Last Updated on February 25, 2020
2020-02-25 – Express Entry candidates have been told they may need to update the settlement funds in their profiles to remain eligible for Canada immigration.
The settlement funds required for Express Entry immigration have been updated for 2020. Certain candidates wishing to immigrate to Canada under Express Entry are required to provide proof of settlement funds.
Immigration, Refugees and Citizenship Canada says the deadline for candidates to update their Express Entry profiles is February 25, 2020.
After this date, profiles that do not show enough settlement funds will be considered ineligible.
An IRCC statement said: “We’ve updated the table that shows how much money you need to settle in Canada. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile. The update must be done no later than February 25, 2020.
“Updating your profile doesn’t change the date and time that we received it, so you’ll keep your rank if you’re in a tie-breaker situation.”
Although Express Entry manages three federal immigration programs, only skilled workers under the Federal Skilled Worker and Federal Skilled Trades programs must show they have enough money to settle in Canada.
Applicants under FSW and FST that 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.
What Settlement Funds Are Required?
The amount required depends on the size of the applicant’s family. This includes the applicant, the spouse or common-law partner (if applicable), 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 authorities revise these amounts each year.
Settlement Funds Required For 2020
|Number of Family Members||Funds Required (in CAD)|
|Each additional family member||$3,492|
What Type Of Proof Is Accepted?
Fund 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.
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 and make sure to bring as much money as they can to make it easier for themselves to 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, in accordance with the Canadian customs regulations.
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