If you have already applied, or have your visa for Canada in hand, then you need to know about the new settlement funds requirements brought in by Immigration, Refugees and Citizenship Canada (IRCC) in 2018. All three of the Express Entry economic immigration classes have been affected and you will need to make sure that you have the correct amount of funds available.
How much money do I need to immigrate to Canada in 2018?
In 2018, newcomers to Canada will need to show proof of funds as they have in previous years, with one major difference. The amount of money that you need has been increased by 1.42%. Take a look below for a summary of the increases based on the number of people in your family.
|NUMBER OF FAMILY MEMBERS||2017 AMOUNT
(IN CANADIAN DOLLARS)
|Each additional family member||$3,314||$3,361||$47|
When calculating how much money you need to show as part of your proof of funds (show money) you need to include your spouse and any children you or your spouse have. A dependent child is anyone under the age of 22 as determined by IRCC. When determining the size of your family, applicants must include those who will be accompanying them to Canada as well as those who may be remaining behind.
Why is this important for immigrants like me?
The increase in the amount of required funds is small, however, it is an increase nonetheless. While relatively small, the changes in the revised amounts could mean the difference between being eligible and an ineligible for the Express Entry pool, or your application for permanent residence being approved or denied.
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Furthermore, while only Federal Skilled Worker and Federal Skilled Trades candidates are asked to confirm that they have access to the required funds when determining their eligibility for the Express Entry pool, candidates in the Canadian Experience Class who receive an Invitation to Apply (ITA) through the Federal Skilled Worker Class must also prove they have the necessary funds.
It is therefore important that all candidates in the Express Entry pool ensure their Express Entry profile is updated and that they have the required amount of funds at all times in order to act on an ITA quickly should they receive one. Why? Because in order apply for permanent residence, a candidate must provide recognized proof that such funds are readily available to them.
How do I show proof of funds?
- Cash (It’s not recommended that you travel with this much cash)
- A bank statement from a Canadian bank account that you opened before you landed in Canada. Click Here to learn how to do this.
- Documents that show property or capital payable to the applicant, such as stocks, bonds, debentures and treasury bills.
- Documents that guarantee payment of a set amount of money, which are payable to the applicant, such as banker’s drafts, cheques, traveller’s cheques and money orders.
IRCC stipulates that the funds cannot be borrowed from another person and the applicant will be asked to explain any large, lump-sum transfers into an account. The only exemptions to the proof of funds requirement are granted to Express Entry candidates who are already working in Canada and have a valid job offer.