Immigration, Refugees, and Citizenship Canada (IRCC) announced its yearly update on the revised Express Entry proof of fund requirement which became effective from April 25, 2023.ย
Any immigrant willing to enter the federal Express Entry pool must disclose the proof of settlement funds to apply for Canadian permanent residency under the Express Entry system.ย
The announcement also made it clear for the existing applicants in the federal pool to update their proof of funds documents with the latest amounts.ย ย ย
Typically candidates with no Canadian job offer are subjected to furnish the details of the below-tabulated amounts to qualify for an invitation to apply for permanent residency.ย
Total Number of Family Membersย
Minimum Funds Required in CAD – PREVIOUS
Minimum Funds Required in CAD – CURRENT
One
$13,310
$13,757
Twoย
$16,570
$17,127
Three
$20,371
$21,055
Four
$24,733
$25,564
Five
$28,052
$28,994
Six
$31,638
$32,700
Seven
$35,224
$36,407
Each additional family member
$3,586
$3,706
Express Entry proof of funds is only applicable to candidates without a job offer in Canada and qualifying for two out of three immigration programs under Express Entry: the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). Those with a job offer in Canada or qualifying under Canada Experience Class (CEC) are not required to disclose settlement funds.ย
In case of applicability of tie-break rules, updating Express Entry profiles will not change the date and time of when Immigration, Refugees, and Citizenship Canada (IRCC) received the profile. Applicants will keep their previous rank.
What is Express Entry Proof of Funds?
Written proof of settlement funds will have to submit to IRCC after receiving an invitation to apply for permanent residency.
According to the official page, the most important Express Entry proof of funds is an official letter from your bank or financial institution. The letter must typically contain the following:
be printed on the financial institutionโs letterhead;
include the institutionโs address, phone number, and email;
include your name;
list outstanding debts such as credit card debts and loans; and
include, for each bank and investment account, the actual numbers, the date each account was opened, the current balance of each account, and the average balance for the past six months.
Also, ensure that disclosed funds are readily available at the time of applying for Canadian permanent residence and above the minimum requirement. The disclosed amount cannot be in the form of borrowed funds or equity. In case of being accompanied by your spouse, money could be in a joint account.
Get in touch with our expert consultants to discuss further technicalities unique to your profile.
Express Entry Draws in 2023
In-house immigration consultants at CanApprove see the latest announcement to revise the minimum proof of fund as a build-up to holding the all-program Express Entry draw since 2020.
Canada has held six all-program Express Entry and five program-specific draw so far in 2023. The 2023-2025 annual targets for Express Entry landings (principal applicants, spouses, and dependents) are projected at
82,880 ITAs in 2023
109,020 ITAs in 2024
114,000 ITAs in 2025
To assist PGWP holders, immigration minister Sean Fraser recently announced an 18-month open work permit extension. In this context, the recent extension to Post-Graduation Work Permits (PGWPs), and the regularity of all program draws will benefit candidates in the Canada Experience Class (CEC).
Canadian governments at all levels have been facilitating the setup of tech talent businesses to propel the economy forward. Businesses & the Government have been investing billions of dollars into groundbreaking research in fields such as quantum computing and artificial intelligence and supporting the creation of superclusters across the country.ย
Following this, the demand for tech workers & foreign talents is becoming critical to the success of such industries. From aerospace engineers to video game designers, to metallurgical engineers, tech workers are employed in firms of all shapes and sizes and
they encompass a wide array of skills and outputs.
Who Are Tech Workers?
Defining tech workers can be tricky. However, the US Bureau of Labour Statistics (BLS) to Canadaโs National Occupational Classification (NOC) has broadly defined tech talents by relating to the production or use of technology such as:ย ย
Interacting with Computers,
Computers and Electronics,ย
Engineering Design
Engineering and Technology,ย
Programming, and Telecommunications.ย
Canada is home to a large, growing, and diverse tech workforce; ensuring its continued growth is vital for Canadaโs economy. However, there are gaps in terms of pay and participation along with gender, race, and ethnic lines. Canada has a significant opportunity to more fully engage its diverse labor market to contribute to an already vibrant tech workforce.
