IRCC revises minimum “PROOF OF FUNDING” requirements

“According to the latest update, Canada has raised the minimum amount of settlement funds needed for Express Entry candidates.”

Synopsis

Express Entry has three immigration streams; the new requirement of showing Proof of Funds is only applicable to skilled workers under Federal Skilled Worker (FSW) & Federal Skilled Trades (FST) programs. Applicants who apply through the Canadian Experience Class are not required to show any kind of Proof of Funds.

The amount of settlement money needed for skilled workers has increased in Canada. According to the update by Canadian government, candidates who are interested in applying for permanent residency programs must show that they have the necessary cash.

According to the Express Entry System programs, there are three immigration streams:

1. The Canadian Experience Class,
2. The Federal Skilled Worker (FSW),
3. The Federal Skilled Trades (FST)

The Federal Skilled Worker Program and the Federal Skilled Trades Program are the only programs that will be affected by the new regulations for skilled employees.

Applicants under FSW and FST, who are currently employed in Canada, are not required to show the proof of funds.

The settlement fund would depend on the size of the applicant which includes the applicant, their spouse, and any dependent children. Even if they are not traveling to Canada with the application, they are still counted. They are also included, regardless of whether they are Canadian citizens or long-term residents.

Amount required for Settlement Funds:

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Type of Proof Accepted

• The applicant must have readily available necessary funds. As a result, fixed asset equity is unacceptable.
• From the time the application is submitted until the visa is granted, funds must be accessible.
• It is important for applicants to understand that they cannot borrow this money from anybody else.
• The money must be in the principal applicant’s name or, if applicable, in a joint account with a spouse or common-law partner.
• However, unless the primary applicant can demonstrate that they have access to the cash, proof of funds in the name of the accompanying spouse or common-law partner cannot be used.

How much money one should bring in Canada?

The cost of living varies greatly across Canada. The cost of living is typically higher in big cities like Toronto and Vancouver than in smaller places.

You should bring as much cash as you can, according to the IRCC. This will make moving to Canada and finding a home simpler.

The government department points out that if you are carrying more than CAN $10,000 into Canada, you must inform the border guard when you arrive.

If you don’t declare anything beyond that, you face a fine and have your money taken. Cash and papers showing that you are entitled to property or capital, such as:

• Stocks
• Bonds
• Debentures
• Treasury bills

It also contains papers that are receivable to you and promises to pay a specific sum of money, including:

• Banker’s drafts
• Cheques
• Money orders
  Travellers’ cheques

What are the Express Entry System’s three categories?

• Canada Experience Class (CEC): This category is for skilled professionals who have three years or more of Canadian work experience prior to application.
• Federal Skilled Worker Program (FSW): This is for skilled employees with experience abroad, and applicants must also meet additional requirements.
• Federal Skilled Trades Program (FST): This is for qualified and skilled employees who have a legitimate employment offer.

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