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Increase in Canada’s settlement funds for skilled migration

Sat, Jan 06 2018
Increase in Canada’s settlement funds for skilled migration

Canadian government has made an increase in the settlement funds requirement for skilled programs namely, FSWP (Federal Skilled Worker program) and FSTP (Federal Skilled Trade Program). CEC (Canadian Experience Class) demands no Proof of Fund. Moreover, those candidates who are migrating under skilled programs and are having a valid Job offer letter also need not showcase Proof of funds.

This change might affect some candidate’s eligibility for the Express Entry Program.

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The criteria of furnishing Proof of Funds is mandatory as to ensure that the candidate, after coming to Canada can sustain self and the accompanying family members. The candidates should be able to meet the daily cost of bread and butter and also a decent accommodation till the time he/she finds a Job in Canada. Thus, need for settlement fund is there.

Acceptable forms of Proof of Funds are:

- Cash

- Stocks (Shares, Debentures, treasury bills, etc.)

- Bank balance (cheques, deposits, etc.)

The Proof of Fund is required to be there at the time of filing of the application for Canada PR till the time of your first land in Canada post grant of PR visa.

 

Settlement funds requirement, as of January 5, 2017

 

Number of family members

Funds required

1

$12,474

2

$15,530

3

$19,092

4

$23,181

5

$26,291

6

$29,652

7 or more

$33,013

 

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