IRCC UPDATED PROOF OF FUNDS FOR SKILLED IMMIGRANTS UNDER EXPRESS ENTRY AND PROOF OF FUNDS FOR TRV/SUPERVISA

Immigration, Refugees and Citizenship Canada (IRCC) recently updated the proof of funds for skilled immigrants under Express Entry. IRCC updated the table that shows how much money you will need to settle in Canada every year, based on 50% of the low-income cut-off totals. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile. The deadline to update your proof of funds was no later than April 25, 2023. When you update your profile, it will not affect the date and time that IRCC received your profile, so it means that you will keep your rank if you’re in a tie-breaker situation.

Please note that if you have already received an Invitation to Apply (ITA) or if your permanent residence application is in process, you don’t need to meet the updated proof of funds requirement.

How much money you need?

The amount of money you will need to support your family is based on the size of your family. To calculate the size of your family include:

-yourself

-your spouse or common-law partner

-your dependent children and

-your spouse or common-law partner’s dependent children

Your proof of funds must be available to the applicant:

-upon submitting the application

-when IRCC issues the permanent resident visa (if your application is approved).

You must demonstrate to IRCC that you can legally access the funds upon arrival in Canada.

For example, you can’t use equity on real property as proof of settlement funds or you can’t borrow your proof of funds from another person.