Last Updated on April 6, 2021 by Steven Meurrens

Regulation 76(1)(b) of the Immigration and Refugee Protection Regulations provides that:

For the purpose of determining whether a skilled worker, as a member of the federal skilled worker class, will be able to become economically established in Canada, they must be assessed on the basis of the following criteria:

(b) the skilled worker must

(i) have in the form of transferable and available funds, unencumbered by debts or other obligations, an amount equal to one half of the minimum necessary income applicable in respect of the group of persons consisting of the skilled worker and their family members.

Applicants are not required to have settlement funds if the applicant is authorized to work in Canada and has been awarded points for a qualifying offer of arranged employment under Express Entry or for arranged employment in Canada.

The funds must be

  • available and transferable;
  • unencumbered by debts or other obligations; and
  • sufficient to support initial establishment in Canada.

IRCC Questions and Answers

The following are two questions that lawyers asked IRCC’s IMMrep department, and the response.

Question – To what extent are people able to use funds within “investment accounts” to satisfy the proof of funds requirement?

Question – To what extent are outstanding debts such as credit card debt, loans, mortgages, etc. assessed against the positive balance in bank and investment accounts for those required to provide Proof of Funds?