An applicant for Express Entry program has to show a specific amount of fund to be eligible for Canada permanent residency. The government of Canada has made some changes in the requirement of settlement funds for Federal Skilled Trades Class (FSTC) and the Federal Skilled Worker Class (FSWC).
Aspiring immigrants who get the Invitation to Apply (ITA) by way of Canadian Experience Class (CEC) are not required to show settlement funds.
Applicants who have obtained permission to work legally in Canada and have a valid job offer from an employer in Canada are not required to fulfill the requirements of settlement funds.
These three Canadian immigration programs forms part of the federal economic programs. Applications that are received under these categories are evaluated according to the Express Entry selection system.
The amount of settlement funds that are required have been increased by a small margin i.e. by just more than 1% for each family member included.
Some experts are of the view that the eligibility of some of the candidates will be affected due to this increase.
It is for this reasons, new applicants are asked to cross check to make sure that the right amount of settlement fund has been shown.
This change in the requirement of settlement funds is applicable to only those applications that have been deposited on or after January 27, 2017. Previous rules will be applicable on the applications that have been submitted before this date.
Applicants are asked for settlement funds by the government of Canada as they want to make sure that the new immigrants who are coming here have sufficient funds to support themselves in the initial period. It should be noted here that the money belongs to the applicant and is not borrowed from anyone.
This settlement fund should not be in any other form except the following:
- Documents that indicate that a set amount of money that is payable to you. This include money orders, travellers’ cheques, cheque’s, bankers’ drafts etc.
- Documents that indicate capital or property that belongs to you. This can include debentures, bonds, stocks, treasury bills, etc.
The proof of funds for accompanying spouse / common-law partner by the primary applicant, however, these funds should be available for support as and when required. It is the responsibility of the primary applicant to show that sufficient funds are there to support accompanying people.