Immigration, Refugees and Citizenship Canada (IRCC) has recently updated the proof of funds for skilled immigrants under Express Entry. IRCC updates the table that shows how much money you will need to settle in Canada every year, based on 50% of the low-income cut-off totals. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile. The deadline to update your proof of funds was no later tan April 25, 2023. When you update your profile, it will not affect the date and time that IRCC received your profile, so it means that you will keep your rank if you’re in a tie-breaker situation.
Please note that if you have already received an Invitation to Apply (ITA) or if your permanent residence application is in process you don’t need to meet the updated proof of funds requirement.
Regulation 76(1) (b) of the Immigration and Refugee Protection Regulations provides that:
For the purpose of determining whether a skilled worker, as a member of the federal skilled worker class, will be able to become economically established in Canada, they must be assessed on the basis of the following criteria:
(b) the skilled worker must
(i) have in the form of transferable and available funds, unencumbered by debts or other obligations, an amount equal to one half of the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members.
Applicants are not required to have settlement funds if the applicant is authorized to work in Canada and has been awarded points for a qualifying offer of arranged employment under Express Entry or for arranged employment in Canada.
The proof of funds must be:
- unencumbered by debts and other obligations; and
- sufficient to support initial establishment in Canada
How much money you need?
The amount of money you will need to support your family is based on the size of your family. To calculate the size of your family includes:
- yourself
- your spouse or common-law partner
- your dependent children and
- your spouse or common-law partner’s dependent children
Your proof of funds must be available to the applicant both when:
- upon submitting the application
- when IRCC issues the permanent resident visa (if your application is approved).
You must demonstrate to IRCC that you can legally access the funds upon arrival in Canada.
For example, you can’t use equity on real property as proof of settlement funds or you can’t borrow your proof of funds from another person.
Your proof of funds is intended for your family’s costs of living (even if family members are not accompanying). If your spouse is coming with you, you can count money you have together in a joint account. You maybe able to count money in an account under your spouse’s name only, but you must be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
To prove your proof of funds, you must get official letters from any banks or financial institutions where you have an existing account. The letter must be printed on the financial institutions’ letterhead and include the bank or institution’s contact information ( address, telephone number and email address), the applicant’s name ( account holder), the outstanding debts ( such as credit card debts and loans), these details for each current banking and investment account you have with the institution namely: account numbers, date each account was opened, current account balances and average balance for the past 6 months.
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PROOF OF FUNDS FOR TEMPORARY RESIDENT VISA APPLICATION UNDER SUPERVISA
The child or grandchild who invites the applicant must prove that their household meets the minimum necessary income. Your child or grandchild may use the following table below (updated) to assess their ability to meet the income requirements.
If you have questions regarding the above article, you may contact Marjorie at [email protected]
Source: Immigration, Refugees and Citizenship Canada (IRCC)
A word of caution: You should not act or rely on the information provided in this column. It is not a legal advice. To ensure your interests are protected, retain, or formally seek advice from a Regulated Canadian Immigration Consultant (RCIC) in good standing of CICC. The views expressed in this article do not necessarily reflect those of RCIC’s.
