The Canadian Government has increased settlement funds requirement slightly and has also urged all Canada Express Entry candidates, to make sure that their profiles, show the change.
Raising the requirement
Through this increase, it has raised the necessary minimum settlement funds by 1.5 percent for each family. This will now be increased to $12,669 for a single person reaching unaccompanied in the country.
Showing the proof of funds is necessary to ensure that the principal applicant and all accompanying family members have an income for supporting themselves financially after reaching the country as permanent residents
for the Federal Skilled Worker Class
and the Federal Skilled Trades Class
candidates. CEC candidates
who work in Canada
on a valid work permit
are exempt from proving the availability of settlement funds.
All CEC candidates receiving the invitation to seek the Canadian PR
through the FSWC need to show proof of funds.
The increase is as follows:
|Number of family members
|Each additional family member
The definition of a Family member means the spouse/partner, dependent children and dependent children of spouse/partner. For IRCC the dependent child is any family member below 22 years of age. The norms also require including the name of Family members who do not accompany the principal applicant to Canada.
Updating the Express Entry profile
As per IRCC, these changes affect the eligibility of a candidate in case the available settlement funds are below the new threshold.
As a result, Canada Express Entry candidates should show proof of funds. Moreover, they must ensure that their Canada Express Entry profile is up to date. It needs to show a new level of proof of funds.
IRCC is also encouraging exempt candidates to update their evidence of funds because by doing so, the system will find that their eligibility for many programs.
The funds need to be being available readily while a candidate is submitting the PR application. The principal applicant should also prove to the immigration officials regarding possessing the necessary amount and access when they arrive in Canada. These funds should not be borrowed and real estate equity is not a proof.
In case of an accompanying spouse/partner, funds held in a joint account are valid towards this settlement funds requirement. Finally, there is a requirement of obtaining Official letters from the Banks/Financial Institutions where the user keeps the money.