The 2023 Express Entry funding rules have been changed by Immigration Canada

sATime for Canadian immigration, asylum and citizenship (IRCC) has announced a special update on the Express Entry Financial Affordability Rules 2023. This change, which was announced on May 2 through the IRCC website, has been implemented since April 25.

Based on this announcement, the amount of required financial ability will be completely changed. IRCC determines the allowance amount based on half of the minimum income range. To remain eligible, you must update your affordability figures in the relevant Express Entry profile.

Financial means that you have enough money to settle in Canada. Anyone receiving an ITI certificate (ITA) through the Express Entry Draw must be able to provide written proof of their financial means.

However, anyone applying for Canadian Experience Class immigration does not need to show financial ability to support themselves and their family. In general, an Express Entry candidate who has a Canadian work permit and a valid job offer can enter Canada without having the necessary financial resources. If you immigrate under the Federal Skilled Worker Program or the Federal Skilled Trades Program, you will need to provide documents of financial ability.

The amount of funds required varies based on the number of family members of the applicant. Even if your wife and children do not intend to enter Canada with you or have Canadian residency, you should consider these costs. According to this program, your family includes the following members:

• yourself
• Your spouse or someone you live with emotionally.
• your children
• Your spouse’s children (if you are married to someone with children)

To prove that you have sufficient capital to settle in Canada, you must obtain official letters from all banks or financial institutions where you have accounts. These letters should be printed on the letterhead of the financial institution and the following should be mentioned in them:

• Bank or institution contact information: contact information of the financial institution; including the address, phone number and email address displayed in the letter.
• your name: Your name should be officially mentioned in the letter.
• Your remaining debtsThe letter should include a list of any outstanding debt you have, such as credit card debt and loans.
• account numberA unique account number should be mentioned for each account.
• Account opening date: The opening date of each account should be mentioned.
• Current account balance: The letter should specify the current balance of each account.
• Average inventory: The average balance of each account during the last six months should also be mentioned. The average balance information must be provided to the relevant authorities in an accurate and completely official manner so that other steps related to Express Entry can continue.