proof of funds for Express Entry Canada 2021

Proof of funds for Express Entry | Canada 2021

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.

Here we’ll explain to you:

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 2021 as a tool for evaluating applicants’ financial status.

How much money you need in 2021

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.

Our CEO and Regulated Canadian Immigration ConsultantAL Parsai, created this table with the minimum proof of funds for Express Entry in 2021.

Size
of Family Unit

6 Months
one person $13,213
two persons $16,449
three persons $20,222
four persons $24,553
five persons $27,847
six persons $31,407
seven persons $34,967
If more than seven persons, for each
additional person, add
$3,560
-Read: Comparing 12-month LICO over the years

What you can 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.

Questions about funds for Express Entry or Immigration matters to Canada

If you have any questions about funds for Express Entry 2021 or other issues related to immigration, fill out the following form. Of course, we will get back to you as soon as we can. However, if the question is case-specific, we advise you to book a consultation session.

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    -Read this article in Spanish

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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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    Andrea Neira

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