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Canada Express Entry Draw announced on 1st May 2019 with the CRS cut off of 450 points Master Graduate Stream reopened by Ontario , Saskatchewan has invited 202 applicants in seven occupations, The Parent and Grandparent program has completed issuing invitations.

Proof of settlement funds requirement has been slightly enhanced for Express Entry candidates


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The federal government of Canada announced that there will be a slight increase in the settlement funds requirement for the year 2019. This increase is about 1.5% over last year’s level for each family. The IRCC insisted that all the applicants under Express Entry must ensure that their profiles meet this requirement.

Candidates applying under Federal Skilled Worker Class and the Federal Skilled Trades Class should produce proof of funds while creating their Express Entry profile. These funds are required to ensure that the primary applicant and dependents who would accompany them will be able to financially support themselves in Canada when they get PR visa

According to the changes introduced, a single candidate with no dependents would be having a fund of $12,669 which was $12,474 last year.

The candidates already working in Canada qualify for Canada PR under Canadian Experience Class and thus are exempted from showing proof of funds.

A primary applicant's spouse or partner, parents, children and spouse’s children are all considered dependents. Children or a family member under the age of 22 years is considered as dependent.

If one dependent is accompanying the primary applicant, the proof of funds to be shown is $15,772 which is $242 more as compared to 2018’s requirements. If there are more than 7 family members accompanying the primary applicant, an additional $53 should be added to the proof of funds.

The IRCC emphasized that the updated threshold may be a minor change, but it is necessary for Express Entry candidates to adjust their proof of funds accordingly. If not, their application will not meet the requirements set by the federal government. They also encouraged the exempted candidates to upgrade their proof of funds to ensure that they qualify for more than one program under the Express Entry program considering that the federal government may invite candidates under various programs and streams depending on policy upgrades.

Acceptable funds

As a part of the permanent resident application process, the candidate must have enough funds to support themselves in Canada and those funds must be readily available when they apply for permanent residence and when a permanent resident visa is issued. Besides holding enough funds, the principal applicant must prove to the Canadian government that whenever they arrive in Canada, they have the required amount and access to it.

Borrowed funds and equity on real estate would not be considered as proof by the Canadian government. In case you are accompanied by a spouse or partner, money held in a joint account can be counted towards the settlement funds requirement. Also, if your spouse holds money in his/her account under their name but you have access to those funds as well, the same can also be counted as proof of funds.

Last but not the least, official proof of funds letters must be obtained from the banks or financial institutions where the money is kept, in order to verify that the candidate has the funds which he claims to have. 

The increases for 2019 are as follows:

Number of family members

2018 amount
(in Canadian dollars)

2019 amount

Increase

1

$12,474

$12,669

$195

2

$15,530

$15,772

$242

3

$19,092

$19,390

$298

4

$23,181

$23,542

$361

5

$26,291

$26,701

$410

6

$29,652

$30,114

$462

7

$33,013

$33,528

$515

Each additional family member

$3,361

$3,414

$53


By: Pawandeep Singh
On:23-01-2019
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