With entering the new year, Canada updates the settlement funds requirement for FSW and FSTP

IRCC, Canada announces the latest change in the funds section of the requirements section which every immigrant needs to show through their savings, fixed deposits etc. Eligible skilled worker needs to have a specific amount of savings in their account to be eligible for two major programs managed by the Express Entry System namely the Federal Skilled Worker Program or Federal Skilled Trades Program.

Canadian Experience Class is the only Program where funds are not to be shown for a visa. Also, individuals with job offer have the same provision of not showing up any funds to move to Canada as a PR. Funds are decided on the basis of the size of the family. IRCC approved family includes the below mentioned family members:

  • The Principal Applicant
  • Their Spouse Or Partner
  • Their Dependent Children
  • Their Spouse’s Dependent Children

Kindly note: Spouses and dependent children must be included on the application even if they are already permanent residents or Canadian citizens, or if they are not coming to Canada with the applicant.

The year 2020 have updated the funds requirements to:

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
Each additional family member $3,492

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