Canada increases settlement funds for new immigrants

Immigration, Refugees and Citizenship Canada (IRCC) announced a slight increase to the proof of settlement funds required for skilled immigration through the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC).

The settlement funds are based on family size of the new immigrants, and are adjusted annually based on 50 per cent of the low income cut-off totals. Settlement funds are required in order to demonstrate that immigrating candidates have the means to establish themselves and their family in Canada and pay for the initial costs, such as accommodation.

Immigration, Refugees and Citizenship Canada (IRCC) is encouraging candidates to keep their funds updated in their Express Entry profile, in order to ensure they continue to meet the financial requirements of the Express Entry class through which they have registered. The condition of providing proof of funds does not apply to the Canadian Experience Class (CEC) candidates however, CEC candidates in the Express Entry pool must also demonstrate proof of funds to successfully receive an invitation to apply (ITA) for permanent residence through the Federal Skilled Worker Class.

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The proof of funds should also be submitted by the principal applicant for his or her accompanying spouse/common-law partner. The funds must be instantly available when a candidate applies for permanent residence and while the permanent resident visa is issued. The principal applicant will also have to prove to an immigration officer that they possess the required amount, and they can utilize it after landing in Canada.

The funds that are borrowed and equity on real estate cannot be counted as proof.

While applying with a spouse or partner, money held in a joint account can be counted towards the proof of settlement funds. If the funds are in an account that is under a spouse’s name, they can also be counted if the applicant can prove they have access to those funds.

Revised Proof of Funds for New Immigrants:

The required settlement funds provided by the primary applicant must be equal to or greater than the sums listed below;

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