The federal government of Canada announced that there will be a slight increase in the settlement funds requirement for the year 2019. This increase is about 1.5% over last year’s level for each family. The IRCC insisted that all the applicants under Express Entry must ensure that their profiles meet this requirement.
Candidates applying under Federal Skilled Worker Class and the Federal Skilled Trades Class should produce proof of funds while creating their Express Entry profile. These funds are required to ensure that the primary applicant and dependents who would accompany them will be able to financially support themselves in Canada when they get PR visa.
According to the changes introduced, a single candidate with no dependents would be having a fund of $12,669 which was $12,474 last year.
The candidates already working in Canada qualify for Canada PR under
A primary applicant's spouse or partner, parents, children and spouse’s children are all considered dependents. Children or a family member under the age of 22 years is considered as dependent.
If one dependent is accompanying the primary
The IRCC emphasized that the updated threshold may be a minor change, but it is necessary for Express Entry candidates to adjust their proof of funds accordingly. If not, their application will not meet the requirements set by the federal government. They also encouraged the exempted candidates to upgrade their proof of funds to ensure that they qualify for more than one program under the Express Entry program considering that the federal government may invite candidates under various programs and streams depending on policy upgrades.
As a part of the permanent
Borrowed funds and equity
Last but not the least, official proof of funds letters must be obtained from the banks or financial institutions where the money is kept, in order to verify that the candidate has the funds which he claims to have.
Number of family members |
2018 amount |
2019 amount |
Increase |
---|---|---|---|
1 |
$12,474 |
$12,669 |
$195 |
2 |
$15,530 |
$15,772 |
$242 |
3 |
$19,092 |
$19,390 |
$298 |
4 |
$23,181 |
$23,542 |
$361 |
5 |
$26,291 |
$26,701 |
$410 |
6 |
$29,652 |
$30,114 |
$462 |
7 |
$33,013 |
$33,528 |
$515 |
Each additional family member |
$3,361 |
$3,414 |
$53 |