Increment in Proof of Settlement Funds for Express Entry Candidates

Federal government of Canada has increased the proof of settlement funds and has urged the express entry program candidates to reflect these changes in their express profile. With this latest increment in settlement funds, it has increased over by 1.5 per cent for each family member.

This increment translates for a single person from $12,474 CAD to $12,669 CAD moving to Canada without any family member.

Proof of settlement funds is compulsory for the candidates who have applied under Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). They have to show proof of funds for themselves and the accompanying family members to prove they have enough funds so that they will be able to support the immigration to Canada. Candidates who have applied under Canadian Experience Class (CEC) are not required to show proof of funds as they have already had a job-offer from an eligible employer of the country. But the candidate of Canadian Experience Class (CEC) who has been selected to apply for permanent residence via the Federal Skilled Worker Class has to provide with proof for funds.

Following table will illustrate how the funds have increased :

Candidate’s family member includes spouse or partner, dependent children and also the dependent children of a spouse or common-law partner. Members who are not accompanying the candidate to Canada must also be mentioned. Age limit for a dependent child as set by the Immigration, Refugees & Citizenship Canada (IRCC) is under the 22 years of age.

IRCC has urged the candidates to reflect these changes in their express profile as these changes, while small, can affect a candidates chances of getting an Invitation to Apply (ITA) to apply for permanent residence visa if their available settlement funds now fall below the new adjusted settlement funds.

Candidates who were not eligible for express entry program are also asked by the IRCC to adhere by these changes, so they might themselves eligible for more than one program. As stated by IRCC, “You don’t always know ahead of time which program you will be invited under.”

For funds to be acceptable candidates have to prove to an immigration officer that they have the required amount and access upon landing in the country. Settlement funds need to readily available when the candidate has applied for permanent residence visa and when the permanent residence visa is being issued. Funds that candidates are showing as settlement funds cannot be borrowed and equity on real estate does not counts. When immigrating to Canada with a spouse or partner, funds must be held in a joint account that can be shown as settlement funds when required. Funds that are held in an account that is under a spouse’s name can only be counted if the applicant is able to access those funds. Official letters must be obtained from banks or any financial institution where the funds are kept.

Reference is taken from CIC news.