The top five cities in Canada by tech worker employment are:ย
Toronto, Ontario
Montrรฉal, Quebecย
Vancouver, British Columbiaย
Ottawa, Ontarioย
Calgary, Albertaย ย
In 2016, tech workers were paid considerably more than non-tech workers.ย
High-tech occupations earned the most, earning on average $45,000 more than non-tech occupations.ย
Digital occupations earned on average nearly $21,000 more than non-tech occupations.
Pay in tech occupations is the highest amongst engineers, in particular, those working in the resource sector.ย
Petroleum engineers earned the highest salary at $175,292, followed by engineering managers at $132,409, and mining engineers at $126,190.
The federal government has developed innovative and specific programs to attract and retain tech workers, such as the Federal Skilled Worker Program (FSWP), along with provincial programs, such as the Alberta Opportunity Stream (AOS).ย
Letโs have a look at some more of these programs across Canada:
Federal
Global Talent Stream
Intra-Company Transfer
British Columbia
Saskatchewan
Manitoba
Ontario
Federal: The importance of tech workers is clearly seen in the way how Express Entry draws are held. However, there is no explicit preference for technology workers, the โenhancedโ provincial streams which are linked to the Express Entry pool nominated specific tech talents regularly.ย
Even according to the Express Entry Annual Report, the three most common occupations of individuals who received invitations to apply for permanent residency under Express Entry were all technology occupations.
Intra-Company Transfer: This work permit program is for workers who are employed with a company in Canada. Employers do not need a Labour Market Impact Assessment (LMIA) to secure foreign talents.
The foreign worker must satisfy the following conditions to be eligible for this permit:ย
Employed at that company in home location for at least one year.ย
Workers must hold a managerial position, or else demonstrate that they have specialized and proprietary knowledge of the company or its products.ย
Programmers and Developers who have designed a companyโs software products or computer engineers who have designed specific programs for the companyโs internal use are eligible.ย
British Columbia: Tech Pilot launched by British Columbia in May 2017 has now become one of the preferred choices for nominating tech talents for permanent residence. The pilot program is an expedited system for processing applications submitted made to existing streams of BC PNP.ย
Essentially, it makes the BC Tech Pilot quite similar to the federal Express Entry system. The difference lies in the processes that only tech workers are specifically allowed in the BC PNP pilot.ย
A candidate must qualify one of the five allied existing streams, and have a job offer in one of the 29 identified fields.ย
Here is a comprehensive list of 29 eligible Tech occupations:ย
Telecommunication carriers managers- NOC 0131
Computer and information systems managers- NOC 0213
Saskatchewan: Unlike British Columbia, Saskatchewan does not have a dedicated tech worker immigration stream as such.ย
However, the province, sometimes, restricts a specific round of invitations to apply for a provincial nomination to a specific occupation or group thereof. Saskatchewan nominates eligible candidates to either the Occupations-in-Demand or Express Entry streams of the provinceโs International Skilled Worker category.ย
Ontario: Ontario has a dedicated Tech Talent pathway that nominated Express Entry candidates to apply for provincial nomination. Further, the provincial nomination can be used to apply for permanent residence.ย
The Ontario Immigrant Nominee Program (OINP) has identified work experience in specific technology occupations as being eligible for periodic tech-only draws. Applications selected in such tech draws benefit from fast treatment and enhanced service.ย
Last year alone, Ontario issued no fewer than 4,385 invitations through this program.
Just as technology grows and evolves, no doubt, will Canadaโs means of identifying, selecting, and integrating foreign tech workers. The developments of the recent past years are exciting, but the best may be yet to come.
