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Canada Updates Settlement Funds Requirement For Two Express Entry Classes

January 2020, 03
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Canada Updates Settlement Funds Requirement For Two Express Entry Classes
The Canadian government has raised the amount of funds that specific types of skilled workers require in order to immigrate to Canada. The new proof of funds criteria to determine qualification for Programs or classes of Federal Skilled Worker and Federal Skilled Trades applicants in the year 2020.

Prospective newcomers require to be proved that they have a specific amount of savings in order to be qualified without an employment offer in the Express Entry associated Federal Skilled Worker Class (FSW) or Federal Skilled Trades Class (FST).

Settlement funds are not mandatory for those individuals who are applying below the Canadian Experience Class (CEC) and also those with a genuine employment offer from a Canadian employer.

The amount of funds that required completely depends on the number of family members that are included in the visa application. As per the Refugees, Immigration, and Citizenship Canada (I.R.C.C), the below family members are able to be included on an online or offline application for Canada PR:

  • The principal appellant;
  • Their partner or spouse;
  • Their dependent children (under 18 years old); and
  • Their spouse’s dependent children (under 18 years old).

Primary applicant Spouse or partner and dependent children need to be included on their application even if they are previously permanent residents or citizens of Canada, or if they are not landing in Canada with the primary applicant.

The below amounts have been updated for the year 2020:

Number of family members

Funds required (in Canadian dollars)

1

$12,960

2

$16,135

3

$19,836

4

$24,083

5

$27,315

6

$30,806

7

$34,299

Each additional family member   

$3,492

Canada updates the least or minimum required settlement funds for each year. Though these modifications may be small but this may influence slightly on the qualification of applicants.

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