Breaking news! Immigration Refugees and Citizenship Canada (IRCC) have just announced a change to their Canada Express Entry requirements. The required proof of settlement funds has just been increased by about 1.5 per cent for every family bracket. With the new Canada Express Entry change in place, you may have become ineligible for Canadian immigration. Find out what the latest change means for your application.
What Is Proof of Settlement Funds?
To qualify for one of the programs managed by the Express Entry system, you have to have enough money to settle in Canada. This requirement applies to all Federal Skilled Worker Class and Federal Trades Class candidates and acts to ensure that applicants are able to support themselves and their dependents once they arrive in Canada. If you are already working in Canada on an eligible work permit and you are applying under the Canadian Experience Class, you are exempt from this requirement.
Immigrating to another country is a great life decision that involves meticulous planning. For this reason, Canada needs to make sure that all of their prospective immigrants have the means to take care of themselves when they arrive in the country.
What Kind of Funds Are Accepted?
The most important thing you need to keep in mind is that, you must be able to prove that you have the funds available. Once you apply for, and eventually acquire, permanent residence you should able to show an immigration office that you have the required amount. The money cannot be tied up in real estate and it can’t be borrowed. However, if you have a joint account with a spouse or common-law partner who is coming moving to Canada with you, you can count those funds towards the requirement. If you can prove that you have access to the funds of a common-law partner or spouse’s personal account, you can also count them towards the requirement.
2019 Increases for Canada Express Entry System
You will now need to prove that you have 1.5 per cent more funds available to settle in Canada. The table below shows the Canada Express Entry increase for 2019. Remember you must have enough money to settle both you and your dependents in Canada. Even if your dependents are not coming to Canada with you, you still need to show that you have enough money to care for them.
|Each additional family member||$3,361||$3,414|
Canada defines a dependent child as a family member younger than 22.
How to Stay Eligible for Canadian Immigration
Now that requirements have changed, you may have been disqualified from a program you already applied for. Though the change is small, there are several candidates currently in the Express Entry pool that no longer qualify for the Federal Skilled Worker Class and Federal Trades Class.
You can rectify this issue by simply updating your online profile. Of course, following the Canada Express Entry change, you need to actually have more funds. Thankfully, it is only a 1.5 per cent increase, so it shouldn’t be too difficult to gather the funds. Just make sure that the figures on your profile match the updated minimum requirements discussed above.
Now that you know how to remain eligible following the latest Canada Express Entry update, make sure you get your spot in Canada. If you have not yet applied for our services, this is the time to do it. We possess the expertise to optimize your application for success. With 1,3 million immigrants to be welcomed into Canada by 2021, your chances to immigrate to Canada has never been better. Let’s start today!