilled Trades programs. A candidate who is applying under the Canadian Experience class also exempted from the same.

A Candidate must provide official letters from the financial institution/Bank stating:

name of the candidate

*their contact information (address, telephone number and email address)

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

* the average balance for the past 6 months

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html

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