Updates to Minimum Fund Requirements
IRCC updates the minimum amount you need every year, based on 50% of the low income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted in January of each year.
You may need to update your settlement fund numbers in your Express Entry profile once the minimum funds’ requirement is updated. Making updates to your profile doesn’t change the date and time that IRCC received it, so you’ll keep your rank if you’re in a tie-breaker situation.
TIP: If you have more money, you should list the full amount in your Express Entry profile or application.
What IRCC accepts as proof of settlement funds:
Funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.
You also cannot borrow this money from another person. You must be able to use this money to pay the costs of living for your family (even if they aren’t coming with you).
If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.
The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.
For proof, you must get official letters from any banks or financial institutions where you’re keeping money. Letter(s) must:
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank account and investment account, the:
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
How much is Canada money to Naira?
Canada money is called Canadian dollars (referred to as CAD for short). For several years, the foreign exchange rate of the Canadian dollar has been lower than the United States Dollars (USD). For the last few years, the exchange rate of CAD to Nigerian Naira has fluctuated between ₦250 – ₦280. As at the date of this article, the exchange rate of C$1 (Canadian Dollar) was equivalent to ₦274 (Nigerian Naira). So, if the actual exchange rate is lower or higher, the Naira (₦) equivalent amount will change accordingly. For up-to-date exchange rates, check out the XE Currency Converter.
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