Immigration news

How much you need for Canadian Permanent Residency

Immigration, Refugees and Citizenship Canada (IRCC) has recently introduced a revision to the documentation of financial resources necessary for Express Entry candidates.

The modification, unveiled on May 2nd through IRCC’s official website, took effect on April 25.

Each year, the proof of funds criteria is recalibrated. IRCC’s assessment is rooted in 50% of the low-income threshold values. To retain eligibility, it is essential to update the settlement fund figures within your Express Entry profile.

Uncover Your Suitability for Canadian Immigration

Proof of funds is a means of affirming your financial capacity to establish yourself in Canada. All candidates who secure an Invitation to Apply (ITA) in an Express Entry draw are required to present verifiable evidence of possessing these funds.

However, individuals applying under the Canadian Experience Class are exempted from demonstrating their ability to financially support themselves and their dependents.

Furthermore, an Express Entry candidate holding a valid job offer and authorization to work in Canada is granted an exemption. This exemption holds true even if the application is filed under the Federal Skilled Worker Program or the Federal Skilled Trades Program.

Who Necessitates Documentation of Funds?

Proof of funds is indispensable to satisfy the minimum prerequisites of the following programs:

Federal Skilled Worker Program Federal Skilled Trades Program Quantifying the Monetary Requirement

The necessary sum of funds fluctuates based on the candidate’s family size, encompassing:

The candidate Spouse or common-law partner Dependent children of both the candidate and their spouse or partner Number of Family Members Funds Needed (in Canadian dollars)

1 Person – $13,757

2 Persons – $17,127

3 Persons – $21,055

4 Persons –  $25,564

5 Persons – $28,994

6 Persons – $32,700

7 Persons –  $36,407

For each additional family member beyond 7 $3,706 Even if they are:

Canadian citizens or permanent residents Not accompanying you to Canada Illustrating Proof of Financial Resources

Verification letters must be obtained from the respective banks or financial institutions where accounts are held. These letters ought to be printed on the institution’s official letterhead and should encompass:

Contact particulars of the bank or institution (address, phone number, and email address) Your name Details of any outstanding debts (e.g., loans, credit card debts) Equivalent details for every existing banking and investment account under your name Account numbers Date of account initiation Present account balances Average balance over the last half-year IRCC specifies that these funds should be accessible during:

Application submission Issuance of a permanent resident visa It is incumbent upon you to exhibit to IRCC that you have legal access to these funds upon arrival in Canada.

For instance, this precludes utilizing real estate equity as a basis for proving settlement funds or borrowing the stipulated funds from another individual.

Moreover, these funds must be employable to cover the living expenses of your family, even if they do not accompany you to Canada.

If your spouse or partner is accompanying you, funds pooled in a joint account can be considered. There’s also potential to consider your spouse’s funds in a separate account, contingent upon substantiating your access to these funds as required.