Now you need even more money to move to Canada

Each year, Immigration Canada updates the requirements for the minimum amount of money that must be in a bank account for those applying for permanent residency. Those who are registered with Express Entry have until June 8, 2022 to prove availability of funds.

If you previously provided documentation of the minimum acceptable amount in your accounts, the new rules may not be enough. To maintain your Express Entry pool space, you need to confirm that you have enough money by editing your profile. Otherwise, you could lose your right to participate in the federal program.

The changes apply to Express Entry candidates in skilled trades (Federal Skilled Worker) and working trades (Federal Skilled Trades) programs.

Professionals with experience in Canada (Canadian Experience Class program) and those who have a valid offer of employment in Canada do not have to prove funds. But the Ministry of Immigration warns that if they do so, applicants will lose the chance to be invited to other programs for which they might also be eligible.

The amount required to maintain eligibility depends on the number of people in the applicant's family. Spouses and dependent children must be counted, even if they are not going with the applicant to Canada or are permanent residents.

See the minimum required amounts in the table. Larger amounts of money can also be specified.

For how much money was required before, see last year's news about the change in the minimum amounts required.