Economic immigrants arrive in Canada for having a better future, a well-paying job, high quality of life, or better prospects for children. Sometimes the cost is a barrier to immigration for many applicants. Express Entry is a popular method of economic migration and here we analyze, how much money needed for it?
The amount of money needed to come to Canada by using the Express Entry mode depends on the profile. There are three significant costs inputs of an Express Entry application:
Apart from this various documents also require payment of fees for the Express Entry application. Acquiring an Educational Credential Assessment for post-secondary education received outside Canada, taking up the International English Language Testing System, renewing the passport, or receiving police clearance certificates and medical reports all are associated with paying fees.
Fees to be paid for Government Processing
Government processing fees are payable to IRCC for processing the file. There are two types of payments involved, and one is for the processing fee, and the other is right of PR fee.
The Processing Fee is:
CAD 550 for the candidate and CAD 550 for an accompanying spouse/common-law partner
CAD 150 for each dependent child,
The Right to Canada PR fee is:
CAD 490 for the candidate,
CAD 490 for an accompanying spouse/common-law partner
No fee charged for the reason of permanent residence for dependent children.
These fees are subject to any changes made by IRCC. These charges are valid as of December 15, 2017. The candidates are advised to Check out the website of IRCC for any change and modification.
Proof of Arrangement of Funds
Showing proof of funds when you apply for Canadian permanent residence status through Express Entry is a compulsory requirement. The evidence of money and means of financial support, and ensures that the applicant has sufficient money available to support himself/herself and family. It required under specific immigration streams.
One does not need to spend this money. But proving to the officials that you could pay it helps to earn eligibility.
In case of non-compliance, the application will be refused/rejected.
Which Person Count as Family
The law requires submission of proof of funds for supporting a person and the family members. Here family members refer to self, a spouse/common-law partner, and all dependent children.
Proof of funds is needed for all family members not considering whether they plan to accompany you to Canada. The family members do not include relatives other than partner and children, like cousins’ parents and siblings.
Is it a Requirement in All Programs?
The proof of funds is required and applies to all applicants who use the Express Entry system. Those excluded are Applicants in the Canadian Experience Class program, and Applicants holding a valid job offer which is positively supported by an LMIA.
Provinces have their proof of funds conditions in the Provincial Nominee Programs. Quebec is not a participant in the Express Entry system, and the evidence of money is different to what is in this article.
Minimum Settlement Retirement Funds
The requirement for Settlement Funds changed every year and calculated as 50% of the Low-Income threshold, determined by the Federal Government.
Number of Family Members 2017 Low Income Cut-Off Minimum Funds Requirement (CAD)
1 $24,600 $12,300
2 $30,625 $15,312
3 $37,650 $18,825
4 $45,712 $22,856
5 $51,846 $25,923
6 $58,473 $29,236
7 $65,101 $32,550
For each additional member $6,628 $3,314
These funds are required to be available when the applicant submits electronic Application for Permanent Residence. They must maintain during the period when the application is in the process.
The applicant can hire a representative, a lawyer or an immigration consultant, in the preparation and submission of the Express Entry file. The fee for hiring such a representative depends on the choice of the representative made.
Representatives must be authorized and be a member of the Immigration Consultants of Canada Regulatory Council.
With this information, you can get ready to file the application and take the necessary steps to reach Canada. We are eager to offer professional help in this matter to the interested candidates.
- Fees to be paid for Government Processing
- Proof of arrangement of Funds
To find out if you are eligible to Migrate to Canada
permanently, fill out a free evaluation form or contact us at [email protected]
or call us 7207111222
. One of our experts will meet your expectations and provide answers to queries.