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As per the latest update, the IRCC (Immigration Refugees and Citizenship Canada) has revised Express Entry Proof of Funds requirement for 2022.
In order to remain eligible, all Express Entry applicants must update settlement fund numbers as per latest changes in their respective Express Entry profiles by June 8, 2022.
What is Express Entry proof of funds and who needs it?
An applicant needs to show a definite proof of funds amount to the IRCC to convince the immigration officer that they have sufficient funds to settle down in Canada. Once they get an Invitation to Apply (ITA) for Canada PR visa, they must submit written evidence that they have the declared money.
Who needs to submit POF?
An applicant must meet minimum proof of funds requirement, if applying under:
· Federal Skilled Worker Program (FSWP)
· Federal Skilled Trades Program (FSTP)
Refer the table to understand the updated Proof of Funds Requirement as of 9 June 2022
|
Number of Family Members |
Funds Requirement ($CAD) |
|
1 |
$13,310 |
|
2 |
$16,570 |
|
3 |
$20,371 |
|
4 |
$24,733 |
|
5 |
$28,052 |
|
6 |
$31,638 |
|
7 |
$35,224 |
|
For each additional family member |
$3,586 |
Accepted Proof of Funds
An applicant must get official letters from any financial institutions or banks.
The official letter(s) must:
· be printed on the financial institution’s letterhead
· include their contact information (address, telephone number and email address)
· include your name
· list outstanding debts such as credit card debts and loans
· include, for each current bank and investment account, the
o account numbers
o date each account was opened
o current balance of each account
o average balance for the past 6 months
To confirm your eligibility for Canadian PR visa, you may talk to our team of advisors at Canada PR Avenue on Toll-Free-Number- 78-18-000-777or drop an email at info@canadapravenue.com.
Canada PR Avenue is purely an online platform to share immigration knowledge and information. It is not associated with any of the Government Immigration agencies or embassies, moreover, it doesn’t deal in any kind of placement or job related services. The website of Canada PR Avenue is a subsidiary website of www.visasavenue.com, hence, any query received on this website will be handled by the Team of Visas Avenue Pvt Ltd.
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