IRCC updates the funds required for FSWP and FSTP for 2021

The Immigration, Refugees and Citizenship Canada has recently updated the amount of funds required by the applicants who are applying from outside #Canada under Express Entry's Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).

This change in income requirement does not affect the applicants who are currently working in Canada for a Canadian Employer or have a valid job offer from a Canadian Employer.

With this update, IRCC also said that:

To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile. The update must be done no later than July 15, 2021. Updating your profile doesn’t change the date and time that we received it, so you’ll keep your rank if you’re in a tie-breaker situation.

So that means if the applicant currently have a profile created in Canada's Express Entry system, they will have till July 15, 2021 to update it to remain eligible for the next draw which might take place within this month.

An applicant must provide a letter from any bank or financial institution where they are keeping the funds. The Letter must:

• be printed on the financial institution’s letterhead

• include their contact information (address, telephone number and email address)

• include the applicant's name

• list all outstanding debts such as credit card debts and loans

• include, for each current bank and investment account, the account numbers, date each account was opened, current balance of each account, average balance for the past 6 months

And these funds must be available to the applicant as soon as the IRCC issues the applicant a permanent resident visa and the applicant's are not allowed to borrow us show their equity in a property as a proof of these funds.