How do I submit proof of funds for Express Entry in 2022:  The IRCC has announced an increase in the proof of funds required for Express Entry applicants, along with other recent changes and improvements to Canada’s immigration system. These requirements are only applicable to those applying for federal skilled worker programs or federal skilled trades programs with no Canadian job offer. Those in this category might be interested in what this update has to offer!  

Proof of Funds changes for Express Entry

To immigrate to Canada in 2022, you will need to have the following amount.

How do i submit funds for express entry

What You Need to Do to Support Your Proof of Funds

Proof of funds is one method of proving your financial stability when applying for Express Entry. Using this number, you can determine whether you are financially capable of supporting yourself as well as any dependents with you (spouse, children). To support this, the following documents are available:

  • The financial institution’s letterhead should be used
  • Send your contact information (address, phone number, and email address)
  • Mentioning your name
  • With a list of any outstanding debts, such as credit card debts and loans

Include, for each current bank and investment account, the

  • Account numbers
  • Date each account was opened
  • The current balance of each account
  • The average balance for the past 6 months

Draws for FSWP and CEC to resume in July 2022

According to Immigration Minister Sean Fraser, Canada will once again invite Express Entry candidates who qualify for the FSWP and CEC in early July. The FSWP pause has been in effect since December 2020, while the CEC pause has been in effect since September 2021.

When this happens, the immigration minister added that processing times for new Express Entry applicants will return to the six-month standard. As of the end of 2022, processing times are likely to return to normal in most areas of the business.

What will your financial needs be in 2022?

The amount of your proof of funds depends on how many people are in your family. In addition to yourself, your spouse/partner, and your dependent children, your spouse’s dependent children also belong to the same family. Even if they are Canadian citizens or permanent residents, you should include your family even if you are not bringing them to Canada.

As proof of funds, what can you provide?

In order to receive an official letter from any bank or financial institution, you must obtain one from the IRCC. These letters must contain the following information:

  • Written on the letterhead of the financial institution
  • Include the contact information for you and them
  • Make a list of outstanding debts, including credit card balances and loans

In each of your current bank accounts and investment accounts, you should include:

  • Number of each account (and the date it was opened)
  • Each account’s balance at the moment
  • For the past six months, the average balance

The following items can be brought to Canada:

  • Funds
  • Securities (stocks, bonds, debentures, treasury bills) that show you have property or capital payable to you
    Guarantees that a sum of money will be paid. Money orders, checks, and banker’s drafts fall under this category.
  • This list does not include all possible scenarios. Nonetheless, it gives a good indication of the type of evidence that you can provide.

Are you having trouble creating your Express Entry profile? Let us help you!

For more information, contact Faryal Poonah today. Licensed immigration professionals associated with Faryal Poonah handle all our cases. 

Faryal Poonah Legal is an award-winning immigration firm with lawyers, paralegals, and consultants who work to provide the highest levels of client service.

Are you ready to move forward? Call +1 (647) 689-7526 to schedule your private consultation.