Canada Immigration releases new settlement fund requirements for all EE applicants

Canada immigration department just released the updated amount of settlement funds for all Express Entry candidates. This was after the announcement that the Express Entry draws for Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) are already on the way.

The said changes pertain only to all Express Entry candidates under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trade Program (FSTP) however, candidates who hold a valid job offer in Canada does not include in these changes.

Below are the amounts needed for all the candidates under Federal Skilled Worker Program (FSWP) and Federal Skilled Trade Program (FSTP) who do not have a valid job offer from a Canadian employer:

Number of family members Funds required in CAD
1 $13,213
2 $16,449
3 $20,222
4 $24,553
5 $27,847
6 $31,407
7 $34,967
Each additional family member: $3,560

Candidate must update their profile if the proof of funds submitted show less than what is stated above and must be done no later than July 15, 2021.

Due to the pandemic measures in Canada, immigration has only been holding draws for candidates under Canadian Express Class (CEC) and Provincial Nominee Program (PNP); so for the first time in 2021, Immigration, Refugees and Citizenship Canada (IRCC) is planning to hold a draw for Express Entry candidates under FSWP and FSTP.

To prove a candidate’s settlement funds, an official letter from a financial institution is needed as proof and must include:
• List of your outstanding debt such as credit card debts and loans
• Actual numbers, date that each account was opened, current balance of each account and the average balance for the past six months
• Must include your whole name
• Must include the institution’s address, phone number and email address
• Must be printed on the financial institution’s letter head

When Immigration, Refugees and Citizenship Canada (IRCC) issues you a permanent visa, the said funds must be readily available.