Federal Government of Canada updated its settlement funds requirements for two immigration programs under the Express Entry program – Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). These new proof of funds are required to check eligibility for these immigration programs.
Express Entry also manages profiles of candidates registered under Canadian Experience Class (CEC), under which providing settlement funds are not compulsory.
The amount of funds required depends on the size of the family that includes the applicant. Following are the list of family members that can be included on the application for Canada PR Visa according to the Immigration, Refugees & Citizenship Canada (IRCC):
The applicant is required to mention their spouses and dependent children on the application even if they are Canadian citizens or permanent residents, or if they are accompanying the applicant to Canada.
The following table shows the updated Settlement funds for Canada PR Visa through Express Entry Program in 2020:
|Number of Family Members||Funds Required (In-CAD)|
|Each additional family member||$3,492|
These changes in settlement funds are done by Canada on a yearly basis with minor changes. These changes can be small but they may affect the eligibility of an immigrant for Canada PR Visa.
Reference is taken from CIC News