IRCC Increases Settlement Funds for Express Entry
IRCC Increases Settlement Funds for Express Entry
Immigration, Refugees, and Citizenship Canada (IRCC) have recently updated the minimum settlement funds required for aspiring immigrants in Express Entry.
Effective May 28, 2024, these changes are designed to ensure that newcomers have the financial means to settle successfully with their families in Canada.
Let’s explore these updates and understand how they impact your immigration journey.
Understanding the Need for Updated Settlement Funds
IRCC’s periodic revisions to settlement funds are rooted in ensuring that newcomers can effectively support themselves and their families upon arrival in Canada.
These adjustments, based on 50% of the low-income cut-off (LICO) totals, reflect the evolving economic dynamics and cost of living in the country and are adjusted annual. The LICO tables are released by Statistics Canada annually.
Key Changes in Settlement Fund Requirements
Here’s a breakdown of the updated minimum funds required, categorized by the size of your family:
| Number of Family Members | Funds Required (in CAD) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| Each additional member | $3,958 |
Who Needs to Provide Proof of Funds
Candidates applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program typically need to demonstrate access to these funds. However, exemptions apply to individuals applying under the Canadian Experience Class or those with a valid job offer and authorization to work in Canada.
When Do You Need to Show Proof of Funds
Your funds must be accessible during two critical stages:
- When You Apply: It’s essential that your funds are readily available at the time of your application.
- Upon Visa Issuance: If your application is approved, you may be required to demonstrate that you can legally access the funds upon your arrival in Canada.
How to Show Proof of Funds
For proof, you’ll need official letters from your banks or financial institutions, including:
- Bank or institution’s contact information (address, telephone number, and email address)
- Your name
- Details of outstanding debts (such as credit card debts and loans)
- Information for each current banking and investment account:
- Account numbers
- Account opening dates
- Current account balances
- Average balance for the past six months
Spousal Considerations: If your spouse is immigrating with you, you can include joint account funds. Additionally, you may be able to count funds solely under your spouse’s name, provided you can prove access to those funds.
- Real Property Equity Exclusion: Equity on real property cannot be used as proof of settlement funds.
- Non-Borrowed Funds: You cannot borrow this money from another person.
- Purposeful Usage: The funds must be usable to cover your family’s living expenses, even if they are not accompanying you to Canada.
How Much Money You Should Bring When Travelling
It’s advisable to bring as much money as possible to facilitate your settlement. This not only simplifies the process of relocating and finding accommodation but also ensures you’re prepared for unforeseen expenses.
Upon arrival in Canada, you must declare any amount exceeding CAN$10,000 to the border officer to avoid fines or potential seizure of your funds.
These funds can take various forms, including:
- cash
- documents that show property or capital payable to you, such as:
- stocks
- bonds
- debentures
- treasury bills
- documents that guarantee payment of a set amount of money, which are payable to you, such as:
- banker’s drafts
- cheques
- money orders
- travellers’ cheques
By being transparent about the funds you bring into Canada, you can ensure a smooth entry process and start your new chapter in the country with peace of mind.
We’re Here To Help
If you’re currently planning your move to Canada through Express Entry and have questions about how these updates may affect your immigration journey, we’re here to assist you. Schedule a personalized one-on-one consultation with one of our experienced immigration consultants to navigate these changes effortlessly.
Our team will evaluate your situation, provide guidance on the application process, and ensure you comply with the new regulations. Contact us today to book your consultation and set your path to success in Canada.
The Team at Northern Connections Canada
