Canada | Proof of funds required for permanent residence updated

The Canadian government has updated the minimum amount of funds required for permanent residence express entry applications, specifically under the federal skilled worker and federal skilled trades programs.

Key Points:

• Applicants must provide official letters from any banks or financial institutions where they have an account that prove they possess the minimum required funds.
• The funds must be available at the time of application and when the permanent residence visa is issued.

Additional Information: Individuals who are authorized to work in Canada and have a valid job offer are not subject to the proof of funds requirement, even if they apply under the federal skilled worker or federal skilled trades programs. Foreign nationals who have been invited to apply under the Canadian experience class also do not need to show that they have enough money to support themselves and their family. Officials stated that applicants should keep their available funds up to date in their profile in the system, as the program they’ll be invited to apply under may change.

BAL Analysis: The Canadian government updates these numbers every year, based on 50% of the low-income cutoff totals. Applicants should be sure to update their settlement fund numbers in the express entry profile to remain eligible.

This alert has been provided by the BAL Global Practice Group.

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