Canada hikes settlement fund requirement for Express Entry applicants; check new rates here

Canada has hiked the amount of settlement funds required for skilled workers. In a notification, the government on Wednesday said candidates, who want to apply for permanent residency programs under the Express Entry system, must prove they have the required funds.   

The Express Entry mainly has three immigration segments --  Federal Skilled Worker program, Federal Skilled Trades program, and Canadian Experience Class. The new rules are for skilled workers under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs. 

Applicants under FSW and FST who are currently working in Canada and have a valid job offer do not have to show proof of funds. Applicants under the Canadian Experience Class do not need to show proof of funds, the notification stated. 

How much do you need for settlement funds? 

The immigration notification said that the amount required as the settlement fund would depend on the size of the applicant’s family. This includes the applicant, the spouse or common-law partner, and any dependent children. 

A spouse or dependent children are counted in the family size whether they are accompanying the applicant to Canada or not. They are also counted even if they are Canadian citizens or permanent residents, the notification noted. 

Here are the revised amounts (all in Canadian $) 

Number of Family Members	Funds Required
1	$13,757
2	$17,127
3	$21,055
4	$25,564
5	$28,994
6	$32,700
7	$36,407
Each additional family member	$3,706

Proofs required for application 

As per the notification, the following proofs are required for Express Entry applicants:  

> Funds must be readily available for the applicant. Thus, the equity of fixed assets is not acceptable. 

> Funds must be available throughout the application, from submission to visa issuance. 

> Applicants need to note that they would not be able to borrow this money from another individual. 

> The funds must be under the main applicant’s name, or in a joint account with a spouse/common-law partner, if applicable. 

> However, proof of funds in the name of the accompanying spouse/common-law partner cannot be used unless the main applicant proves they have access to the money. 

Program under the Express Entry system: 

Canadian PR application depends on the education and work history of the applicants under several different immigration classes. 

There are three categories under the Express Entry system, Canadian Experience Class, Federal Skilled Worker Programme, and Federal Skilled Trades Programme. 

> Canadian Experience Class (CEC): People with Canadian employment experience, which is gained three years before application, can apply through this method. Mostly, international students studying in Canada take this route to apply for PR. 

> Federal Skilled Worker Programme (FSWP): People with foreign working experience can apply. Age, education, employment history, are taken into account under this. 

> Federal Skilled Trades Programme (FSTP): Workers with skills in construction, agriculture, and manufacturing apply for this. 

Also read: Go First crisis: DGCA asks cash-strapped airline to process refunds to passengers

Also read: Go First at NCLT: 'Not a for case for first day, first show relief,' say aircraft lessors

Also read: Go First dues: IOCL invokes Rs 500-crore bank guarantee by airline, current dues at Rs 50 crore