IRCC Raises Settlement Fund Requirements for Start-up Visa Applicants – Canada Immigration News

Breaking news about Canada immigration has been announced. Canada’s Immigration, Refugees, and Citizenship Canada (IRCC) has announced an increase in the required settlement funds for permanent residence visa and work permit applicants. This change is aimed at ensuring that applicants have enough money to support themselves and their families when they arrive in Canada. The settlement funds required vary depending on the size of the applicant’s family.

For permanent residence visa applicants, the new required settlement funds are as follows:

1 person: $13,757 CAD

2 persons: $17,127 CAD

3 persons: $21,055 CAD

4 persons: $25,564 CAD

5 persons: $28,994 CAD

6 persons: $32,700 CAD

7 persons: $36,407 CAD

For each additional family member: $3,706 CAD

Work permit applicants must show that they have enough money to meet the low-income cut-off (LICO) for their family size for 52 weeks. The minimum amount required for each family size is as follows:

1 person: $27,514 CAD

2 persons: $34,254 CAD

3 persons: $42,111 CAD

4 persons: $51,128 CAD

5 persons: $57,989 CAD

6 persons: $65,401 CAD

7 persons: $72,814 CAD

For each additional person: $7,412 CAD

Applicants can provide proof of funds in the form of cash, documents that show property or capital payable to them, such as stocks, bonds, debentures, and treasury bills, or documents that guarantee payment of a set amount of money, which are payable to them such as banker’s drafts, cheques, travelers’ cheques, and money orders.

These updated settlement funds are mandatory requirements, and applicants must show proof that they have the funds. The funds cannot be borrowed from another person and must be available and transferable without any limitations from debts or other obligations.

The increase in the required settlement funds is part of IRCC’s efforts to ensure that immigrants can support themselves and their families in Canada. With this new requirement, IRCC seeks to minimize the chances of immigrants falling into poverty or requiring social assistance.

Related article:

The Canada Start-up Visa Program provides many advantages for innovative entrepreneurs who want to establish and grow their businesses in Canada. With access to the Canadian market, support from designated investors, faster processing times, and a pathway to permanent residence, the program provides a unique opportunity for entrepreneurs to establish roots in Canada and build successful businesses. Additionally, as permanent residents, entrepreneurs will have access to Canadian resources and networking opportunities with other business leaders and entrepreneurs. By taking advantage of the Canada Start-up Visa Program, entrepreneurs can turn their business dreams into a reality in one of the most vibrant and innovative countries in the world.

Read more: How to Make Your Start-Up to Canada with the Canada Start-Up Visa Program?

For ambitious entrepreneurs from China looking to expand their businesses and benefit from Canada’s dynamic economy, the Canada Start-up Visa (SUV) program provides an excellent opportunity to obtain a work permit and pursue permanent residency. The SUV program aims to attract innovative and visionary entrepreneurs from around the world who have the potential to create jobs and contribute to the Canadian economy.

One of the benefits of the SUV program is its fast-processing time. Chinese entrepreneurs who apply through the program can expect to receive their work permit in as little as four months. This quick turnaround means entrepreneurs can start building their businesses in Canada sooner and benefit from the country’s favorable business environment.

In addition to the work permit, the SUV program also allows the spouse of the applicant to apply for an open work permit, which means that they can work in Canada for any employer without the need for a job offer. This provides a great opportunity for spouses to gain valuable work experience and contribute to the family income while the entrepreneur builds their business.

Read more: Canada’s Start-up Visa Program: A Quick Route to Work and Study for Chinese Entrepreneurs and Their Families

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