How much funds you need to meet the IRCC requirements?
You need a certain amount of funds in order to immigrate to Canada. You need to show this at the time of application and at the time your visa is issued. The required funds is equal to 50% of LICO (Lower Income Cut-off) and is updated and published on the IRCC website. Please see below table.
Why do you need settlement funds?
IRCC believes these funds are necessary for you to establish yourself in Canada, have time to find employment and settle in without having to rely on social assistance, or worse, return to your country because you can not afford to stay. Your funds do not need to be in cash – they can be assets or investments as well.
We often ask clients to get their home appraised (or have a realtor provide a value estimate on letterhead), or provide an investment or bank account balance to submit with the application.
We also advise IRCC that these investments will be liquidated upon approval of the visa, and IRCC has always accepted this approach.
The amount of required settlement funds changes once a year and is based on the number of immediate family members immigrating with you. The required funds is equal to 50% of LICO (Lower Income Cut-off) and is updated and published on the IRCC website.
See the table below to see the minimum amount of funds you will require to immigrate as a Federal Skilled Worker.
We often ask clients to get their home appraised (or have a realtor provide a value estimate on letterhead), or provide an investment or bank account balance to submit with the application.
We also advise IRCC that these investments will be liquidated upon approval of the visa, and IRCC has always accepted this approach.
The amount of required settlement funds changes once a year and is based on the number of immediate family members immigrating with you. The required funds is equal to 50% of LICO (Lower Income Cut-off) and is updated and published on the IRCC website.
See the table below to see the minimum amount of funds you will require to immigrate as a Federal Skilled Worker.
|
NUMBER OF FAMILY MEMBERS
|
FUNDS REQUIRED
|
|
1
|
$12,300.00
|
|
2
|
$15,312.00
|
|
3
|
$18,825.00
|
|
4
|
$22,856.00
|
|
5
|
$25,923.00
|
|
6
|
$29,236.00
|
|
7
|
$32,550.00
|
|
FOR EACH ADDITIONAL MEMBER
|
$3,314.00
|
When do I NOT need to have Settlement Funds?
If you have arranged employment in Canada or you are currently working in Canada, you do not need to meet any of the financial requirements above.
