Dear Ms. Powell,
I’ve heard Canada change immigration requirements every year. I am considering applying for immigration to Canada this year. Can you tell me what are the new changes for 2020? I am particularly interested in the amount of money that is needed for federal specialists. When do I have to provide this proof? What proof do I need? Thank you for your time and happy new year.
The Canadian government regularly changes its immigration policy and requirements for people who live, work or study in Canada. Although there have been no significant changes this year, the need for settlement funds has changed.
As a result, individuals wishing to apply for life in Canada under the Federal Skilled Worker or Federal Skilled Trade Worker program must demonstrate to the Canadian government that they are able to support themselves and their families in Canada. If you qualify for the Canadian Experienced Class, the strict requirement does not apply.
The government recently released 2020 numbers based on 50 percent of low-income cut-off numbers. You must demonstrate that they have sufficient resources to cover the cost of living for you and all of your loved ones, whether or not they are traveling with you.
Use the table below as a guide for the minimum amount required, based on the number of people in your immediate family.
Please note that it is always best to exceed the minimum financial requirements when submitting your application to ensure that you comply with the terms even if the rule changes. I recommend that you exceed the amount by approximately 500 CDN to be on the safe side.
Proof of capital is required as soon as you receive an invitation to apply for permanent residence. The Canadian government requires proof, such as travelers’ checks or letters from your bankers or investment brokers, that show that you are aware of savings, cash, stocks, bonds, debentures, Refund invoices or other investments. You must submit a letter and explanations from your banker or financial institution detailing your financial situation. This letter must be printed on the letterhead of the financial institution and contain your name and the bank’s contact information, including email address and telephone number.
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