• Posted 12-Jul-2021

New Update: Proof of Funds 2021 Revised For Canada Express Entry

The updated proof of funds applied to Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) candidates. They have to submit their proof of funds by 15July, 2021.
 
Canada’s IRCC has updated the table of proof of funds under the Express Entry program for2021. The new funds are applied to the certain skilled working classes who wish to immigrate to Canada. The federal government says that the deadline to update Express Entry proof of funds is 15 July, 2021. Candidates need to update the funds before the said date in their Express Entry profile so, that they must have written proof of the updated amount in their profile. The federal government also confirmed that submission of this amount in profile doesn’t change the candidate’s profile rank or the time and date IRCC received it. The rank will remain maintained and will be helpful in any a tie-breaker situation.

Who needs to update proof of funds?
The changes apply to Express Entry candidates under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) without valid jobs. It does not apply to those candidates who have a valid job offer and enough funds to survive and support their families in Canada.
 
How much funds are required?
The amount of money required depends on the size of the family or dependent children. See the table below to check out the amount that the above-mentioned categories need to immigrate to Canada.

Number of family members	Minimum needed funds (in Canadian dollars)
1	$13,213
2	$16,449
3	$20,222
4	$24,553
5	$27,847
6	$31,407
7	$34,967
For each additional family member	$3,560

According to the IRCC website, for submission of proof of funds, all financial detail need to be submitted in print form on the letterhead or official letter of a validated institution or with its address and contact detail. Additionally, you also need to provide the list of all bank accounts, available funds for each account, outstanding debts, investments, current balance, and the financial details for the past 6 months.  Husband and wife can submit joint account details provided they both have access to that account. 

Finally, if you still have any query about revised funds, you can ask Sia Immigration, a licensed consultant known for providing all kind of visa services and immigration related services successfully. Call NOW!!