Settlement Funds Revised Effective 28 May for Economic Migration
Settlement funds (aka proof of funds) has been revised by Immigration, Refugees and Citizenship Canada (IRCC). IRCC has revised the settlement funds requirement for settling in Canada, based on the annual adjustments using 50% of the low-income cut-off figures. To maintain eligibility, candidates who are in the Express Entry pool need to update their settlement fund details in the Express Entry profile by May 27, 2024. That is, 3 days from today. For the clients of Owlspriority Immigration, this requirement has been taken care of. Modifying an Express Entry profile will not affect the submission timestamp, thus safeguarding your ranking in a tie-breaker scenario, if applicable.
Proof of funds confirms your financial capacity to settle in Canada. If invited to apply, you must furnish written evidence of possessing these funds.
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Confirmation of financial resources?
Proof of funds is essential to meet the minimum criteria for both the
Certain applicants do not require settlement funds
If you are applying through the Canada Experience Class (CEC) program or have authorization to work in Canada (i.e., you have a valid job offer), you are by default exempt from demonstrating financial capacity, even if you're applying through the Federal Skilled Worker Program or the Federal Skilled Trades Program.
It is advisable to maintain up-to-date financial information in your profile as you may be eligible for multiple programs, and the specific program you'll be invited under is not always predictable in advance.
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How much funds would I need to show?
The number of family members determines the amount of funds required, encompassing yourself, your spouse or common-law partner, your dependent children, and any dependent children of your spouse or common-law partner. Whether they are inside Canada or outside, it is essential to include your spouse or common-law partner and dependent children. The table below outlines the minimum funds required for immigration to Canada. If you have additional funds, it is advisable to declare the full amount in your profile or application.
(Table depicting funds required for immigration via Express Entry, effective from May 28, 2024)
Acceptable forms of settlement funds
Settlement funds need to be accessible to you both at the time of application and when Immigration, Refugees and Citizenship Canada (IRCC) grants you the permanent resident visa (if your application is approved). You must demonstrate that you have legal access to the funds upon your arrival.
For instance, equity on real property cannot be used as proof of settlement funds. Borrowing money from another individual is also not permitted. You must be able to utilize the money in liquid form to cover your family's living expenses, even if they are not accompanying you. If your spouse is accompanying you, funds held jointly can be included. Money in an account solely under your spouse's name may also be considered, but you must prove access to it.
Official letters from all banks or financial institutions where you hold accounts are required as proof. These letters should be printed on the institution's letterhead and should include:
Speak to your consultant to know more about settlement funds, what can be used as settlement funds, etc.
Check if you qualify to migrate to Canada. Check out our?Settlement Resources?to learn how to find employment in Canada, making your initial days stress-free, etc.