Canada has increased the amount of money express entry applicants need to show before they are granted permanent residence visa.
The change will affect Express Entry applicants in the Federal Skilled Worker and the Federal Skilled Trades programs, taking in mind it only applies to those candidates who do not have a valid job offer in Canada.
The timing of the announcement is a bit odd since Immigration Refugee and Citizenship Canada (IRCC) would usually announce the new proof of funds for the year in January. But in 2021, IRCC has made the update in July, probably due to the situation of Covid19.
So starting July 15th candidates of both programs who do not have Canadian job offers will need the following amounts to be eligible for immigration:
| Number of family members | Funds required in CAD |
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
| 5 | $27,847 |
| 6 | $31,407 |
| 7 | $34,967 |
| Each additional family member | $3,560 |
If you already applied to either of these programs, you will have to log in your profile and update the settlement funds. Good news is : the change you make to your profile will not affect the date your application is considered complete.
Please bear in mind that proof of funds must be an official letter from your bank stating your accounts, the balance on them and any credits owing.
