Settlement Funds Requirement Increases under Express Entry

Following the New Year, The government of Canada has brought a change in the Express Entry system. From now on, candidates under the Express Entry system will show their settlement funds but the amount to be displayed to the government will be raised by just over 1.5% for each family. This eventually will mean that a single person arriving in Canada will have to now show $12,669. Earlier the settlement funds requirement was $12,474.

If we talk about Federal Skilled Worker Class and the Federal Skilled Trades Class, the candidates will have to show proof of funds require ensuring that the applicant and accompanying family members have the funds to stay in Canada as permanent residents.

However, Canadian Experience Class Candidates working in Canada on work permits are exempt from having to prove settlement funds, but Candidates invited to apply for Canadian Permanent Residence through Federal Skilled Worker Class will have to show proof of funds.

If we talk about the funds, according to the new changes, the funds must be readily available when a candidate applies for permanent residency once issued. Equity on real estate will not be considered as proof and if the money is held in a joint account with accompanying spouse or partner, then the candidate can apply those under settlement funds if the candidate can access the respective funds.

Thus, Express Entry candidates will now have to update their profiles as even the changes are small, it can hugely affect a candidate’s eligibility if the funds are not up to the required amount. The IRCC has also asked exempt candidates to update their proof of funds as they can be eligible for more than one program. According to the words of IRCC, “You don’t always know ahead of time which program you will be invited under”.

Following are the increases in 2019 according to the number of family members.

Please edit this table

Number of family members 2018 amount
(in Canadian dollars)
2019 amount Increase
1 $12,474 $12,669 $195
2 $15,530 $15,772 $242
3 $19,092 $19,092 $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

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