Immigration, Refugees and Citizenship Canada announced an 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 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 by June 8 to ensure they continue to meet the financial requirements of the Express Entry program 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.
When travel restrictions were introduced at the beginning of COVID-19, Canada moved away from all-program draws and began holding draws for specific programs, mainly ones geared towards PNP candidates. This was a temporary pause and Canada's Immigration Minister, Sean Fraser, has announced that Express Entry invitation rounds for FSWP and CEC candidates should resume early July.
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 June 9, 2022)
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 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| Each additional family member | $3,586 |
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