January 12, 2018 – Settlement funds required for new skilled worker immigrants coming to Canada have increased for 2018.
The new levels apply to both the Federal Skilled Worker and Federal Skilled Trades programs, candidates for which are selected using the Express Entry System. 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|
|Each additional family member||$3,314||$3,361|
Applicants would typically need to demonstrate that 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 would need to note that they would not be able to borrow this money from another individual. They would need to use this money for covering the costs of living for their family. This is applicable even if the family is not accompanying the applicant to Canada.
Applicants would also need to provide proof to the Canadian visa office in their home countries that they possess sufficient money when they apply to immigrate.
It is worth noting that the amount of money that applicants need for supporting their families typically depends upon the size of their families. The authorities revise these amounts each year
How much money should applicants bring when they come to Canada?
Applicants would need to research the costs of living in the place where they plan to settle in Canada.
It is worth noting that the applicants would need to bring as much money as they can to make it easier for themselves to move and find a home in Canada. However, it is worth noting that applicants would need to declare if they are bringing more than $10,000 Canadian dollars into the country. This is in accordance with the Canadian customs regulations. In case applicants do not inform the authorities that they are bringing more than $10,000 Canadian dollars with them into the country, the authorities could levy a fine on them or even, put them in prison.
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
Interested employers: Kindly contact us here to receive further information.
Interested candidates: Find out whether you qualify to Canada by completing our free on-line evaluation. We will provide you with our evaluation within 1-2 business days.
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