IRCC (Immigration, Refugees & Citizenship Canada) made changes in the express entry proof of funds for potential migrants to Canada on May 2nd, effective on April 25th.
Before moving to this update, let’s know, “What is Express Entry?”
What is Express Entry?
Express Entry is one of the fast ways to move to Canada as it is an online immigration system used by the Canadian government to manage & process applications for permanent residency from skilled workers who want to migrate to Canada.
This system uses a points-based system called the Comprehensive Ranking System (CRS) to evaluate candidates’ eligibility & rank them based on factors such as age, education, language proficiency, work experience & other factors.
The Canadian government regularly conducts Express Entry draws where they invite the highest-ranking candidates from the pool to apply for permanent residency. Candidates who receive an invitation to apply (ITA) have 60 days to submit a complete application for permanent residency.
When You Need Proof of Funds?
You need proof of funds when you are enrolled in the following:-
1. Federal skilled worker program
2. Federal skilled trades program
What is the Amount Required?
The amount required for this depends on the size of the family which can be you, spouse, common-in-law, dependent children, or common-in-law’s dependent children, etc. The funds required in Canadian dollars can be from $ 13,757 to $ 36, 407, etc.
For more information, talk to experts at Axis Visa Immigration.
It is important to note that you must include your spouse or common-in-law partner & dependent children if they are Canadian citizens or permanent residents or not coming to Canada with you.
How Do You Display Proof of Funds?
To demonstrate that you have sufficient funds to settle, it is necessary to obtain official letters from any banks or financial institutions where you hold an account.
These letters should be printed on the institution’s letterhead and should contain the following information:
Contains the information about yourself, your bank, or contact information
Details about your loans related to debit or credit card loans or other loans
Detailed information of your account number, when it was opened, current account & average balance for the past 6 months, etc.
What is the Amount Required Should You Bring in Canada?
Now, it’s time to know the valuable information shared by IRCC!
You should bring as much as you can, the IRCC says. This will make moving, finding & buying a home in Canada easier & manage the expense of big cities, etc.
Upon arrival in Canada, you are required to inform the border officer if you are carrying more than CAN$ 10,000 with you. Failure to declare any amount exceeding this limit may lead to a penalty and confiscation of your money.
Now, What Includes in Cash & Documents that Show Property or Capital Payables to You?
It includes the following:-
- Treasury bills
- Banker’s drafts
- Money orders
- Traveler’s Cheques
Axis Visa Immigration is Always There to Help You!
Axis Visa Immigration is the leading Immigration company that is always there to make immigrants successfully move to Canada.
From express entry to visitor visa, our trained staff is always ready to assist you; from profile assessment to your landing in Canada, we offer transparent consultation & services.
This update from IRCC needs to be kept in mind but it’s a tedious task therefore, take professional help from Axis Visa Immigration.
Feel free to contact us now!