2020-01-03 – Settlement funds required for new Express Entry immigrants coming to Canada system have increased for 2020.
Funds required for a single applicant have increased from $12,669 in 2019 to $12,960 in 2020.
Similar small increases have been applied for each number of family members (see table below).
Certain Canadian Experience Class candidates also need to prove they have the settlement funds.
The new requirements are outlined below:
Settlement Funds Required For Federal Skilled Worker and Federal Skilled Trades Programs
|Number of Family Members||2017 Funds Required||2018 Funds Required||2019 Funds Required||2020 Funds Required|
|Each additional family member||$3,314||$3,361||$3,414||$3,492|
Applicants need to demonstrate they have sufficient money for supporting themselves and their family after they get to Canada. This is applicable unless the applicant:
- Is currently authorised for working in Canada and,
- Has a valid job offer from an employer in Canada.
Applicants should note borrowed money cannot be used to meet the thresholds. They need to use the money cover costs of living for their family. This applies even if the family is not accompanying the applicant to Canada.
Applicants also need to provide proof to the Canadian visa office in their home countries that they possess sufficient money when they apply to immigrate.
The funds must be readily available both when a candidate applies and when a permanent residence visa is issued.
Official letters from banks or other financial institutions act as proof of funds.
According to Immigration, Refugees and Citizenship Canada, the letter must:
- Be printed on the financial institution’s letterhead.
- Include their contact information (address, telephone number and email address).
- Include your name.
- List outstanding debts such as credit card debts and loans.
- Include, for each current bank and investment account:
- Account numbers.
- The date each account was opened.
- The current balance of each account.
- The average balance for the past six months.
The amount of money applicants needed depends upon the size of their families. The authorities revise these amounts each year.
Applicants need to research the costs of living in a place where they plan to settle in Canada.
They will need to declare if they are bringing more than $10,000 into the country, as per Canadian customs regulations. Those who fail to declare
Typically, the authorities permit applicants to bring funds in the form of:
- Documents that highlight property or capital payable to the applicant such as:
- Debentures or,
- Treasury bills OR,
- Documents that guarantee payment of a specific amount of money, which is payable to the applicant, such as:
- Bankers’ drafts
- Travellers’ cheques or,
- Money orders