Keep following this space for the latest nomination draws for applying for Canada PR. Further, get in touch with our consultants to kick-start your immigration process.ย
There are 2 main immigration streams offered by the British Columbia Provincial Nominee Program (BC PNP) for the investors who are looking to instantiate a business in Canada.
BC PNP EI Base Category is one of the programs for Entrepreneurs looking to invest in an existing business or start a new business in Canada, which is akin to the BCP PNP Regional Pilot program which was discussed in the previous blog but is quite different in concessions.
Why should you go for Base Category?
Like BC PNP regional pilot, you can instantiate a completely new business with a new plan. On the other hand, you also have the liberty to purchase an existing business being actuated in British Columbia.
This is a Canada Permanent Residence program which does not include an age limit and where the language requirement is as less as level 4 CLB! (Canadian Language Benchmark)
Business Objective
BC PNP focuses on improving the economy and job opportunities of the province and therefore your business plan should align with the norms and ideology of BC. The plan should justify how your businessย will accomplish the objective of the province to increase economic growthย and job opportunities.
The businesses that are set up to gain profits and create job opportunities for Canadian Citizens and Permanent Residents are welcomed by British Columbia. Thus, you have a great possibility to get your business plan in, if you select one such business which is recommended by British Columbia. There are some key sectors which might increase your applicationโs score, however, you can choose your business in BC (There are some ineligible businesses as well. Make sure you are not choosing one from the list).
Get in touchย with our consultants to know your business eligibility in British Columbia.
Kick Start your Immigration Process through BC PNP EI Base Category by the steps following
ย
STEP 1: Determine Your Eligibility
In order to be eligible for BC PNP EI Base Category, a prospective entrepreneur must have,
Minimum Personal Net Worth (in CAD)
$600,000
Minimum Investment (in CAD)
$200,000 in the proposed business.
Note: The BC PNP will not consider any investment made prior to the date of the invitation.
Minimum Language Proficiency
Canadian Language Benchmark (CLB) level 4
Work Experience
ยทย 3 or more years of experience as an active business owner-manager; or
ยทย 4 or more years of experience as a senior manager; or
ยทย a combination of 1 or more years of experience as an active business owner/manager and 2 or more years of experience as a senior manager.
Level of Education
Have either a postsecondary credential OR experience as a business owner/manager with 100% ownership of the business for at least 3 out of 5 years;
ย
ย STEP 2: Business Research & Region Selection
Unlike the BC PNP EI regional pilot program, an investor doesn’t need to make an exploratory visit to British Columbia to set up a businessย under the BC PNP EI base category, but it is still recommended that making an exploratory visit to BC would help to set your business at ease.
During the visit, you may get more insights about the business you plan to set up and the favourable regions with business prospects.
This exploratory visit may help you to:
investigate and evaluate potential business opportunities
conduct market research
make local business contacts
learn more about living and doing business in B.C., and gain a better understanding of health care and education programs, housing, culture, recreation opportunities, and lifestyles in BC.
The map below depicts the regions for development that British Columbia focuses on.
If you require a visitor visa โ Temporary Resident Visa (TRV) to conduct an exploratory visit, CanApproveย is here to assist you.
British Columbia is highly receptive to key industrial sectors like,
Agrifoods: food production and food processing
Biomedical: includes research and development, manufacturing, etc.
Destination Tourism: businesses that target tourists directly where its products/services are the tourist attractions rather than businesses that offer spin-off activities from the tourism industry
Forestry
International Education: proposed accredited educational institutions that offer
Educational programs in B.C. for foreign students
Mining & Energy or Natural Gas Sector
Technology and Green Economy
Transportation
Setting up a business in these sectors boost your points when your profile and business plan are evaluated.
STEP 3:ย Registering with BC PNP
After your exploratory visit, the ball is in your court to create a plan for a new business or to buy an existing business.
In terms of your new business plan, it should reasonably include the following,
business concept
preliminary investment breakdown
job creation plan
financial projections and
the positive benefit to the region of the province
We at CanApprove have made it easy for you with a custom business plan. You can get started by Filling this online assessment!
