Kenyans looking to immigrate to Canada as skilled workers under the Express Entry program must now demonstrate they have at least Ksh1.3 million, according to a June 2024 update from the Canadian Immigration Department.
This updated policy outlines the proof of funds requirement, ensuring prospective immigrants have sufficient financial resources to support themselves upon arriving in Canada. The Canadian government stated, “Proof of funds is how you show us that you have enough money to settle in Canada. If we invite you to apply, you must give written proof that you have this money.”
Applicants under the Federal Skilled Worker or Trades programs need to provide evidence of their financial stability. However, this requirement does not apply to those with valid job offers in Canada or those already authorized to work there.
The financial requirement varies by family size. Single applicants need to show they have Ksh1.3 million (CAD 14,690). For a family of two, the requirement is Ksh1.7 million, while a family of three needs to show Ksh2.1 million. Larger families, such as those with seven dependents, must show they have Ksh3.6 million. For families with more than seven members, an additional Ksh371,000 (CAD 3,958) is needed for each extra member.
Applicants must provide proof of funds even if their family members will remain in Kenya. Equity in real estate is not accepted as proof, and borrowing money to meet the requirement will lead to application rejection.
To verify the availability of funds, applicants must obtain official letters from their banks or financial institutions. This ensures that new immigrants are financially prepared to settle in Canada.