Immigration, Refugees and Citizenship Canada announced updates to the proof of settlement funds required for skilled immigration through the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC).
The Government of Canada increased the settlement funds figures, which are based on family size and are adjusted annually based on 50 per cent of the low income cut-off totals.
Immigration, Refugees and Citizenship Canada (IRCC) is encouraging candidates to review the new figures to ensure they continue to meet the financial requirements of the Express Entry class under which they are registered, and to keep their funds updated in their Express Entry profile.
While Canadian Experience Class (CEC) candidates are not required to demonstrate proof of funds, CEC candidates in the Express Entry pool must also demonstrate proof of funds should they receive an invitation to apply for permanent residence through the Federal Skilled Worker Class.
Settlement funds are required in order to demonstrate that immigration candidates have the means to establish themselves and their family in Canada and pay for initial costs, such as accommodation.
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.
The proof funds requirement must be met at the time the application is made, as well as when the permanent resident visa is issued and when the applicant lands in Canada.
Revised Proof of Funds (as of January 16, 2019)
The required settlement funds must be equal to or greater than the sums listed below for each family size.
| Number of family members | Funds required (CAD) |
|---|---|
| 1 | $12,669 |
| 2 | $15,772 |
| 3 | $19,390 |
| 4 | $23,542 |
| 5 | $26,701 |
| 6 | $30,114 |
| 7 | $33,528 |
| Each additional family member | $3,414 |