Prince Harry and Meghan Markle have just made a major statement about their future in the royal family.

The Duke and Duchess of Sussex, who are parents to son Archie Harrison, took to their Instagram to announce that they are taking a step back as senior members of the royal family. They also noted that they're working to "become financially independent" and have the full support of Queen Elizabeth II.

"After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution," the statement from the couple began. "We intend to step back as 'senior' members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen."

"It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment. We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages," the statement from the Duke and Duchess of Sussex continued. "This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity."

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Harry and Meghan went on to tell their social media followers that they "look forward" to sharing the "full details" of this next step in due course. The couple also noted that they're continuing to collaborate with Queen Elizabeth, Prince Charles, Prince William and "all relevant parties."

The couple concluded their statement, "Until then, please accept our deepest thanks for your continued support."

Meghan Markle, Prince Harry

Dominic Lipinski/PA Wire

Meghan and Harry's statement comes amid speculation that they're planning a move to Canada. On Tuesday, The Sun published a report regarding the Duke and Duchess future with the royals. In response, the palace told MailOnline that they would not comment on "speculation."

Meghan and Harry, who tied the knot in May 2018, recently returned to public duties after taking a step away for family time. The duo spent a great deal of their break in Canada with their 8-month-old son, Archie.

The couple's break followed after a few tough months in the public eye.

Prince Harry, Meghan Markle Archie Harrison

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"The Duke and Duchess of Sussex are looking forward to extended family time towards the end of this month," a spokesperson for Meghan and Harry said in mid-November. "Having spent the last two Christmases at Sandringham, Their Royal Highnesses will spend the holiday this year, as a new family, with the Duchess' mother Doria Ragland."

The statement went on to note, "This decision is in line with precedent set previously by other members of the Royal Family, and has the support of Her Majesty The Queen."

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