Pursuant to subparagraph R76(1)(
b)(ii), 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, as defined in subsection R82(1), under paragraph R82(2)(
a), (
b) or (
d).
The funds must be
- available and transferable;
- unencumbered by debts or other obligations; and
- sufficient to support initial establishment in Canada.
Sufficient funds are determined according to the applicant’s family size (including both accompanying and non-accompanying dependants), using 50% of the current low income cutoff (LICO) for urban areas with populations of 500 000 or more.
If the applicant is unable to demonstrate that they have sufficient funds to meet the requirements, the application is refused.
Pursuant to section R77, the requirement and criteria for settlement funds must be met at the time the application is made as well as when the permanent resident visa is issued.