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CANADA MAKES SMALL INCREASE TO REQUIRED FUNDS FOR EXPRESS ENTRY APPLICANTS

January 2019, 18
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Having adequate funds to support them and their family members is a major requirement for applicants in Express Entry programs when they arrive in Canada. The government announced an increase in the amount which applicants should show as a part of their application.


INCREASE IN THE AMOUNT


There is also a slight increase every year in the amount necessary for funds proof to account for inflation in the country. We are presenting the new requirements of proof of funds for 2019:


Below are the new proof of funds requirements released for 2019:


Number of Family Members 2019 Minimum Funds Requirement (CAD)
1 $12,669
2 $15,772
3 $19,390
4 $23,542
5 $26,701
6 $30,114
7 $33,528
For each additional member $3,414


PERSONS REQUIRING SHOWING OF FUNDS PROOF


Moreover, all Express Entry candidates must show proof of funds as a part of their application. There are two exceptions:

  • Candidates in the CEC stream of EE are exempt from showing any proof of funds.
  • Candidates holding the valid job offer from a local employer.

THE ACCEPTED WAY TO SHOW PROOF OF FUNDS


All such proofs should be in the name of the principal applicant/spouse/common-law partner. Furthermore, borrowing the funds from someone else is not permitted. These funds have to be available while applying and all through the application process until they receive the Canada PR. The government has a right to seek an update requiring financial records at any time in the application process. Additionally, the applicants need to submit letters from the financial institutes where they keep the money. The contents of the letters must include:


  • Printing on the letterhead of the  financial institution,
  • The inclusion of contact information of the financial institution,
  •  Include the applicant’s name,
  • A List of outstanding debts/loans,
  • Include the Account numbers, Date of opening, current balance and finally, the Average balance for the past six months for each account.

Furthermore, the applicants can receive approval based on alternate documentation; documentation with a deviation from these marks has a risk of refusal. This will depend on the discretion of the immigration official assessing the file.


We provide all details regarding all such requirements. Please contact us. 

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