Substantiate your interest by registering to the Entrepreneur Immigration Base Category online. After registering, your profile gets evaluated and ranked with other registrants. The evaluation and scoring are based on the attributes below!
BC PNP EI Base Category
Scoring Sections
Points
Self-declared
Experience & Ownership
24
Net Worth
12
Total Personal Investment
20
Jobs
20
B.C.โs Regions
12
Adaptability
32
Business Concept
Commercial Viability
30
Transferability of Skills
20
Economic Benefits
30
ย
Maximum Score
200
It is well known that the best profiles with sufficient score get the chance to receive an invitation through the BC PNP EI Base Category Program from the province.ย We give you personalized counselling on how to boost your score. If you wish to talk to us, we are here!
After receiving an invitation from the province, you can submit the complete application within 120 days. In the meantime, you can compile your business plan and net worth verification report. To complete the profile, you will require the following docs,
valid language test
identity documents
your net worth reports, and
a detailed business plan
Buying an existing business is pretty cool because it is appreciated for the operability.ย British Columbia, one of the regions of Canada is confronting the demographic challenge of an ageing population. The ageing residents are professionals who own businesses in the province but plan to retire without skilful entrepreneurs for the succession of their business.
Simultaneously, there are nationals that are foreign to Canada, who look to establish a business in Canada. BC PNP EI Base Category is a program that bridges the businesses that need suitable administrators and people who intend to purchase a business in BC. The existing business can be purchased by foreign entrepreneurs and must be improved to contribute more to the economy of the province and open the gate to better employment opportunities for the natives of BC.
This not only makes foreign nationals as Canadian entrepreneurs but also helps the retiring owners to keep their business running in trusted hands.ย If you are longing to purchase a business in BC, first of all, you should determine the business eligibility requirements. Next is to sign a performance agreement with BC PNP and get a valid work permit from IRCC. Making payments before getting a work permit is strictly not advised.
You have to obtain a Work Permit to arrive and set-up your business in Canada. Meanwhile, your spouse or common-law partner may apply for an open work permit. Dependent minors will be eligible for study permits to attend elementary or secondary school (if applicable).
After fulfilling the terms and conditions of your performance agreement, you must submit a final report to the BC PNP. Based on the report and the evaluation of your performance agreement, you may be nominated by BC PNP for permanent residence. It may take up to four months for the assessment process to complete.
With a successful provincial nomination in hand, you may apply to Immigration, Refugees, and Citizenship Canada (IRCC) for Canada PR.
No sooner said than done, CanApproveย will always be there to assist you at every stage of your Canada Immigration!
Frequently Asked Questionsย
CanApprove, being one of the leading immigration consultants since 1998 has been constantly helping people who wish to run a successful business in Canadian soil. The IRCC registered firm assists economic-class immigrants including entrepreneurs, investors, skilled and semi-skilled workers to migrate to Canada. Based on the inquiries, here are some Frequently Asked Questions and their answers compiled for you. Take a lookโฆ
Are exploratory visits mandatory?
No, they are not mandatory for Base Category but itโs recommended for forging up your plan better
Should the investments be proven as Liquid Investments?
BC PNP only requires proof of your net worth which can include assets such as stocks, bonds, and real property.
Once you receive the work permit and arrive in B.C, you must transfer your proposed amount of investment into a local Canadian bank.
Am I allowed to bring any key personnel?
Apart from your spouse and dependents, you may bring a co-registrant who is a non-Canadian citizen (or have a Canadian national as a partner).
What is a Performance Agreement?
A performance agreement will set out the terms that must be adhered to while operating your business during your work permit period. This may vary for each business.
Once the provincial authorities are satisfiedย with your performance agreement terms, you may apply for a provincial nomination. BC PNP conducts monthly draws to invite eligible candidates.
How long to obtain Permanent Residency?
