The change announced on May 2 May 2023, on the IRCC website was effective from April 25. 

IRCC adjusts the minimum proof of funds amount annually, using fifty percent of the previous year’s low-income cut-off figures. Therefore, the candidates must update the settlement fund numbers in the Express Entry profile to stay eligible. 

Moreover, proof of funds represents that a candidate has enough money to settle and live peacefully in Canada. Therefore, those who receive an Express Entry draw-based Invitation to Apply (ITA) can demonstrate financial stability by providing documentation of sufficient funds. 

However, anyone applying under the CEC, i.e., Canadian Experience Class, doesn’t need to show that they have enough money to support themselves as well as their families. 

An Express Entry candidate authorized to work in Canada is also exempted from a valid job offer. This is true if one applies under the FSWP, i.e., Federal Skilled Worker Program or FSTP, i.e., Federal Skilled Trades Program. 

Who Requires Proof Of Funds?

A candidate must show financial capability for: 

  • FSWP, i.e., Federal Skilled Worker Program
  • FSTP, i.e., Federal Skilled Trades Program. 

 

How Much Money Does One Need? 

The amount of funds required primarily depends upon the size of a candidate’s family. A family includes: 

  • Yourself
  • Your spouse
  • Common law partner
  • Your kids
  • Your spouse’s children 

Interestingly, the spouse’s kids are only included if they are permanent citizens or not coming to Canada with you. 

 

How To Show The Proof Of Funds? 

In order to show proof of funds, candidates must get official letters from banks or other financial institutions where they have an account to show how much money they have.

These letters must get printed on the financial institution’s letterhead & include the following: 

  • The bank’s contact information
  • Candidate’s name
  • Candidate’s outstanding debts
  • Details for current banking and investment accounts
  • Account numbers
  • The date on which the account was opened
  • Current account balance
  • The average balance for the last 6 months

 

IRCC says that the funds must be available to the candidates when they apply for or issue a permanent resident visa. 

In short, you must be able to show IRCC that you can legally access money when you arrive in Canada. 

This means the candidates cannot use equity or real property as proof of settlement funds. In addition, you cannot borrow this money from another person. Further, you must be able to utilize this money to pay for your family’s cost of living, even if they don’t accompany you to Canada.

If any candidate has a spouse accompanying them, they can have money in a joint account. They may also be able to count on their spouse’s money in a separate account, but they need to prove they can access the funds as required. 

 

How Much Money Should A Candidate Bring? 

The cost of living can vary broadly throughout Canada. Larger cities, like Toronto & Vancouver, tend to be more expensive than other locations. So, IRCC advises that one must bring as much money as possible. This will make finding a home in Canada much more effortless. The department further notes that upon arriving in Canada, one must inform the border officer if they bring more than CAN$ 10,000 into the country. Failing to declare anything over the amount they are getting can result in a fine and the money being seized.

This includes cash and other vital documents that show property you have, like:

  • Sticks
  • Bonds
  • Debentures
  • Treasury bills

 

In addition, it also includes the documents that guarantee payment of a fixed amount of money, payable to you, like: 

  • Banker’s drafts
  • Cheques 
  • Money orders
  • Traveler’s cheques