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Proof of available funds - Skilled immigrants (Express Entry)
BY SHAZIA UMER ON MAY 12, 2022
IRCC has updated the chart that shows how much money you'll need to settle in Canada. To stay eligible, you may need to update your settlement fund numbers on your Express Entry profile. The update has to be completed by June 8, 2022.
Updating your profile does not affect the date and time that IRCC received it, so you'll maintain your rank if you're in a tie-breaker position.
Proof of funds demonstrates that you have the funds to settle in Canada. You must provide documented confirmation that you have this money if you are invited to apply.
What does the IRCC accept as proof?
You must have funds readily available. For example, you cannot utilize real estate equity as proof of settlement payments.
You also cannot borrow this money from someone else. You must be able to utilize this money to cover the living expenses of your family (even if they are not with you).
If your spouse is with you, you can count money in a joint account. You may be allowed to count money in an account under their exclusive ownership, but you must demonstrate that you have access to the funds.
The funds must be available both when you apply and when (if) the IRCC grants you a permanent residence visa. In addition, when you arrive, you must show to an immigration officer that you have legal access to the cash you will need.
For further information regarding the Express Entry process, contact us today at (780) 719-9413 or email us directly.
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