Canada updates Settlement Funds for Express Entry Candidates in 2020
A new year has come with new opportunities and changes in existing immigration programs and policies. The Federal government has decided to increase the amount of funds for Express Entry candidates in 2020. The Express Entry Program is one of the most popular immigration programs. It allows the entry of foreign nationals through its three immigration streams including, Federal Skilled Worker Class (FSWC), Federal Skilled Trades Class (FSTC) and Canadian Experience Class (CEC).
FSWC and FSTC immigration streams do not demand job offer; however, candidates need to show proof of funds to ensure that they are financially strong to bear their daily expenses in Canada after immigration. Settlement funds are not compulsory for CEC candidates as well as for candidates with a valid job offer from a Canadian employer.
The amount of funds to become eligible for Express entry depends on the number of the family members included on the application. According to IRCC, the application for Canadian permanent residence can include the following family members
- the principal applicant;
- their spouse or partner;
- their dependent children; and
- their spouse’s dependent children
Remember, either if spouses and dependent children have already possessed permanent residence, Canadian citizenship in Canada or they are not accompanied the primary applicant to Canada, it is necessary to include their names on the application
The updated list of amount of funds for FSWC and FSTC in 2020 is:
| Number of family members | Funds required (in Canadian dollars) |
| 1 | $12,960 |
| 2 | $16,135 |
| 3 | $19,836 |
| 4 | $24,083 |
| 5 | $27,315 |
| 6 | $30,806 |
| 7 | $34,299 |
| Each additional family member | $3,492 |
The previous list of amount of settlement for FSWC and FSTC in 2019 was:
| Number of family members | Funds required in Canadian dollars |
| 1 | $12,699 |
| 2 | $15,772 |
| 3 | $19,390 |
| 4 | $23,542 |
| 5 | $26,701 |
| 6 | $30,114 |
| 7 | $33,528 |
| Each additional family member | $3,414 |
Every year, Canada updates its minimum settlement fund requirements. Though the changes are small, yet they highly affect the eligibility of express entry candidates.
For further information, contact experts of countrywide visas. Countrywide visas is one of the fastest growing Immigration consultancy with a large, devoted team of Immigration experts offering hassle-free and professional services to its clients for filing their applications for various immigration programs.
You are welcome to call us or send us an email with your immigration questions and inquiries. You may contact us on 011-41075840 / 011-41045840 or leave a mail at info@countrywidevisas.com. You may also fill the Technical Assessment Form for free to get a call back from our Immigration Specialists. All you need to do is fill an assessment form and let our immigration experts assist you over the phone call or by meeting you in person and give you the best available options to fulfill your dreams of settling abroad.
Source@ CIC
