The government of Canada has updated the settlement funds requirement for applicants under the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC). Candidates who receive an Invitation to Apply (ITA) under the Canadian Experience Class (CEC) 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.
Together, these three Canadian immigration programs make up the federal economic programs that receive applications through the Express Entry selection system.
The increase in the settlement funds is marginal, at just over one percent for each family size. However, it is possible that this increase could affect some candidates’ eligibility. Consequently, all candidates are encouraged to double-check the new figures to ensure that they have the required funds. The new settlement funds requirement only applies to applications submitted as of January 27, 2017. Applications already submitted will be assessed according to the previous requirements.
Settlement funds are required so that new immigrants to Canada and their families, if applicable, have the means to establish themselves in their new surroundings and pay for initial costs, such as accommodation. This money cannot be borrowed from another person.
These funds 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).
An applicant may submit proof of funds for his or her accompanying spouse/common-law partner, provided that the funds are available to the applicant to support his or her initial establishment in Canada. The onus is on the applicant to demonstrate they he or she has sufficient funds available to support settlement in Canada. These funds must be available and transferable, and unencumbered by debts or other obligations. The settlement funds requirement must be met at the time the application is made, as well as when the permanent resident visa is issued.
Settlement funds requirement, as of January 27, 2017
The required settlement funds must be equal to or greater than the sums listed below for each family size. All sums are in Canadian dollars.
|Number of family members