As of January 2019, candidates who wish to immigrate to Canada under the Federal Skilled Worker Program (FSW), Federal Skilled Trades program and many of the Provincial Nominee Programs under Express Entry will be required to have a little more money in the bank than before.
If you have already received an invitation to apply or have received an expression of interest from a province, then the amount of settlement funds required will be locked in for the previous settlement fund figures.
Although this increase is not substantial and it is not the first time this figure has been increased, this will have a direct impact on candidates who already have an Express Entry profile submitted or candidates who are currently in the process.
For current candidates who have already submitted their profile and are ONLY eligible for Federal Skilled worker stream may receive a message within their profile stating that their profile ineligible without being told the specific reason.
Candidates who are eligible for Federal Skilled Trades Category (FST) AND do not have a valid job offer may also receive the same message stating that their profile in ineligible.
Provincial Nominee applicants who are required to demonstrate settlement funds as part of their PNP applications will also be required to show that they have the updated amount.
Keep in mind that settlement funds are part of the eligibility for each of the above named programs. This means that if you cannot demonstrate that you have access to the minimum settlement funds, which is dependent on the amount of family members who are accompanying you to Canada, then you will not be eligible for the program.
The current and previous amounts of settlement funds required are as follows:
|Number of family members||2018 amount
(in Canadian dollars)
|Principal Applicant Only||$12,474||$12,669||$195|
|Each additional family member||$3,361||$3,414||$53|
*Candidates who are eligible for Canadian Experience Class will not be affected by these changes as there is no requirement to demonstrate settlement funds under the eligibility criteria.
** Candidates who are eligible for the Federal Skilled Worker Program (FSW) program or the Federal Skilled Trades Program (FST) who also have a valid job offer AND are currently working for the employer who offered the job AND their employer is listed on their work permit will not be affected by these changes.
*** Applicants are only required to have settlements funds at the time the application for permanent residency is submitted. Applicants are not required to have the settlement funds at the time they create their Express Entry profile.