Citizenship and Immigration Canada requires applicants applying for immigration through Express Entry to provide proof of funds to prove that they can afford to come and settle in Canada.
can afford to come and settle in Canada. The settlement amount is not fixed, but is revised annually to reflect a variety of circumstances, including inflation and the economy.
inflation and the economy. This year was no different, with Citizenship and Immigration Canada announcing the revised funds
on the immigration website on May 2. The change was already announced on April 25.
25, and are likely already reflected in the application reviews of current Express Entry applicants.
The threshold for proof of funds is 50% of the total amount of the low-income threshold. Therefore, it is important to have an
based on statistics produced each year. Based on this threshold, if you want to remain eligible for consideration as an Express Entry applicant
You will need to update your settlement fund number on your profile to remain eligible. Also, if you have less than the threshold,
you must make up the amount above it before you can be approved for permanent residence.
Proof of funds is proof that you have the financial ability to settle in Canada, and it's important to know that if you are selected in the Express Entry lottery, you will receive an
invitation to apply (ITA) through the Express Entry lottery, you will be required to provide written evidence of the funds you have. Requiring proof of funds
is one of the most fundamental assumptions underlying the assumption that you will be able to start and succeed as an immigrant in Canada.
assumption that you will be able to start and successfully settle as an immigrant in Canada. Even if you actually start your life in Canada as an immigrant
there are many challenges to settling in and establishing a stable life overnight. If you're not
after receiving a permanent residency, it is likely to lead to other social problems, so the Canadian
government requires proof of funds as the lowest level of security.
However, not all Express Entry applicants are required to provide proof of funds. Immigrating with Experience Class (CEC)
Proof of funds is not required for those who apply under the Skilled Worker (FSW) and Skilled Trades (FST) programs.
candidates who are working in Canada and have a valid job offer are also exempt from submitting proof of funds.
If you don't qualify for one of these exceptions, proof of funds is required.
number of family members, which includes the candidate, their spouse or common-law partner, dependent children, and dependent children of their spouse or common-law partner.
In addition, if your spouse or common-law partner is a Canadian
citizen or permanent resident, even if your spouse does not live in Canada with you.
if they don't live with you.
The new proof of funds amounts this year are: $13,757 CAD for a family of one, $17,127 CAD for a family of two,
21,055 CAD for three people, and $3,706 CAD for one additional person in a family of seven or more.
in a family of seven or more, which seems to have increased slightly from last year. Last year, a family of one needed $13,310 CAD, two needed
16,570 CAD, $20,371 CAD for three, and $3,586 CAD for each additional person in a family of seven or more.
This is a slight increase from last year, but given that the Canadian inflation rate is expected to be around 3% so far in 2023, it's likely to stay the same.
It's also worth noting that during and in the aftermath of the coronavirus pandemic, we tended to minimize proof-of-funds increases until last year.
and the aftermath of the coronavirus pandemic, there was a tendency to minimize the increase in proof of funds, so this year we're seeing proof of funds return to a more normalized level.
back to the same level of normalization as other immigration programs.
Proof of funds consists of obtaining a letter from the bank or financial institution that holds your settlement funds.
The letter must be on official documentation from the bank or institution and include the institution's address, phone number, and email address.
the applicant's name, outstanding debts such as credit card debt and loans, and details of any bank and investment accounts they have.
Account details include account numbers, account opening dates, current account balances, and average balances for the last six months.
average balance over the past six months, etc. In addition, you can't use real estate equity as evidence of your settlement funds, and you can't use other
borrowing from it is also not allowed.
All of this, however, is waived if you are currently employed in Canada. Real Immigration Has a Future
It's rare to come unprepared, and we don't recommend doing so, so the simplest and easiest process is to stay employed.
and easiest process is to be employed. Transferring funds while employed
It's also the most realistic and straightforward option because it doesn't involve the transfer of funds. For all of these reasons and more, if you're considering a long-term
settlement, it is highly recommended that you prepare for a life of working and living in Canada. By the same token, you should not simply provide
proof of settlement funds or an exemption from filing paperwork, a good work-life balance is a goal for many people in Canada.
for many people in Canada, so I think it's important to be prepared for that.