IRCC Updates Settlement Funds Requirement

A change has been made to the evidence of finances prerequisite for?Express Entry?candidates by the?Immigration, Refugees and Citizenship Canada (IRCC).?On April 25, the modification went into effect. It was announced on the IRCC’s website yesterday.

Read this article to understand what Proof of Funds is, and why you’d need it to migrate to Canada.

An annual update is made to proof of funds requirement by IRCC. The amount is calculated by IRCC using a 50% cut-off for low income. The settlement fund numbers in your?Express Entry profile?must be updated if you want to?maintain your eligibility. Your ability to live comfortably in Canada can be shown by showing proof of cash. Anyone who is granted an?invitation to apply (ITA)?via an?Express Entry draw?must be able to provide written documentation proving that they have this money.

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Settlement funds (Proof of Funds) Exemptions

There are 2 exemptions to the settlement funds requirement. They are:

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• Any applicant of the?Canadian Experience Class (CEC)?is exempt from having to provide proof of sufficient funds for their family’s support.

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• If an Express Entry candidate has a valid job offer and is authorized to work in Canada, they are exempted from providing proof of funds, regardless of whether they are applying under the?Federal Skilled Worker Program?or the?Federal Skilled Trades Program.

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However, for candidates who do not have a job offer, proof of funds is necessary to meet the minimum requirements of the?Federal Skilled Worker Program?and the?Federal Skilled Trades Program.

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How Much Funds Do I Need to Show & When?

Depending on how big a family an applicant has, different amounts of money are needed. You, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children constitute your family.

You do not need to show proof of funds from the day your process begins. You need to show that you have sufficient funds only when you receive an?Invitation to Apply?from the?government of Canada.

The below table illustrates the revised settlement funds based on the number of family members.

<<Table>>

[As images, charts, #tables,?graphs, etc., are not allowed inside a?#LinkedIn?article/newsletter, read the original article?HERE?for better understanding]

How to provide evidence of Settlement Funds

Any bank or financial institution where you have an account can issue a formal letter as proof that you have the funds to pay. These letters must be composed in English/French and printed on the financial institution’s letterhead.

The formal letters obtained from the candidate’s bank or financial institution must include the following information:

• Your name,
• Contact information of the bank or institution (including address, telephone number, and email address),
• Details of any outstanding debts (such as credit card debts or loans),
• Information about each of the candidate’s current banking and investment accounts with the bank or institution,
• Account numbers for each account,
• Date of account opening for each account,
• Current balance of each account, and
• Average balance for the past six months for each account (if you are showing your savings bank balance).

According to?IRCC, the funds that a candidate shows as settlement funds must be available to them during two specific times – when they apply for immigration and when they are issued a?permanent resident visa. Additionally, the candidate must be able to demonstrate to IRCC that they have legal access to the funds upon their arrival in Canada.

The following conditions apply when it comes to what could you use to settlement funds:

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• Equity on real property cannot be used as evidence of settlement funds, and

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• The candidate cannot borrow the required funds from another individual.

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Furthermore, even if your family members aren’t travelling to Canada with you, you must be able to use this money to cover their living expenses. You can include any funds held in a joint account if your spouse or other significant other is travelling with you. If your spouse has money in a different account, you might be allowed to claim it, but you’ll need to show that you have access to it when you need it.

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How much money should I bring to Canada?

Canada has a wide range of living expenses. Large cities like Toronto and Vancouver frequently have higher prices than other places. IRCC suggests that you carry as much cash as you can. This will facilitate migrating to Canada and locating a residence there. According to the agency, if you want to bring more than C$10,000 into Canada, you must inform the border guard when you arrive. If you don’t declare anything over that amount, you risk a fine and money forfeiture. Cash and papers demonstrating property or capital payable to you are included in this. Examples include securities, bonds, debentures, and Treasury bills.

It also contains papers that are receivable to you and promise to pay a certain sum of money, including, bank draughts and cheques, as well as travellers’ cheques and money orders.

Contact us today?to know if you?qualify to migrate to Canada. Check out Owlspriority Immigration’s?Canada Settlement Resources?to learn about finding employment in Canada, making your initial days stress-free, etc.