Funds Required To Be Eligible For PR In Canada By Express Entry Route Hiked

Canada has increased the number of settlement payments necessary for some Express Entry candidates.

The adjustments only apply to Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) candidates who do not have a formal work offer in Canada. Candidates having a legitimate job offer and candidates with the Canadian Experience Class (CEC) have been excused.

If candidates do not reach the revised targets, they have until June 8 to amend their profiles. Updating your Express Entry profile will not influence the schedule of your application. According to Immigration Minister Sean Fraser, Express Entry candidates who are eligible for the FSWP and the CEC will be invited to apply in early July.

FSWP and FSTP candidates who do not have a Canadian employment offer must demonstrate in order to remain eligible for immigration. Official letters from any banks or financial institutions where you keep the money are required as proof. The letters must:

• Be printed on the financial institution’s letterhead
• Include the financial institution’s contact information (address, telephone number, and email address)
• Include your name and a list of any outstanding bills, such as credit card debts and loans.
• Include the account numbers, the date each account was opened, the current balance of each account, and the average balance for the previous six months for each current bank and investment account.

You must have the cash ready both when you apply and if you are granted a permanent resident visa. When you arrive, you must demonstrate to the immigration official that you have lawful access to the funds.

You must be able to cover the living expenses of your entire family, including those who are not accompanying you. If your spouse is coming, you can count the money in your joint account. If you access it through an account in their sole name, you must demonstrate that you have access to the funds.

You cannot borrow this money from someone else, and you cannot use property equity as proof of settlement cash. According to Immigration Minister Sean Fraser, Canada will begin inviting Express Entry candidates who are eligible for the FSWP and the CEC in early July. Draws for FSWP candidates have been halted since December 2020, and for CEC candidates since September 2021.

At the same time, the immigration minister stated that processing timeframes for new Express Entry applications would return to the six-month standard. Most corporate processing times could return to normal by the end of 2022.

Legal Disclaimer: This article is provided for information purposes only.

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