Canada's Minimum Required Settlement Fund Increased

There has been a slight increase to the required settlement funds affected by the Government of Canada for candidates by about 1.5% per family. The Government urges applicants to ensure that the change is visible in their profiles. Canada's Minimum Required Settlement Fund Increased Individuals who migrate to Canada alone would have their minimum settlement funds increased from $12,474 to $12,669. Candidates under the Federal Skilled Trades/Workers Classes are mandated by the Government to show proof of funds. The government uses this proof to confirm that applicants and their dependents would be financially stable and independent permanent residents of Canada upon arrival. Candidates under the Canadian Experience Class who are using a legit work permit to work in the country are not required to show proof of fund. However, if the candidates in this class are invited to apply for Permanent Residence status via the Federal Skilled Worker Class, they will be required to show proof of fund. Summary of the increase made to minimum settlement funds for various family sizes

Family Size Amount last year Amount this year Increase made
1 $12,474 $12,669 $196
2 $15,530 $15,772 $242
3 $19,092 $19,390 $298
4 $23,181 $23,542 $361
5 $26,291 $26,701 $410
6 $29,652 $30,114 $462
7 $33,013 $33,528 $515
For every other extra family member $3,361 $3,414 $53
Please Note that all amounts stated above are in Canadian Dollars. The relatives of principal applicants who are considered as 'Family members' by the government of Canada include Spouses or common-law partners of applicants, dependent children of applicants, and dependent children of applicants spouses and common-law partners. Dependent children include all family members of the applicant who are below 22 years old. It is expected that members of the family who are not migrating to Canada with the principal applicant should be listed too.

Express Entry Profiles to be Updated

All Express Entry applicants who fall under the category of those required to reflect the change in minimum settlement funds in their profiles should make sure they update their profiles and do so. According to the Immigration, Refugees and Citizenship Canada, the little and almost insignificant changes made can disqualify a candidate from getting an Invitation to Apply if the minimum amount for their settlement fund falls below the new requirement. It went further to encourage those applicants who were not required to reflect the change in their profiles to still do so as the Express Entry System can find them worthy of invitation from more than one program.

Conditions Governing the Funds

When the applicant is applying for Permanent Residence status and is given a PR visa, the government expects that he or she has the said minimum fund handy. Once the principal applicant gets to Canada, an Immigration officer would be there to confirm that the amount is truly available and accessible. Also, real estate ownership is unacceptable as proof of fund, and this fund is not borrowable. If the money is in a joint account which the principal applicant shares with a spouse or common-law partner, or in the personal account of the spouse or common-law partner, then it is entirely acceptable. However, the spouse or common-law partner must be able to prove that he or she has access to the money. Finally, the applicants must have official letters from the financial institutions or Banks where the money is to prove further that it is legit. Stay connected to Visa Time to get updates about visa news from Asia, Africa, US, Americas, Australia, Europe, and the Middle East! We will also assist you with the visa process for the chosen country.

Share your Comments

Please Login to view/submit Comments & Replys

Hi! How can we help you?

Click below button to start chat

Chat Icon
chat icon