August 12, 2026 Edition
Today’s newsletter is brought to you by our trusted partner, Wise
Your Immigration Update
IRCC is expected to increase the Express Entry proof of funds requirement soon. The official amounts haven’t been announced yet, but candidates who need settlement funds can start preparing now.
Who needs proof of funds: Mainly Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) candidates. Canadian Experience Class candidates are exempt.
Estimated increase: For one person, the minimum could rise from $15,263 to around $15,632.
Prepare early: Last year, candidates had only about three weeks to update their Express Entry profiles after the new amounts were announced.
Keep a buffer: Having more than the minimum can protect you against the increase and currency fluctuations.
If you’re already in the pool, keep an eye on the upcoming update so you don’t accidentally fall below the new requirement.
Express Entry is on the verge of setting a major new record. IRCC has issued 113,423 invitations to apply (ITAs) in 2026, just 802 short of the all-time annual record set in 2021.
But record invitation numbers don’t mean everyone in the pool is benefiting. There are around 230,000 profiles in Express Entry, and IRCC hasn’t held a single general draw this year.
Instead, invitations have been concentrated in specific groups. French-language draws have issued more than 45,500 ITAs, while Canadian Experience Class candidates have received close to 50,000.
Immigration In The Media
Canada is spending $1.7 billion to attract top researchers, PhD students, and post-doctoral fellows from around the world. But some experts say Canada’s immigration system could get in the way.
Some recruited researchers are facing months-long security screenings before they can enter Canada. Those already here can also struggle to qualify for permanent residence.
Experts are calling for faster, better-coordinated processing and clearer permanent residence pathways so Canada can keep the talent it is investing heavily to attract.
For international students and researchers considering Canada, being recruited or funded does not guarantee a smooth immigration process. Study permits can still face lengthy checks, and staying permanently after graduation may be difficult.
If Canada is part of your long-term plan, it’s worth looking at both your entry requirements and potential permanent residence pathways before you arrive.
Today’s newsletter is brought to you by our trusted partner, Wise, a game-changing platform that makes sending money to or from Canada fast, transparent, and affordable. It has over 13 million global users, a user-friendly app, and supports over 50 currencies.
Money Matters: Do You Need a Financial Advisor in Canada?
You don’t need to be wealthy or have complicated finances to speak with a financial advisor. But you may not necessarily need one.
If your finances are simple and you feel confident managing your money, you may be comfortable doing it yourself. An advisor can become more useful when you’re juggling debt, savings goals, investments, taxes, or major life changes.
For newcomers, an advisor can also help explain unfamiliar parts of Canada’s financial system, from TFSAs and RRSPs to building a budget and planning for a home.
Many banks offer financial advice at no upfront cost, so you don’t necessarily have to wait until your finances become complicated to ask questions. Learn what financial advisors do in Canada and when speaking with one could make sense for you.
If you’re looking for support with your finances, Scotiabank offers a no obligations meeting with an advisor to any members of our community who are currently in Canada.
Career Moves: New Brunswick Invests in Faster Credential Recognition
New Brunswick is getting nearly $10 million in federal funding to help internationally trained workers get their credentials recognised and enter the workforce faster.
The funding will focus on areas facing labour shortages, including health care, engineering, skilled trades, and education. It will support programs such as wage subsidies for internationally educated nurses, teacher placements, and employment support for engineers.
For newcomers with international qualifications, the investment could make it easier to get licensed and find work in their field.
Today's Tip: Where You Settle Can Make Homeownership Easier
Buying a home in Canada may feel out of reach, but where you choose to settle can make a big difference.
Statistics Canada found that recent immigrants in PEI, Nova Scotia, New Brunswick, and Manitoba had some of the highest homeownership rates. By five years after becoming permanent residents, ownership rates were around 50%.
If buying a home is one of your long-term goals, consider housing costs when deciding where in Canada to build your life.
