IRCC Increases Proof of Funds Amount

As of January 5th, 2018, the Immigration, Refugee, and Citizenship Canada has increased the proof of funds amount by 1.42 percent. In order to qualify for Canada’s Express Entry program, you need to show that you have a minimum of these resources. The increase is effective in all three categories of the program.

Even though it is a small change, the increase is going to have a significant impact on all those who’ve been planning to move to Canada with their families. For example, the amount for one person was $12,300 in 2017, is now $12,474. For a family of two, the settlement funds were $15,312 in 2017 and now increased to $15,530 in 2018. Most of the applicants are from countries like India, where the currency is weaker. It is going to be a big amount when you convert that slight increase also. Earlier only those who belonged to Federal Skilled Worker and Federal Skilled Trades categories were asked to show a proof of funds, but now even those in the Canadian Experience Class category have to show it.

So you’d be wondering, how do you show these funds? You can either show the entire amount of cash in your bank account or give them details about your purchased stocks, mutual funds, and fixed deposit. As a part of the settlement of funds, you can show that you have money for your airfare and any other expenses like bankers’ drafts and money orders. All your banks or financial institutions that are holding your money for you have to send a letter to the IRCC confirming that the amount mentioned by you is the same.

Joint account

If you and your spouse are going to Canada together, you need to open a joint account. Show your funds in there. Also, collect all the funds you’ve already saved up in mutual funds and stocks as proof.

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