Immigration, Refugees and Citizenship Canada (IRCC) has recently updated the minimum settlement funds you need to demonstrate in your Express Entry profile. This change ensures you have sufficient resources to support yourself and your family upon arrival in Canada.
Who needs proof of funds:
Applicants under the following Express Entry programs must demonstrate sufficient settlement funds:
Federal Skilled Worker Program
Federal Skilled Trades Program
Proof of Funds Exceptions:
Applicants in the Canadian Experience Class are exempt from the proof of funds requirement.
Applicants with a valid job offer and authorization to work in Canada are exempt, even if applying under the Federal Skilled Worker or Federal Skilled Trades Programs.
Calculating Your Required Settlement Funds
The amount of settlement funds you need depends on the size of your family unit as defined by IRCC. This includes:
Yourself
Your spouse or common-law partner
Your dependent children
Your spouse or common-law partner's dependent children (even if they are not immigrating with you or are Canadian citizens or permanent residents )
IRCC requires readily available funds throughout the application process and upon your arrival in Canada. The following are not considered acceptable proof of funds:
Equity on real estate
Borrowed money
The funds must be readily accessible to cover your family's living expenses, even if some family members are not immigrating with you.
Key Highlights:
Immigration, Refugees and Citizenship Canada (IRCC) has updated the minimum amount of money you need to show you can support yourself upon arrival.
The new minimums are set at 50% of the low income cut-off for different sized households.
If you submitted your application through Express Entry, you must update your settlement fund amount by May 27, 2024 to remain eligible.
Updating your profile with the new minimum amount won't change the date and time your original application was received. This means you'll keep your place in line for processing in case of a tie-breaker situation.
To ensure a smooth transition, research the average cost of living in your chosen Canadian city or region. This will help you establish a realistic budget for daily and monthly expenses.
While there is no restriction on the amount of funds you can bring to Canada, having additional financial resources can provide greater security during your initial settlement. These funds can assist with securing accommodation and covering unexpected costs.
Canadian Border Services Agency (CBSA) regulations require you to declare all currency and monetary instruments exceeding CAN$10,000 upon arrival.
Don't Forget, We're Here to Help!
Applying for Permanent Residence through Express Entry can be a complicated process. Make sure that all information in your application is accurate and up-to-date. Let our team of licensed and experienced consultants work with you as you finalise your applications. Email Ask@infoplacecanada.ca for assistance.
When In doubt, schedule a Permanent residence Consultation with one of our Licensed and Experienced Immigration consultants.