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The Canadian government has increased the proof of funds requirements for two key Express Entry programs, including, Federal Skilled Worker Program and Federal Skilled Trades Program.
As per the updated settlement funds requirement, candidates must provide proof that they have certain savings to qualify in the above-mentioned Express Entry programs without a job offer.
Proof of funds shows that you have sufficient money to settle down in Canada and while applying for Canada PR, you must provide written proof that you have a certain amount of funds in your bank account.
As said, you need to provide proof of funds to meet the eligibility requirements of the following programs:
Please note,if you are applying under the Express Entry s Canadian Experience Class (CEC) program and have a valid job offer, then you don t need to provide a Settlement fund proof to qualify.
The total amount of money you must have in order to financially support your family basically depends upon your family size. While calculating the size of your family, you must include:
Please note, you must include your dependent children or spouse even if they’re Canadian citizens or permanent residents or even if they are not coming with you to Canada.
Please refer the table drawn below to know about the updated Express Entry Settlement Funds requirement you need to move to Canada:
| 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 |
| For each additional family member | $3,492 |
Please ensure that the funds are readily available and never use your real property equity as a proof of settlement funds. Also, any borrowed money from someone will not be counted as a proof of settlement funds. You can only use your money to pay for the living costs of your family, even if they are not coming with you to Canada.
If your spouse is also coming with you, then you can show his or her money together as a joint account.
For proof of funds, you must provide official letters from financial institutions or banks where you have kept your money.
Check: Canada Skilled Occupation List
Get in touch with a team of experienced and highly talented visa and immigration experts at Canada PR Avenue. They can help you get a better understanding about the Canada immigration programs and process.
This can help you take a better decision and prepare yourself in advance so that you can avoid committing any mistakes while filing your visa application.
To begin with, you may fill out the free assessment form and check your eligibility for the right PR visa program.
Canada PR Avenue is purely an online platform to share immigration knowledge and information. It is not associated with any of the Government Immigration agencies or embassies, moreover, it doesn’t deal in any kind of placement or job related services. The website of Canada PR Avenue is a subsidiary website of www.visasavenue.com, hence, any query received on this website will be handled by the Team of Visas Avenue Pvt Ltd.
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