Are you a skilled immigrant planning to settle in Canada? The latest update to the Express Entry proof of financial funds requirement for Express Entry applicants has been released, and it’s crucial to stay informed to maintain your eligibility. Here’s what you need to know:
Annual Update to Settlement Funds
The Government has revised the amount of money required to settle in Canada, effective June 3rd, 2024. These figures are adjusted annually based on 50% of the low-income cut-off totals. To remain eligible, ensure you update your settlement fund numbers in your Express Entry profile by June 2nd, 2024. Updating your profile won’t change the date and time of your submission, so your rank remains unchanged in a tie-breaker situation.
Who Needs Proof of Funds?
Federal Skilled Worker Program applicants
Federal Skilled Trades Program applicants
You do not need to show proof of funds if:
You’re applying under the Canadian Experience Class
You have a valid job offer and are authorized to work in Canada, even if applying under the Federal Skilled Worker or Federal Skilled Trades Programs
How Much Money You Need
The amount of money you need to support your family is based the size of your family.
To calculate the size of your family include:
Yourself
Your spouse or common-law partner
Your dependent children and
Your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and dependent children, even if they’re:
Canadian citizens or permanent residents
Not coming to Canada with you
This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.
Acceptable Proof of Funds
Your funds must be available both when you apply and when you receive a permanent resident visa. The funds must be your own and easily accessible upon arrival in Canada. For proof, obtain official letters from your banks or financial institutions, which should be printed on the institution’s letterhead and include:
Contact information of the bank or institution
Your name
Details of your debts (credit cards, loans)
Account numbers, opening dates, current balances, and average balances over the past six months for all banking and investment accounts
Bringing Money to Canada
Research the living costs in your intended settlement area in Canada and bring as much money as possible to ease your transition. Declare any funds over CAD 10,000 to the border officer upon arrival to avoid fines or seizure of funds. This includes cash, stocks, bonds, debentures, treasury bills, bank drafts, cheques, money orders, and travellers’ cheques.
Stay updated and ensure your proof of funds meets the latest requirements to maintain your eligibility and secure your future in Canada.
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