New minimum funds rule for Canada immigration candidates is here

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In the latest update, Canada has revised the amount of money that Express Entry candidates required to be eligible for Canada immigration.

The new changes are applicable to Express Entry candidates in the FSWP and FSTP streams. It doesn’t apply to such candidates with a valid job offer in Canada.

FSTP and FSWP candidates who don’t have job offers in Canada must have the following amounts to be eligible for Canada immigration:

No. of family membersThe amount required (in CAD)
1$13,213
2$16,449
3$20,222
4$24,553
5$27,847
6$31,407
7$34,967
For every additional family member$3,560

In case your documents proving the existence of your funds doesn’t show these amounts or more, you will need to make the necessary update in your Express Entry profile. This must be done on or before July 15, 2021. Updating your profile doesn’t change the date and time IRCC got your profile. Hence, you will maintain your rank in case you are in a situation involving a tie-breaker.

The intention of IRCC to hold an Express Entry draw for FSTP and FSWP candidates for the first time this year is indicated by this announcement. For some time now, due to the COVID-19 pandemic, Canada has been restricting its draws for CEC and PNP candidates only. The reason has been that such draws will then involve a large number of candidates in Canada who don’t have to give proof of funds compulsorily.

Things were different before the pandemic. Then, in the month of January, IRCC would announce the new directions regarding proof of funds for the particular year. This announcement was made in July this year. Read More 

Location: United Arab Emirates

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