The Canadian Government has introduced a slight increase to its settlement funds for Express Entry candidates to ensure their profiles reflect the change. The increase in the settlement funds level is just over 1.5 percent for each family level.
The applicant who is applying for Express Entry as single person unaccompanied in Canada settlement fund requirement increases from $12,474 to $12,669.
The candidates applying for Federal Skilled Worker Class and Federal Skilled Trades Class are required to show the proof of funds. The principal applicants and his/her accompanying family members have the means to support themselves financially upon coming to Canada as a permanent resident.
The other program under Express Entry- Canadian Experience Class candidates who are working in Canada on an eligible work permit are exempted from having to prove their minimum settlement funds.
The below mentioned table showcases the increase in the settlement funds for Express Entry Candidates:
|Number of family members||2018 amount
(in Canadian dollars)
|Each additional family member||$3,361||$3,414||$53|
Family members include a spouse/partner, dependent children and the dependent children of a spouse or partner. IRCC considers a dependent child to be any family member under the age of 22.
Regularly update Express Entry Profile
The applicants whose profiles are in the express entry profile are advised to update their profiles on a regular basis because a minute change can affect a candidate’s eligibility if their available settlement funds not fall below the adjusted threshold.
What are acceptable funds?
The candidates must make sure that the funds they are showing are acceptable by the Canadian Immigration department. The funds borrowed or equity on real estate will not be considered as acceptable funds.
If your partner is accompanying you to Canada then in such a case the money held in joint account can be counted towards the settlement fund requirement. The money held under a spouse’s name can also be considered provided primary applicant can prove that they have access to those funds.
Therefore, applicants applying for Express Entry Programs are suggested to contact Expressway Immigration Consultancy Services experts soon to discuss Canada PR query.
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