Immigration, Refugees, and Citizenship Canada (IRCC) has announced updated proof of funds requirements for Express Entry candidates, affecting those applying through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The proof of funds is vital in ensuring candidates have the necessary financial resources for settlement in Canada.
Express Entry candidates must update their profiles with the new proof of funds by May 27, 2024. IRCC assures candidates that updating profiles won’t affect their ranking in the pool if there’s a tiebreaker, as it doesn’t alter the original submission date.
Type of Entry in Canada:
- Express Entry: A points-based system for skilled workers applying for permanent residence.
- Provincial Nominee Programs (PNPs): Provincial governments select immigrants based on specific labor market needs.
- Family Sponsorship: Canadian citizens and permanent residents can sponsor eligible family members to immigrate.
- Business Immigration: For individuals with significant business experience or high net worth who wish to invest in Canada.
Who must provide proof of funds?
Proof of funds is mandatory for applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, individuals with a valid job offer and work permit for Canada are exempt from this requirement. Moreover, candidates in the Express Entry Canadian Experience Class (CEC) are not required to furnish proof of funds.
How to calculate settlement funds?
The calculation of settlement funds depends on the number of individuals in the applicant’s household, which encompasses the applicant, their spouse or common-law partner, their dependent children, and any dependent children of the spouse or partner. It’s essential to include all family members in the computation, even if they don’t intend to accompany the applicant to Canada.
The updated settlement funds requirements effective May 28, 2024, are as follows:
- For a single applicant, the necessary amount is CAD 14,690 (previously CAD 13,757).
- For a family of two, the requirement is CAD 18,288 (previously CAD 17,127).
- For a family of three, the updated amount is CAD 22,483 (previously CAD 21,055).
- For a family of four, the requirement is CAD 27,297 (previously CAD 25,564).
- For a family of five, it stands at CAD 30,690 (previously CAD 28,994).
- For a family of six, it’s CAD 34,917 (previously CAD 32,700).
- For a family of seven, the new requirement is CAD 38,875 (previously CAD 36,407).
- For families with more than seven members, each additional member necessitates CAD 3,958 (previously CAD 3,706).