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New Settlement Funds Requirement Announced for Key Express Entry Programs in 2020

March 25 , 2020 By Rajneesh Kumar

IRCC updated Express Entry minimum settlement fund requirements

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.

How Much Proof of Settlement Funds You Need in 2020?

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:

  • yourself
  • your dependent children
  • your spouse or partner
  • your spouse’s dependent children

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.

Updated Express Entry Settlement Funds Requirement

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


What is Accepted as Proof of Settlement Funds?

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.

All the letters must:

  • be printed on the official letterhead
  • include contact details
  • include your full name
  • list of any of your outstanding debts like credit card debts or loans
  • include your account numbers, opening date of each account, current balance and 6 months average balance

Proof of funds documents can include:

  • Cash
  • Documents that show capital payable or property, like, stocks, debentures, bonds, treasury bills
  • Documents that guarantee certain amount of money payment, which are payable to you like, banker s drafts, cheques, money orders, travellers’ cheques

Check: Canada Skilled Occupation List

Wish to Apply for Canada PR Visa in 2020? Keep yourself updated about the changes in advance!

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.


Free Visa Assessment Form