IRCC updates proof of funds requirement for Express Entry
The table displaying the required funds to settle in Canada has been recently updated. These figures are reviewed annually and are based on 50% of the low-income cut-off totals. In order to remain eligible, you may need to adjust your settlement fund figures in your Express Entry profile. It is essential to make these updates by April 25, 2023.
Are you planning to immigrate to Canada? If yes, then you must be aware of the settlement fund requirements that you need to fulfill to be eligible for immigration. The Canadian government updates the required amount of settlement funds every year, and it is crucial to keep your profile updated to stay eligible.
Who Needs Proof of Funds?
To meet the minimum requirements for immigration through the Federal Skilled Worker Program or the Federal Skilled Trades Program, you need to show proof of funds. However, if you are applying under the Canadian Experience Class or have a valid job offer and are authorized to work in Canada, you do not need to show proof of funds.
How Much Money You Need?
The required amount of settlement funds is based on the size of your family. You need to include yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children, even if they are Canadian citizens or permanent residents and are not coming to Canada with you.
As of April 25, 2023, the minimum amount of funds required for immigration to Canada are:
1 person: $13,757 CAD
2 people: $17,127 CAD
3 people: $21,055 CAD
4 people: $25,564 CAD
5 people: $28,994 CAD
6 people: $32,700 CAD
7 people or more: $36,407 CAD for each additional family member
What Counts as Proof of Funds?
You must prove that your funds are available to you when you apply for immigration and when the Canadian government issues you a permanent resident visa. Equity on real property and borrowed money from another person do not count as settlement funds.
You must be able to use the funds to pay for your family’s cost of living, even if they are not coming to Canada with you. If you have a joint account with your spouse, you can count the money together. However, if the account is under your spouse’s name only, you must prove that you have access to the funds.
For proof, you need to provide official letters from the banks or financial institutions where you have accounts. The letters must include the institution’s contact information, your name, outstanding debts, account details such as account numbers and opening dates, current and average balances for the past six months.
How Much Money Should You Bring?
It is recommended to bring as much money as you can when you immigrate to Canada. This will make it easier for you to move and find a home. However, if you are bringing more than $10,000 CAD, you need to inform the border officer, or you may be fined, and your funds could be seized. This includes cash, property documents, and capital payable to you, such as stocks, bonds, and treasury bills.
Understanding the settlement fund requirements for Canadian immigration is crucial to ensure a smooth immigration process. Keep your profile updated, show proof of funds, and bring enough money to make your settlement in Canada comfortable. If you have any questions or concerns, consult with an immigration lawyer or a registered consultant.
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