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The Immigration, Refugees, and Citizenship Canada (IRCC) have announced changes to the Canada Permanent Resident (PR) Visa Fees and proof of funds criteria for Express Entry submissions.
Commencing May 28, 2024, all Express Entry candidates will be mandated to adhere to new directives regarding their financial capacity. Additionally, applicants must ensure their profiles are updated by May 27, 2024, to align with the revised prerequisites.
Importance of Proof of Funds Proof of funds holds substantial importance in immigration procedures, validating that applicants possess the financial resources necessary to sustain themselves and their dependents upon relocation to the prospective country. It serves as verification of the ability to cover various expenses such as housing, settlement fees, and other essential living costs.
Updated Proof of Funds Requirement Table as of 28 May 2024:
Find below the proof of funds required to apply under FSW and FST categories of the Express Entry system:
|
Number of family members |
Funds required Existing (Valid till 27 May 2024) |
Funds Required w.e.f. 28 May 2024 |
|
1 |
$13,757 |
$14,690 |
|
2 |
$17,127 |
$18,288 |
|
3 |
$21,055 |
$22,483 |
|
4 |
$25,564 |
$27,297 |
|
5 |
$28,994 |
$30,690 |
|
6 |
$32,700 |
$34,917 |
|
7 |
$36,407 |
$38,875 |
|
If more than 7 people, for each additional family member |
$3,706 |
$3,958 |
Significance of Proof of Funds
Proof of funds holds mandatory status across various immigration programs, including the federal Express Entry System, ensuring that migrants can establish themselves independently in the host country without relying on public assistance. It assists immigration authorities in assessing an applicant's potential to integrate into the new society and contribute positively to the economy.
Prospective immigrants are strongly advised to promptly familiarize themselves with the revised requirements and ensure their profiles are compliant before the May 27, 2024, deadline. Failure to update profiles or meet the revised proof of funds criteria could result in application delays or rejections. It is imperative for applicants to proactively address these changes to facilitate a seamless immigration process.
Click here to see Updated Canada PR Visa Fees in Indian Rupees 2024
Canada PR Fees Revised
The Immigration, Refugees, and Citizenship Canada (IRCC) have recently revised the fees for Canadian Permanent Residency (PR) Visa, right of PR fees, and dependent child fee, effective April 30, 2024.
If you are a Canada PR applicant, it is essential to take note of all these updated fees and charges announced by the Canadian immigration department in the past few weeks. Regularly visiting this website will help you stay updated on all the latest Canada immigration news and updates.
If you wish to get Permanent Resident (PR) Visa for Canada this year, don't hesitate to contact a trusted Visa Advisor and Consultant at Canada PR Avenue for complete assistance. You may call our immigration expert on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@canadapravenue.com.
Canada PR Avenue is purely an online platform to share immigration knowledge and information. It is not associated with any of the Government Immigration agencies or embassies, moreover, it doesn’t deal in any kind of placement or job related services. The website of Canada PR Avenue is a subsidiary website of www.visasavenue.com, hence, any query received on this website will be handled by the Team of Visas Avenue Pvt Ltd.
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