Express Entry Update: Increased Proof of Fund Requirement

Immigration, Refugees, and Citizenship Canada updated their fund requirement chart increasing the amounts slightly for candidates who have applications submitted under economic class immigration Express Entry pathways. The deadline to update the already submitted applications is stated at 8 June 2022. Any new applications will have to abide by the updated requirements. The candidates updating their profile need to bear in mind that the amendment in the application will not affect their initial profile submission date. This is to be noted in the case of the tie-breaking rule released by the country for each draw. Any or all profiles selected before the latest draw dates will be the only ones to be considered for that draw. All remaining applications will be reviewed for future draws.

The change will only affect the candidates who have their application submitted under the two major economic class immigration pathways being Federal Skilled Worker Program and Federal Skilled Trades Program. Although the candidates need to show the updated proof of funds they are not however required to prove if they have a valid job offer from the employed in Canada.

To demonstrate that you have enough funds to stay and settle in Canada, you need to acquire some specific documentation (official letters) from the associated financial institution. Also, these letters should:

• Be printed on the bank’s letterhead
• Include the bank’s contact information
• Be in your name
• Include any/all outstanding debts
• Include information of any/all associated accounts, numbers, date of opening, balance, and average amount maintained for the last six months.

Canada will resume FSWP & CEC Draws

Canada has been making positive changes to its immigration plans much faster than anticipated. A while back they eased the travel restrictions for visitors of all kinds to Canada. Now in the recent announcement made by the Canadian Immigration Minister Sean Fraser, Immigration, Refugees, and Citizenship Canada (IRCC) plans on resuming the draws for all other economic-class pathways in early July of 2022. Draws for Express Entry Federal Skilled Worker Program (FSWP), Federal Skilled Trades Program (FSTP), Canadian Experience Class (CEC), and many more will resume in the first week of July 2022.

This makes it a perfect time for new and aspiring experienced workers to apply for Canadian permanent residency as soon as possible. The sooner you apply the faster your applications will be processed as the government also aims at bringing back the 6 months’ standard processing time which earlier stood at 7 months to 21 months due to the pandemic. The change is evident from the steps taken by IRCC at clearing the backlog of applications under the mentioned streams. By 2024, they plan on welcoming an extraordinary number of immigrants to the country.