How much money do you need to immigrate to Canada in 2024 under Express Entry?

How much money do you need to immigrate to Canada in 2024 under Express Entry

Immigration, Refugees and Citizenship Canada (IRCC) has released new evidence of financial need for Express Entry candidates effective May 28, 2024. Employees are planning to apply for the Business Development Program (FSTP). Proof of funds is an important part of the immigration process, ensuring that candidates have sufficient funds to support themselves and their families upon arrival in Canada. The candidates in the Express Entry pool have until May 27, 2024 to update their documents with new proof of funds. IRCC has assured the contestants that updating their profiles will not affect their ranking in the contestant category during the competition as it will not change the date and time.

Who needs to prove the money?

A financial limit of is required for applicants applying under the Federal Public Works Program (FSWP) and Federal Trade Program (FSTP). However, applicants with a study permit and study permit in Canada are exempt from this requirement. Additionally, Express Entry Canada Experience Class (CEC) candidates are not required to provide proof of funds.

If proof of funds is not required, candidates must submit a letter stating that they have a good job opportunity or are applying to the Canadian Experience Class. This information is required to complete the application process.

How is money calculated?

The amount of money required varies depending on the number of family members of the applicant. This includes the applicant, his/her spouse or common-law partner, dependent children, and dependent children of the spouse or partner. It is important that all family members are included in the calculation, even if they do not wish to accompany the applicant to Canada.

The updated financial aid obligation, effective as of May 28, 2024, is listed below:

  • For a single applicant, the amount must be CAD 14,690 (previously CAD 13,757).
  • The requirement for a family of two is CAD 18,288 (previously CAD 17,127).
  • The new rate for a family of three is $22,483 (was $21,055).
  • The requirement for a family of four is $27,297 (previously $25,564).
  • For a family of five, the rate was $30,690 (previously $28,994).
  • The fee for a family of six is ​​$34,917 (was $32,700).
  • The new rate for a family of seven was $38,875 (previously $36,407).
  • For families with more than seven members, CAD 3,958 for each additional member (previously CAD 3,706).

What types of documents are acceptable as evidence of financial resources?

According to IRCC, certified proof of funds must be from a statement issued by a bank or financial institution. These documents should include specific details such as:

  1. Contact information of the bank or organization (address, telephone number and e-mail address).
  2. Applicant’s name and all current debts, including loans and credit card debt.
  3. Account number of all current and budget accounts.
  4. Opening date, current balance and average balance of each account for the last six months.

These regulations ensure transparency and accountability in immigration and help protect the integrity of Canada’s immigration system. To avoid delays or unnecessary delays in the application process, participants must ensure that they meet the new funding requirements.

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