As of May 28, 2024, Immigration, Refugees and Citizenship Canada (IRCC) has made available fresh proof of financial need for applicants under the Express Entry program. This is akin to ensuring travelers have the necessary funds when booking flight tickets from Canada to India. Workers intend to submit applications for the Business Development Program (FSTP). In large part, the evidence of financial criterion in the immigration process ensures that applicants have sufficient funds to support themselves and their families once they arrive in Canada. Candidates in the Express Entry pool will need to update their documentation with updated financial proof by May 27, 2024. The IRCC has guaranteed the competitors that changing their profiles won’t impact their position in the contestant category because it won’t alter the time or date of the competition.
Requirement of Proof of Fund
Recent announcements from the IRCC indicate that applicants for Express Entry would now have to provide proof of their financial status. Candidates for the Federal Skilled Worker and Federal Skilled Trades programs must demonstrate that they have the required funds to move to Canada.
The new requirement will take effect on May 28, 2024. Candidates will be required to provide proof that they have enough money to cover their stay in Canada.
Who Needs to Prove the Money?
Applicants applying under the Federal Trade Program (FSTP) and Federal Public Works Program (FSWP) must have a financial limit of. However, applicants who currently hold a study visa from Canada are exempt from this requirement. In addition, applicants for the Canada Experience Class (CEC) on Express Entry are not required to provide proof of income.
Even though proof of finance is not required, candidates must nonetheless say that they are applying to the Canadian Experience Class or that they have a good career opportunity. You must enter this information to complete the application process.
How is Money Calculated?
The candidate’s family size influences the necessary sum of money. Eligible parties include the candidate, their dependent spouse or partner, the dependent children of the applicant, as well as the dependent children of the applicant’s common-law partner or spouse. Even if the family of the applicant has no plans to go to Canada with them. It is still essential that they include them in the calculation.
The updated financial assistance requirement is as follows as of May 28, 2024:
- The needed amount for a single applicant is CAD 14,690 (formerly CAD 13,757).
- A family of two must have CAD 18,288 (formerly CAD 17,127).
- A family of three now pays $22,483 instead of $21,055.
- A family of four must have $27,297 (formerly $25,564).
- The rate was $30,690 (formerly $28,994) for a household of five.
- A family of six will pay $34,917 (formerly $32,700).
- A family of seven was now charged $38,875 (formerly $36,407).
- CAD 3,958 (formerly CAD 3,706) for each additional person in families with more than seven members.
What Documents Can You Show as Proof of Funds?
The IRCC states that the only source of certified verification of money is a statement from a bank or other financial institution. These documents should include information such as:
- The bank’s or organization’s contact details, including its address, phone number, and email address.
- Name of the applicant and total amount of current debt, including credit card and loan debt.
- The account numbers for all current and budgeting items are given.
- The account’s opening date, its current balance, and its average balance for the last six months.
These regulations provide accountability and transparency in immigration while protecting the integrity of Canada’s immigration system. Applicants need to confirm that they meet the revised financial requirements to avoid unjustified delays in the application process.
Bottom Line
The amount of money required in 2024 to immigrate to Canada using the Express Entry system varies depending on factors like family size and location. However, you must verify that you meet the financial requirements set forth by Canadian immigration officials to guarantee a seamless transition. And while you’re preparing for your new life in Canada, don’t forget you can conveniently book last minute flight to India from Canada to visit loved ones back in India with Flyopedia.
Also Read: 7 Lucrative Business Opportunities in Canada For Indian Immigrants
