Immigration and Citizenship Canada has recently revised the financial requirements for immigrants, reflecting updated figures based on 50% of the low-income cut-off totals. These changes are crucial for those planning to settle in Canada under specific immigration programs.
Updated Minimum Amount Funds (June 2024)
| Number of Family Members | Required Funds (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 Proof of Funds?
Applicants under the Federal Skilled Worker Program and Federal Skilled Trades Program must show proof of funds. This requirement ensures they can support themselves and their families upon arrival in Canada.
Who is Exempt?
Applicants under the Canadian Experience Class or those with a valid job offer in Canada do not need to show proof of funds. However, they must upload a letter explaining their exemption status.
Importance of Bringing Funds
Bringing sufficient funds is essential for newcomers to cover initial living expenses, such as housing, food, and transportation, as they settle into their new lives in Canada. This requirement helps ensure financial stability and reduces the burden on social services.
Maintaining Up-to-Date Information
It’s important to keep your financial information current in your immigration profile. The system may determine your eligibility for multiple programs, and you won’t always know in advance which program you’ll be invited under.
For more detailed information, visit the official website.