Canada Announces New Express Entry Proof of Funds For 2022
IRCC updated Express Entry Proof of funds For 2022, below table that shows how much money you need to settle in Canada. Furthermore, this will come into effect on June 9, 2022. Existing Express Entry profiles have until June 8, 2022 to update their settlement funds to stay eligible for upcoming draws. Additionally, IRCC has mentioned that updating proof of funds will not effect original date and time of profile creation.
Proof of funds are required for Federal Skilled Worker Program or Federal Skilled Trades Program. However, applicants under these categories don’t need proof of funds if they have authorization to work in Canada with a valid job offer.
How to Calculate Settlement Funds
Settlement funds for express entry depends upon the size of the applicant’s family. Size of the family must include:
- Applicant
- Spouse or partner of applicant
- Dependent children and
- Spouse’s dependent children
New Express Entry Proof of Funds Requirement for 2022
| Number of family members |
Funds required (in Canadian dollars) |
|---|---|
| 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 |
Acceptable Proof Of Funds For Express Entry
As per IRCC website, proof of funds must be an official letters from any banks or financial institutions. And, it must be printed on the financial institution’s letterhead. It should also include
- their contact information (address, telephone number and email address)
- Applicants name
- list of outstanding debts such as credit card debts and loans
- for each current bank and investment account, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
Online Assessment:
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