Under 5 years.
Eligible candidates can apply with IRCC for Canada PR after receiving a successful provincial nomination.
What are โJob creationโ terms?
You must create at least one full-time equivalent (FTE) job for a Canadian citizen or permanent resident. You may choose to hire temporary workers but only after creating at least one FTE.
Am I allowed to have partners?
It is a requirement that you must own at least 33.33% of the business you plan to establish.
You may associate with a partner or a co-registrant who is a foreign national or permanent resident of Canada. However, each partner who is a non-native of Canada is individually assessed and itโs not promised that each partner gets an invitation to apply.
Our immigration coordinators are dedicated to providing you with the assistance required to ignite your business in Canada. Connect with us to receive a personalized consultation.
BC PNP Entrepreneur Immigration Base Category Draws conducted in 2020
Aligning with the immigration level plan for 2021-2023, Canada has already started to scale up the business class immigration for issuing PR. The table below dictates the number of BC PNP EI Base Category draws conducted in 2020ย and the number of invitations sent in each draw.
Date
Qualifying Provincial Score
Invitations Sent
December 1, 2020
121
11
October 20, 2020
122
15
September 1, 2020
126
6
July 28, 2020
125
7
June 2, 2020
121
29
February 4, 2020
115
14
January 14, 2020
117
18
You can find more immigration updates here. Stay connected to know more. Wishing you good fortune if you are a person aspiring to establish your business in Canada.
Yukon is notable for its mineral wealth, impeccable wilderness and a closed knit population. Yukonโs two-thirds of the population lives in its capital, Whitehorse. In the year 2019, more than 300 families of immigrants moved to Yukon through YNP.
Yukon Nominee Program
Yukonโs underpopulation stands as the reasons for the stupendous job opportunities for skilled and semi-skilled workers. Yukon Nominee Program (YNP) is one of the major pathways to migrate to Canada. Under Yukon PNP, the categories for skilled migration are,
Yukon Skilled Worker
Yukon Express Entry
Yukon Critical Impact Worker
Yukon Community Pilot
ย
Yukon Skilled Worker
The appropriate foreign nationals who have skilled work experience along with a valid job offer from Yukon employer are targeted by the Yukon Skilled Worker Stream. The candidate can directly apply for Canada PR after receiving a provincial nomination from Yukon under this category.
Most importantly, the job offer of the candidate must be for any of the designations under the National Occupation Classification A, O or B. The candidate at the time of applying should also have,
A study visa or a Temporary Work Permit (TWP)
Proven work experience or valid education to qualify that position applied for
Certificates of ECA (Education Credential Assessment)
Met the language certificates
At least 12 months of minimum full-time work experience acquired in the past 10 years
You can apply for a provincial nomination from Yukon through Yukon Express Entry stream with an active express entry profile and an in-hand job offer from a Yukon employer. The education qualification, work experience, language ability and age are all brought under consideration to assess the eligibility of the applicant. This stream directly pertains to the federal express entry system and the candidates nominated in this category can enjoy the expedited process of their application for Canada immigration.
Crucial requirements:
Jobseeker validation code along with the Express Entry profile number
Sufficient settlement funds
Full-time permanent job offered by an eligible Yukon employer
A reasonable intention to live and work in Canada
ย
Yukon Critical Impact Worker
Semi-skilled workers with a valid job offer from a Yukon employer may apply for a provincial nomination under the Yukon critical employer stream. Anyhow, the candidate must need to qualify the eligibility with some basic requirements like having a minimum of 55 points in the Yukon Nominee Program Pre-Assessment points grid. Otherwise, for at least six months, the candidate must have worked for the same employer who is offering the job on a valid work permit.
