Immigration, Refugees and Citizenship Canada (IRCC) has announced that there will be a new proof of wealth requirement for Express Entry starting May 28, 2024. As per the rules, applicants must submit proof of funds to show that they have enough money needed to settle in Canada. You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP).
If Canada accepts the invitation request, individuals must provide a written proof of the funds they possess. Canada demands proof of funds as it ensures that candidates have the financial resources to support themselves upon arrival in the country.
Meanwhile, Canada has asked Express Entry applicants to update their profiles with new proof of funds by May 27, 2024. The update will not affect rank in the pool, and the date and time of profile submission will remain the same.
If the application is submitted under the Canadian Experience category or if one is authorized to work in Canada and has a valid job offer. Applicants are then not required to show that they have the means to support themselves and their family.
The amount of money you need to support your family is based on the size of your family. To calculate the size of your family, include yourself, your spouse or common-law partner, your dependent children and your spouse or common-law partner’s dependent children.
Canada Express Entry cost per person:
- Single applicant must submit proof 14,690 CAD (Rs 8,96,852 approx.)
- Family of two: 18,288 CAD (Rs 11,16,816 approx.)
- Family of three: 22,483 CAD (Rs 13,72,908. approx.)
- A family of four: 27,297 CAD (Rs 16,66,871approx.)
- Family of five: 30,690 CAD (Rs 18,74,062 approx.)
- Family of six: 34,917 CAD (Rs 21,32,026 approx.)
- Family of seven: 38,875 CAD (Rs 23,73,701 approx.)
- For a family of more than seven members, each additional member must have 3,958 CAD (Rs.2,41,675 approx.)