Proof of funds for Express Entry 2022

Proof of funds for Express Entry 2022

Every year IRCC updates the minimum proof of funds you need to settle in Canada. The changes are not big, but there is a chance they could affect your eligibility if you don’t pay attention to the numbers.

In this article, we’ll explore the proof of funds for Express Entry that came into effect on June 9, 2022.

Who needs proof of funds for Express Entry

Applicants in the following categories need proof of funds as part of their minimum requirements:

Federal Skilled Worker Program: This program targets people who may economically establish themselves in Canada because of their job experience, knowledge of English or French languages, age, education, and adaptability to Canada.

Federal Skilled Trades Program:  If you apply to immigrate to Canada under this program, you need to show that within the last five years you have had at least two years of work experience. Your job has to be under any of the acceptable skilled trade jobs.

Additional federal or provincial immigration options may also consider LICO 2022 as a tool for evaluating applicants’ financial status.

<<Read: Applying for Permanent Residence in Canada: Financial profile>>

How much money do you need in 2022

The proof of funds for Express Entry depends on the size of your family. Your family includes yourself, your spouse/partner, your dependent children, and your spouse’s dependent children. You need to include your family even if they are permanent residents or Canadian citizens, or they are not coming to Canada with you.

This table shows the minimum amount you need to immigrate to Canada as of June 9, 2022. If you have more money, you should list the full amount in your profile or application.

Number of
family members

6 Months
one person $13,310
two persons $16,570
three persons $20,371
four persons $24,733
five persons $28,052
six persons $31,638
seven persons $35,224
If more than seven persons, for each
additional person, add
$3,586

<<Read: IRCC increased the fees for all permanent residence applications>>

What can you present as proof of funds?

According to IRCC, you must get official letters from any banks or financial institutions. These letters must be:

  • Printed on the financial institution’s letterhead
  • Include your and their contact information
  • List outstanding debts such as credit card debts and loans

You should include for each current bank and investment account:

  • Account numbers (with the date each account was opened)
  • The current balance of each account
  • And average balance for the past 6 months

You can bring to Canada:

  • Cash
  • Documents that show property or capital payable to you (stocks, bonds, debentures, treasury bills)
  • Documents that guarantee payment of a set amount of money. This includes banker’s drafts, cheques, and money orders.

Of course, this list does not cover every scenario. Nevertheless, it gives you an idea about the proof that you can show.

<<Also Read: LICO Table 2022 – Low Income Cut-Off Canada>>

Let us Help!

If you have any questions about funds for Express Entry 2022 or other issues related to immigration, fill out the following form. However, if the question is case-specific, we advise you to book a consultation session. Alternatively, please fill out our assessment form to explore other options.

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    Disclaimer:
    This article provides information of a general nature only. Considering the fluid nature of the immigration world, it may no longer be current. Of course, the item does not give legal advice. Therefore, do not rely on it as legal advice or immigration advice. Consequently, no one could hold us accountable for the content of these articles. Of course, if you have specific legal questions, you must consult a lawyer. Alternatively, if you are looking for immigration advice, book an appointment.

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