How Much Settlement Funds is Required From Canada Immigration Applicants
Applicants who wish to immigrate to Canada through a number of federal skilled immigration categories under Express Entry program are required to present higher amounts of ‘settlement funds’ upon submitting their aplication.
The new requirement took effect on January 12, 2016 according to CanadaVisa.com.
The increase in required settlement funds is less than two per cent, similar to the rate of inflation in Canada. But such change in requirement could impact the eligibility of certain applicants. Candidates are thereby encouraged to double-check the new figures (see table below).
Candidates who receive an Invitation to Apply under the Canadian Experience Class are not required to show settlement funds. In addition, candidates authorized to work in Canada and who have a valid job offer from an employer in Canada are not subject to the settlement funds requirement.
CanadaVisa.com added that Immigration, Refugees and Citizenship Canada (IRCC) said certain candidates who completed an Express Entry profile before January 27, 2015, and who are subject to the settlement funds requirement, may have received correspondence that their profile has been reassessed under the new requirement. Individuals who have received an Invitation to Apply and submitted an e-application to the government of Canada are not subject to the new requirement; if these applicants were required to demonstrate settlement funds, they will still be assessed under the requirement in place at the time they submitted the application.
The settlement funds are required so that newly-arrived immigrants in Canada have the means to establish themselves pay for initial costs.
This money, which cannot be borrowed from another person, could be in the form of:
- documents that show property or capital payable to you (such as stocks, bonds, debentures, treasury bills, etc.) or
- documents that guarantee payment of a set amount of money, which are payable to you (such as bankers’ drafts, cheques, travellers’ cheques or money orders).
|Number of family members||Funds required|
|7 or more||$32,191|