Canada has updated the amount of funds required for foreign nationals to apply for permanent residence in the country. Foreigners wishing to apply for permanent residence in Canada will now have to show a higher amount of funds as proof to be eligible for the Express Entry Programs. For Immigration, Refugees and Citizenship Canada has updated the amount of money, foreign nationals need to immigrate to Canada. The amount of money you need to support your family is based on the size of your family.
If you have more money, you should list the full amount in your profile or application. The minimum amount you need to immigrate to Canada has been updated on July 7. As an individual, one needs Canadian dollars (CAD) $15,263 or Rs 9.5 lakh. For a family of two, you need CAD $19,001. 1 Canadian dollar is equal to approximately Rs 62.77. The minimum amount of funds for Canada PR has been hiked by CAD $500, rising from $14,690 to $15,263. As proof, obtain official letters from banks where you have an account, printed on the bank’s letterhead. If your spouse is coming with you, you can count the money you have together in a joint account.
To get permanent residence in Canada, one has to create a profile and submit it to the Express Entry Pool. If eligible, they are placed in a pool, given a score and invited to apply for permanent residency. However, completing an online profile does not guarantee a permanent residency invitation. To stay eligible, you may need to update your proof of funds in your Express Entry Profile. The update must be done no later than July 28, 2025. If you are in a tie-breaker, you will maintain your rank because updating your profile does not alter the time and date that the IRCC received it.
Top applicants are invited to apply for permanent residence every two weeks by the IRCC, which ranks Express Entry candidates using the Comprehensive Ranking System (CRS). Proof of funds is how you show the Canadian authorities that you have enough money to settle in Canada. If IRCC invite you to apply for PR, you must give written proof that you have this money. You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program and Federal Skilled Trades Program. You don’t need to show that you have enough money to support yourself and your family if you’re applying under the Canadian Experience Class or you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Source : https://www.financialexpress.com/business/investing-abroad-canada-raises-proof-of-funds-requirement-for-express-entry-applicants-3907064/
