Canada: Increased Proof of Funds Requirement for Certain Express Entry Permanent Residence Applicants

Immigration, Refugees and Citizenship Canada has published the new minimum amount of funds required from foreign nationals applying for permanent residence through the Express Entry – Federal Skilled Worker and Federal Skilled Trades Programs. The minimum amounts, which are typically updated annually, depend on family size and are detailed here. Foreign nationals applying for permanent residence through these programs must have the minimum required funds readily available (in a bank or financial institution) both at the time of application and when the permanent residence visa is issued. Foreign nationals applying under the Canadian Experience Class, or those who are authorized to work in Canada and have a valid job offer, are not subject to the proof of funds requirement. Affected applicants should contact their immigration professional for case-specific advice.