Canada Increases Required Funds for Immigration and PR
Are you considering making Canada your new home? If so, it’s essential to understand the latest requirements for applying for permanent residency (PR) through the Express Entry system. Recently, the amount of funds you need to prove as part of your application has increased.
What Are the New Proof of Funds Requirements?
As of July 7, 2023, Immigration, Refugees and Citizenship Canada (IRCC) has updated the financial criteria for international applicants. For individuals applying alone, the required funds have risen to CAD $15,263. For couples, the amount is CAD $19,001. This change represents a CAD $500 increase from the previous minimum. It’s crucial to have these amounts ready, as they serve as proof that you can support yourself and your family once you arrive in Canada.
How to Demonstrate Your Financial Stability
To show that you meet the financial requirement, ensure you obtain official letters from your bank, printed on official letterhead. If you and your spouse are applying together, you may include combined funds from joint accounts.
Understanding Express Entry and Proof of Funds
Once you have the necessary funds, you’ll need to create a profile and submit it to the Express Entry pool—this system is designed to manage applications for skilled workers. Once your profile is submitted, you are given a score based on the Comprehensive Ranking System (CRS), which assesses various factors such as age, work experience, and language skills. However, remember that just submitting a profile does not guarantee an invitation to apply for PR.
Keeping Your Profile Up-To-Date
If your financial situation changes, be sure to update your Express Entry profile by July 28, 2025. This can help maintain your eligibility, especially in the case of tie-breakers, as the update does not affect the time and date your application was received.
Who Needs Proof of Funds?
Proof of funds is necessary for applicants under the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, if you’re applying through the Canadian Experience Class or have a valid job offer, you won’t need to show proof that you can support yourself financially.
If you’re searching for job opportunities in Canada, especially those that include visa sponsorship, consider browsing VisaJobsCanada.com. This platform specifically caters to international candidates, ensuring that every job listing includes visa support for applicants from abroad. It’s a fantastic resource for finding opportunities that align with your plans to move to Canada!
Have your say!
Got a question, opinion, or experience to share about working in Canada? Leave a comment below and join the conversation.
