CANADA PROOF OF FUNDS UPDATE JULY 2021 - Express Entry

Hello and welcome everyone. This is Rassane from Mavois Canadian Immigration Made Easy. And in this video, we're going to talk about the update to the proof of funds. So three main points I want to talk about. The first one is the increase of the proof of funds that happened during the year, which is quite unusual for Canadian immigration. The second point is who is concerned by the proof of funds. And the third one is what is considered proof. All right, let's get going. So the first item is the increase. I don't know if you remember, but the last amount that was here was $12,900. It increased to $13,213 Canadian dollars. Now, if you have dealt with me personally, and this is what I say to my clients is to always put at least $200 more in the bank account to protect yourself against the risk of fluctuation of the exchange rate. For example, if the Canadian dollar rises, then that may cause this problem if you're right at the limit. Or the second case is a sudden increase like the one that just happened. The good news is that this immediate increase is not really affecting candidates of the express entry right now, because the draws for the federal skilled workers are not happening just yet. It gives people a chance to adjust their proof of funds. And this is going to bring us to our second point, who needs the proof of funds or who is concerned. So the proof of funds is basically required from anyone who wants to immigrate to Canada from abroad without having a valid job offer in Canada. So whether you are going through the federal skilled worker program or to another section of the express entry, if you don't have a job offer, and if you are currently outside of Canada, you will probably most probably need the proof of funds. Now you can see here who does not need a proof of fund. You don't need to show that you have the money in your bank account. If you are applying under the Canadian experience class, that means people who are already in Canada under a temporary status and who qualify for permanent immigration. Or if you are authorized to work in Canada, that also mean having a temporary work permit and you have a valid job offer. So people with a valid job offer do not need to show a proof of funds because they get a salary from their job. Therefore they're able to cover their expenses. However, the rest of the world needs the proof of funds. Now this is the amounts required by the Canadian government. There are some subtleties that you need to be aware of how much money you'll need. The amount of money you need to support your family, depends on the size of your family. To calculate the size of your family, you must include yourself as the main applicant, your spouse or partner, even if they're not coming with you to Canada. This is important. And your dependent children and your spouse's dependent children. So based on your unique situation, you'll be able to determine how many people are considered within your household. And consequently, how much money will you need to show to the Canadian government in your permanent residency application. If you want to know more about the proof of fund, this is what the Canadian government says they accept as proof. You have the list here to get to this page. Just go to Google and type proof of fund express entry Canada. And the website is Canada.ca. And then under the express entry, you'll have this exact same page I was showing you. The proof of funds is different for students or for tourist visa. That's a separate topic. You can check out our videos on the playlist on the student visa and the same for the tourist visa. That's a different matter here. We're talking about permanent immigration throughout the express entry. And this is the page that you should be looking at. Now, what is considered a proof of funds and whether or not you need to keep it in your bank account before your application. This is a main trap in the immigration process. And I suggest you check out our immigration workbook that talks about the six traps. So for that, just go to Canada.mavoi.com, enter your email, you receive the workbook and you'll understand why is the proof of funds such a big part of a candidate's failure? Because even for the people who have the money, they need to put it a certain amount of time before they receive their invitation. And this is where subtleties come to play. So you may have the money available, but because you haven't put it for long enough, you may be ineligible to apply based on financial inadmissibility. And if you are actually in the pool waiting for your invitation under the federal skilled worker program, go to your profile, update the proof of funds so it will reflect the new adjustment. That's it. I hope you found this video useful. Drop a like if you liked it, subscribe to the channel if you want to know more about immigration updates and I'll talk to you very soon. Cheers.