Immigration, Refugees and Citizenship Canada (“IRCC”) has updated the table that shows how much money you need to settle in Canada if you are applying in either the Federal Skilled Worker or Federal Skilled Trades Programs.  IRCC updates these numbers every year, based on 50% of the low income cut-off totals.  The changes take effect on May 28, 2024.  If you already have an Express Entry Online Profile, you may need to update your settlement fund numbers in your profile to remain eligible to apply.  The update must be done no later than May 27, 2024.

According to Citizenship and Immigration Canada, if an individual wishes to apply for Permanent Residence in Canada under Express Entry, the following settlement fund requirements will apply:

Size of Family Unit	Settlement Funds Required
1    person	$14,690 CDN
2    persons	$18,288 CDN
3    persons	$22,483 CDN
4    persons	$27,297 CDN
5    persons	$30,690 CDN
6    persons	$34,917 CDN
7 + persons	$38,875 CDN
For each additional family member	$ 3,958 CDN

 

 

 

On April 30, 2024, fees for all permanent residence applications are increasing as part of a routine update. According to the Government of Canada, these fees increase every 2 years to enable the government to manage growing program and service delivery costs and to keep up with inflation.

Today, Monday, April 29, 2024, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship Canada (“IRCC”), announced several changes to Canada’s federal business programs to help reduce processing times and the application backlog. These changes take effect on April 30, 2024.

To improve the Start-Up Visa Program, IRCC will encourage designated venture capital firms, angel investor groups and business incubators to focus on the most promising proposals by

• capping the number of permanent residence applications IRCC will accept for processing each year to those associated with no more than 10 start-ups per designated organization
• providing priority processing for entrepreneurs whose start-up is supported by Canadian capital or by a business incubator that is a member of Canada’s Tech Network, including applications in the inventory and new applications as they are submitted

 

In addition, Minister Miller announced a full pause on application intake for the Self­-Employed Persons Program to focus on processing applications from the inventory, starting April 30, 2024 through the end of 2026. The Self-Employed Persons Program provides a pathway to permanent residence for people with notable experience in art, culture, recreation or sports and who will contribute to Canada’s cultural vitality. Due to the high number of applications submitted for this program, processing times have increased substantially. While the pause is in place, IRCC will continue finalizing applications from the backlog while assessing options for reforming the program and ensuring its integrity.

By restricting application intake through the end of 2026, and through planned increases in admissions for the federal business category as tabled in the 2024-2026 Immigration Levels Plan, IRCC hopes to be able to reduce the backlog and bring down wait times while continuing to welcome entrepreneurial newcomers needed to continue to grow Canada’s economy.

The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship Canada, announced today that Canada will reduce the number of international student permits by 35 per cent next year as part of a temporary two-year cap on foreign enrollment.

The cap will cut the number of approved study permits in 2024 to 364,000. The 2025 limit will be reassessed at the end of this year.

He said the move would allow the Government of Canada to address institutions and “bad actors” who are charging exorbitantly high tuition fees for international students, all while increasing the number of international students they are accepting.

Students applying to masters and PhD programs will be exempt from the cap.

Cap space will be allocated by province based on population, meaning some provinces will see a sharper reduction in the number of international students permitted.