{"id":40,"date":"2023-09-16T15:18:31","date_gmt":"2023-09-16T09:48:31","guid":{"rendered":"https:\/\/www.xiphiasimmigration.ae\/blogs\/?p=40"},"modified":"2023-09-16T15:18:31","modified_gmt":"2023-09-16T09:48:31","slug":"ircc-introduced-a-1-4-increase-in-required-funds-on-january-5-2018","status":"publish","type":"post","link":"https:\/\/www.xiphiasimmigration.ae\/blogs\/ircc-introduced-a-1-4-increase-in-required-funds-on-january-5-2018\/","title":{"rendered":"IRCC Introduced a 1.4% Increase in Required Funds on January 5 2018"},"content":{"rendered":"
Candidates in all three Express Entry economic immigration classes should take special note of recently announced revisions to the amount of settlement funds required by Immigration, Refugees, and Citizenship Canada (IRCC).<\/span><\/div>\n
<\/div>\n
A 1.42 percent increase\u00c3\u201a\u00c2\u00a0was\u00c3\u201a\u00c2\u00a0<\/a>implemented on January 5, 2018, that raised the minimum amounts required as follows: \u00c3\u201a\u00c2\u00a0<\/span><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n
NUMBER OF FAMILY MEMBERS<\/span><\/th>\n2017 AMOUNT
(IN CANADIAN DOLLARS)<\/span><\/th>\n		2018 AMOUNT<\/span><\/th>\nINCREASE<\/span><\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\n$12,300<\/td>\n$12,474<\/td>\n$174<\/td>\n<\/tr>\n
2<\/td>\n$15,312<\/td>\n$15,530<\/td>\n$218<\/td>\n<\/tr>\n
3<\/td>\n$18,825<\/td>\n$19,092<\/td>\n$267<\/td>\n<\/tr>\n
4<\/td>\n$22,856<\/td>\n$23,181<\/td>\n$325<\/td>\n<\/tr>\n
5<\/td>\n$25,923<\/td>\n$26,291<\/td>\n$368<\/td>\n<\/tr>\n
6<\/td>\n$29,236<\/td>\n$29,652<\/td>\n$416<\/td>\n<\/tr>\n
7<\/td>\n$32,550<\/td>\n$33,013<\/td>\n$463<\/td>\n<\/tr>\n
Each additional family member<\/td>\n$3,314<\/td>\n$3,361<\/td>\n$47<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
IRCC deems these amounts necessary in order for successful applicants for permanent residence to support themselves and their families while they settle in Canada. Family members include a spouse or partner, dependent children, and the dependent children of a spouse or partner. IRCC considers a dependent child to be any family member under the age of 22.<\/span><\/div>\n
When determining the size of your family, applicants must include those who will be accompanying them to Canada as well as those who may be remaining behind.<\/div>\n

Small change, big impact<\/span><\/h3>\n
While relatively small, the revised amounts can mean the difference between an eligible and an ineligible profile in the Express Entry pool or your application for permanent residence being approved or refused.\u00c3\u201a\u00c2\u00a0<\/span><\/div>\n
Furthermore, while only\u00c3\u201a\u00c2\u00a0Federal\u00c3\u201a\u00c2\u00a0Skilled\u00c3\u201a\u00c2\u00a0Worker\u00c3\u201a\u00c2\u00a0and\u00c3\u201a\u00c2\u00a0Federal\u00c3\u201a\u00c2\u00a0Skilled\u00c3\u201a\u00c2\u00a0Trades<\/b>\u00c3\u201a\u00c2\u00a0<\/a>candidates are asked to confirm that they have access to the required funds when determining their eligibility for the Express Entry pool, candidates in the\u00c3\u201a\u00c2\u00a0Canadian\u00c3\u201a\u00c2\u00a0Experience\u00c3\u201a\u00c2\u00a0Class<\/a>\u00c3\u201a\u00c2\u00a0<\/b>who receive an Invitation to Apply (ITA) through the Federal Skilled Worker Class must also prove they have the necessary funds.<\/span><\/div>\n
It is therefore important that\u00c3\u201a\u00c2\u00a0<\/span>all<\/i>\u00c3\u201a\u00c2\u00a0candidates in the\u00c3\u201a\u00c2\u00a0Express\u00c3\u201a\u00c2\u00a0<\/a>Entry\u00c3\u201a\u00c2\u00a0<\/a>pool ensure their Express Entry profile is updated and that they have the required amount of funds at all times in order to act on an ITA quickly should they receive one. Why? In order to apply for permanent residence, a candidate must provide recognized proof that such funds are readily available to them.<\/span><\/div>\n
Such funds can be in the following forms:<\/span><\/div>\n
    \n
  • Cash.<\/span><\/li>\n
  • Documents that show property or capital payable to the applicant, such as\u00c3\u201a\u00c2\u00a0<\/span>stocks,\u00c3\u201a\u00c2\u00a0<\/span>bonds,\u00c3\u201a\u00c2\u00a0<\/span>debentures, and\u00c3\u201a\u00c2\u00a0<\/span>treasury bills.<\/span><\/li>\n
  • Documents that guarantee payment of a set amount of money, which are payable to the applicant, such as\u00c3\u201a\u00c2\u00a0<\/span>banker\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s drafts,\u00c3\u201a\u00c2\u00a0<\/span>cheques,\u00c3\u201a\u00c2\u00a0<\/span>travelers\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 cheques, and\u00c3\u201a\u00c2\u00a0<\/span>money orders.<\/span><\/li>\n<\/ul>\n
    For proof, IRCC says an applicant must get official letters from any banks or financial institutions where they are keeping the money. These letters must attest to details including any outstanding debts such as credit cards and loans, <\/span>the current balance of their account(s), and the average balance for the past six months.<\/span><\/div>\n
    IRCC stipulates that the funds cannot be borrowed from another person and the applicant will be asked to explain any large, lump-sum transfers into an account.<\/span><\/div>\n
    If a candidate is accompanied by a spouse or partner, funds held in a joint account or funds held in an account in their spouse\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s name only can be applied to the required amount. In the latter case, proof must be provided that the applicant has access to these funds.<\/span><\/div>\n
    The only exemptions to the proof of funds requirement are granted to Express Entry candidates who are already working in Canada and have a valid job offer.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

    Candidates in all three Express Entry economic immigration classes should take special note of recently announced revisions to the amount of settlement funds required by Immigration, Refugees, and Citizenship Canada (IRCC). A 1.42 percent increase\u00c3\u201a\u00c2\u00a0was\u00c3\u201a\u00c2\u00a0implemented on January 5, 2018, that raised…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_kad_post_transparent":"default","_kad_post_title":"default","_kad_post_layout":"default","_kad_post_sidebar_id":"","_kad_post_content_style":"default","_kad_post_vertical_padding":"default","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40","post","type-post","status-publish","format-standard","hentry","category-xiphias-immigration-news-and-updates"],"yoast_head":"\r\nIRCC Introduced a 1.4% Increase in Required Funds on January 5 2018 - Xiphias Immigration<\/title>\r\n<meta name=\"description\" content=\"Candidates in all three Express Entry economic immigration classes should take special note of recently announced revisions to the amount of settlement funds required by Immigration, Refugees, and Citizenship Canada (IRCC).\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xiphiasimmigration.ae\/blogs\/ircc-introduced-a-1-4-increase-in-required-funds-on-january-5-2018\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"IRCC Introduced a 1.4% Increase in Required Funds on January 5 2018 - 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