Canada's IRCC (Immigration, Refugees and Citizenship Canada) has updated the proof of funds required for Express Entry candidates to immigrate to Canada. Proof of funds shows the immigration authorities that you have enough money to live in Canada and will not require government assistance. IRCC updates the minimum amount of money immigrants will need every year, based on 50% of the low income cut-off totals.
If your current Express Entry profile proof of funds documents show less than the new required amounts, you have to update your Express Entry profile no later than July 15, 2021.
Written proof of funds is required to meet the minimum requirements of the:
IRCC does not require proof of funds if you are applying for Express Entry to Canada for:
- Canadian Experience Class
- if you’re authorized to work in Canada and you have a valid job offer
How Much Money Is Required to Move To Canada?
The amount of money you're required to show to meet 2021 proof of funds requirements depends on whether you're moving to Canada alone, or if you're coming with a spouse, children or other dependents.
On July 5, IRCC released the minimum amount you need to immigrate to Canada:
Note: When you arrive in Canada, you must tell the border officer if you're bringing more than CAN$10,000 into Canada. If you don't tell them, you may be fined and your funds could be seized.
You must be able to prove to an immigration officer that you can legally access the money to use here when you arrive and that you did not borrow the money. According to the IRCC website, the required written proof of funds can include:
- documents that show property or capital payable to you, such as:
- stocks
- bonds
- debentures
- treasury bills
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker's drafts
- cheques
- money orders
- travellers’ cheques
What Is Express Entry?
Canada has a point-based immigration application system called Express Entry that invites applicants to move to Canada based on how they score on qualifications such as age, experience, education language, family ties and other qualifications. Express Entry was launched in January 2015 and is designed to better align the skills of immigrants with the needs of the Canadian labour market. Learn more about Express Entry here.
CALCULATE YOUR EXPRESS ENTRY SCORE
Ackah Law's Express Entry calculator is a free tool to use as a guide to find out your score and whether you could qualify to become a Permanent Resident of Canada. Assuming all the information you entered on the calculator is correct, a score above 445 usually makes you eligible for Express Entry to Canada. This calculator should be used as a general guide of your eligibility. In order to verify your results with an experienced immigration professional legal, please book a consultation.
Learn More:
Express Entry candidates can stay in the pool for up to 12 months. If they do not get an Invitation to Apply for permanent residence within 12 months of submitting an Express Entry profile, they may submit a new profile. If they still meet the criteria, they can re-enter the pool.
Do You Qualify For Express Entry?
An immigration professional can review your qualifications and suggest how to update your Express Entry profile after it is submitted, which in some cases may add additional points. For further information regarding the Express Entry process, contact Ackah Law today at (587) 324-2232 Ext. 100 or 1-800-932-1190 or email us directly.
