May 29, 2024 2:22 AM

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Canada Revises Proof of Funds Criteria for Skilled Immigrants

IRCC updated changes to the proof of funds requirements for candidates seeking permanent residence through the Express Entry application management system.

Proof of funds is mandatory for those wishing to apply to a skilled immigration path, including the Federal Skilled Trades Program and the Federal Skilled Worker Program. It does not apply to candidates under the Canadian Experience Class pathway.

Candidates working in Canada with a valid job offer and work authorization need not provide proof of funds if applying under FSWP or FSTP categories of Express Entry. All other candidates must submit proof of funds to show access to certain funds for supporting the family. The amount depends upon the size of the family unit.

The proof of funds in the form of a letter from a bank on its letterhead should show that you have sufficient funds in your account.

Canada updates proof of funds requirements each year. Announced on May 2, the new update became effective on April 25. The delay in announcing the proof of funds update may be because of the recent PSAC strike. Updating the proof of funds in the Express Entry profile is mandatory to maintain eligibility for selection.

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