ย
Yukon Community Pilot
This program is a new addition to the streams under Yukon PNP launched specifically for the purpose of addressing the economic labour market needs of Yukon. The candidates qualifying under this program get a two-year location restricted open work permit. As it is required that an applicant must work at least 30 hours per week to apply for permanent residence under the Yukon Community Pilot, Yukon permits the applicant to work two or three jobs simultaneously. Moreover, you donโt need to take up the Labour Market Impact Assessment (LMIA) to obtain a work permit, which means faster processing of the applications.
The jobs must not be contract oriented or seasonal. It should be a full-time offer in any one of the following participating communities:
In the latest Saskatchewan Immigrant Nominee Program (SINP) draw held on February 13, the province invited 646 candidates from the Express Entry and Occupations in Demand sub-categories to apply for provincial nomination for permanent residence in Canada. Saskatchewan, which is one of the Prairie provinces of Canada, invites candidates with the skills and work experience which are in demand in the province in such draws. The candidates who receive provincial nomination from Saskatchewan become eligible to apply for permanent residence in Canada.
The February 13 draw invited those who had submitted an Expression of Interest profile with the SINP and demonstrated the skills and qualifications to succeed economically in the province.
In order to receive an invitation to apply for provincial nomination from Saskatchewan through Express Entry or Occupations in demand sub-category, a candidate must first submit an Expression of Interest to the SINP. They must also prove their eligibility to be nominated for permanent residence in Canada on the basis of five factors, which are work experience, education qualification, language proficiency, age and previous connections to the province.
Each Expression of Interest profile submitted to the SINP is assessed on the basis of these eligibility factors and awarded a score out of 100. The highest scoring candidates are invited to apply for provincial nomination from Saskatchewan. The lowest score of the candidates selected in the February 13 SINP draw, in both sub-categories, was 70. Among those selected in the draw are managers, human resources professionals and financial sales representatives.
Following are the two sub-categories of SINP from which candidates were selected in the February 13 draw:
SINP Express Entry
In the SINP draw held on February 13, the province invited 277 candidates from the Express Entry sub-category to apply for provincial nomination. The Express Entry sub-category of SINP is aligned to the federal Express Entry system. The system manages the applications to the three major federal economic immigration programs of Canada, which are the Federal Skilled Worker Program, Federal Skilled Trade Class and Canadian Experience Class.
Those who have received an invitation from Saskatchewan may apply for provincial nomination. With a provincial nomination, a candidate obtains 600 additional Comprehensive Ranking System score points that guarantee them an Invitation to Apply for permanent residence in Canada in the subsequent federal Express Entry draw.
The eligibility criteria to be considered for provincial nomination through the Express Entry sub-category of SINP are as follows:
A valid Express Entry profile, profile number and job seeker validation code
Minimum 60 points on the Points Assessment Grid of SINP
Language proficiency level required to become eligible under Express Entry
A certificate, diploma or degree, obtained after a study or training program with a minimum duration of one year.
Work experience of at least one year in the concerned occupation, which must be related to the candidate’s field of study
The work experience must be in a high-skilled occupation categorized under NOC A, B or 0.
The licence or certificate required to practice the concerned profession in Saskatchewan
Enough settlement funds and a settlement plan.
Occupations in demand
Those candidates who do not have an Express Entry profile may apply for a provincial nomination through Occupations In Demand sub-category. In the latest SINP draw, 369 Occupations in Demand candidates received invitations from Saskatchewan.
The eligibility criteria Occupations in demand sub-category
Minimum score of 60 on the Points Assessment Grid of SINP
Language proficiency equal to Canadian Language Benchmark 4
A certificate/degree/diploma obtained after completing a study/training program with a duration of at least one year
Work experience of at least one year in an eligible occupation obtained within the last 10 years
License necessary to practice the concerned profession in Saskatchewan
Enough settlement funds to start a new life in Saskatchewan
Provincial Nominee Programs allow eligible candidates to settle in Canada in a fast-track manner. Do you wish to know which is the best pathway for you to migrate to Canada? Contact the Canada immigration consultants of CanApprove to take the right decision at the right time and obtain Canada PR.
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