Settlement Funds Requirements for Express Entry Candidates
Immigration, Refugees, and Citizenship Canada (IRCC) has announced new proof of funds requirements for Express Entry candidates set to take effect on May 28, 2024. This update impacts candidates applying through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The proof of funds is a crucial component of the immigration process, ensuring that candidates have the financial resources to support themselves and their families upon arrival in Canada.
Funds Requirements for Express Entry Candidates
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Candidates in the Express Entry pool are required to update their profiles with the new proof of funds by May 27, 2024. IRCC has assured candidates that updating their profiles will not impact their rank in the pool if there’s a tiebreaker, as it does not change the original date and time of profile submission.
Who needs to show proof of funds?
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Proof of funds is a key requirement for candidates applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, if an applicant has a valid job offer and work permit for Canada, they are exempt from this requirement. Additionally, candidates in the Express Entry Canadian Experience Class (CEC) do not need to provide proof of funds.
If proof of funds is not required, candidates must upload a letter stating they have a valid employment offer or are applying under the Canadian Experience Class. This documentation is mandatory to complete the application process.
Source: Economic Times
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