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Canada Introduces an Update for Settlement Funds in Skilled Immigration

January 2018, 06
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Canada-Settlement-Funds-in-Skilled-Immigration
The Canadian Government has updated the requirement for settlement funds for applications seeking skilled immigration. The change in proof of funds has transformed for applications to the Federal Skilled Worker Class and Federal Skilled Trades Class categories.

Candidates who receive an Invitation to Apply in the Canadian Experience Class do not need to show settlement funds. Additionally, all candidates who are authorized to work in the country and who possess a valid job offer, from a Canadian employer, can bypass the requirement for settlement funds.

The three federal economic programs - FSWC, FSTC, and CEC receive applications through the selection system of Express Entry.

The increase in the settlement funds will affect the eligibility of some candidates to the skilled immigration programs. As a result, all candidates must review the new figures, for ensuring in meeting the proof of funds needed.

The provision of Settlement funds helps the new immigrants to the country and also their families, to have sufficient means to set up themselves in the new surroundings and arrange for paying the initial costs involved.

Declared funds could be in the form of:

Cash; or Documents showing property/capital payable - like bonds, stocks, treasury bills, and debentures, or Documents guaranteeing payment of an amount, payable to the person like cheques, bankers’ drafts, money orders or travelers’ cheques.

The principal applicant has to submit proof of funds for the accompanying common-law partner/spouse subject to the fact that these funds are available for supporting his/her initial settlement cost in Canada. The requirement for settlement funds have to be met when the application is submitted, and when the permanent resident visa is issued.

Settlement funds requirement-January 5th, 2018

The funds (in Canadian dollars) must be equal to the sum listed below for the designated family size. 

Number of family members

Funds required

1

$12,474

2

$15,530

3

$19,092

4

$23,181

5

$26,291

6

$29,652

7 More

$33,013


These requirements for funds are updated every year.

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