The Government of Canada has updated the settlement funds requirement for applications for skilled immigration to Canada. The proof of funds that changed has changed for applications to 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.
The FSWC, FSTC, and CEC make up the federal economic programs that receive applications through the Express Entry selection system.
The slight increase in the settlement funds could affect some candidates’ eligibility to the two skilled immigration programs affected. Consequently, all candidates are encouraged to review the new figures to ensure that they meet the proof of funds required.
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.
Declared funds could be in the form of:
- cash;
- 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).
The principal applicant may submit proof of funds for his or her accompanying spouse/common-law partner, provided that these funds are available to the applicant to support his or her initial settlement in Canada. 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 5, 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 | 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 |
Requirements for settlement funds are updated annually.