Before moving on to talk about the Canadian Government’s decision to increase settlement fund cap for the Canada Express Entry program candidates, it is important to know about the settlement funds in details.
What is the settlement fund?
Before you migrate to Canada, you must prove to the Canadian Government that you have sufficient amount of money to sustain yourself in the country.
The changes in the settlement fund
Recently, the Government of Canada has raised the limit of the settlement fund for the express entry candidates by around 1.5 % for each family. An individual opting for Canada express entry for him/her will now have the requirement of an amount of $12,669.
The applicants for the category of Federal Skilled Worker Class and Federal Skilled Trader Class must submit the proofs related to the settlement fund before applying for permanent residency in Canada. The primary applicant and the accompanying family members and relatives must prove their sustainability before they can apply for the Canada PR. However, the proofs of settlement funds are non-mandatory for experienced class candidates who already have work permits.
Here are details of settlement fund for Canada Express Entry as decided in 2019
|Number of Family Members||Required Amount in Canadian Dollar|
For each member
What amount of money is required for the applicants of Federal Skilled Worker Class or Trader class in Indian currency?
- For single/unmarried applicants the settlement fund amount is Rs.7, 00,000
- For married applicants the settlement fund amount is Rs.7,00,000 for the principal applicant, Rs.1,50,000 for spouse and Rs.1,50,000 for each kid
The Government of Canada acknowledges liquid assets as proof of settlement fund, like;
- Bank balance in form of deposits or cheques
- Stocks, for e.g. debentures, bonds, shares or treasury bills
Important advice for the Canada Express Entry candidates
- The candidates opting for express entry must keep their profile updated to ensure their settlement fund amount does not fall out of the eligibility threshold
- The funds that are displayed as proof of settlement must be acceptable by the immigration department of Canada. A borrowed fund, real estate, equity are not accepted.
- The candidates must ensure the funds are readily available during the PR processing
- Funds in spouse’s account or under his/her entitlement can be utilized to fulfill the requirement of the settlement fund.
Submitting proof of settlement fund is one of the most essential factors to ensure your entry and stay in the country. Kansas Overseas Careers immigration consultants are the right choice to guide you with this. For more information, call our Canada Visa Consultants today!!