Immigration Canada has increased the amount of settlement funds required for 2018.
Applicants who have submitted a profile under the Express Entry System and have received an invitation to apply under the Federal Skilled Worker and Federal Skilled Trade Programs will be required to meet the new levels of funds required by Immigration Canada. Some Canadian Experience Class individuals will also need to prove settlement funds.
Applicants who are not currently working in Canada will need to provide evidence showing enough money to support themselves and each member of their family when they come to Canada. The funds available in their home country should be readily transferable to Canada. The amount of money required depends on the size of each family.
Immigration Canada revises these amounts each year. The current levels are as follows:
|Number of Family Members||2017 Funds Required||2018 Funds Required|
|Each additional family member||$3,314||$3,361|
It is important that before applying for Immigration to Canada, an individual conducts research of the cost of living in the place where they intend to reside.
How much money can you bring with you when you enter Canada
According to Customs Regulations, an individual can enter Canada with $10,000 in cash. Please remember to declare the money that you bring with you, if in excess of $10,000 as you can face high fines for not doing so.
If you need assistance with the opening of a bank account before coming to Canada, or you have any questions regarding the way you can bring funds to Canada, please contact our office at www.fridman.ca.
To arrange a in-depth immigration consultation, please contact us by fill out our online contact form.