Settlement funds required for new immigrants coming to Canada under two federal programs have increased for 2017.
As a result of the increases, Immigration Refugees and Citizenship Canada has urged those already in the Express Entry Pool to check their profiles and update if necessary.
The new requirements are outlined below:
Settlement Funds Required For Federal Skilled Worker and Federal Skilled Trades Programs
|Number of Family Members||2016 Funds Required||2017 Funds Required|
|7 or more||$31,574||$32,550|
Source: Immigration, Refugees and Citizenship Canada
An IRCC statement said: “You may have to update your Express Entry profile to prove you have the required funds. If you do not have sufficient funds, your profile will be removed from the Express Entry pool.”
The settlement funds are adjusted each year at 50 per cent of the low income cut off set by the IRCC.
There is no requirement to prove settlement funds under the Canadian Experience Class, which includes provincial nominees.
Candidates who are already authorized to work in Canada and have a valid job offer do not need to prove settlement funds.
For more on settlements funds, click here.