IRCC has updated its settlement fund table for Skilled Immigrants applying under the Express Entry program for 2020. The revised table which updates every year, appears below.
| NUMBER OF FAMILY MEMBERS | FUNDS REQUIRED |
|---|---|
| 1 | $12,960 CAD |
| 2 | $16,135 CAD |
| 3 | $19,836 CAD |
| 4 | $24,083 CAD |
| 5 | $27,315 CAD |
| 6 | $38,806 CAD |
| 7 | $34,299 CAD |
FOR EACH ADDITIONAL FAMILY MEMBER, ADD $3,492
Candidates are reminded to update their settlement fund numbers in their Express Entry profile to reflect the new table amounts.
Proof of settlement funds are used by the IRCC to prove a candidate has enough money to settle in Canada for living expenses when they arrive. Once an Invitation to Apply (ITA) is issued, proof of funds must be submitted via written proof. Those applying under the Canadian Experience Class or are on a valid work permit with a valid job offer need not provide proof of funds. through a minimum of 6 months bank statements to prove they have the required settlement funds. The funds must be readily available, unencumbered and cannot reflect equity in a house. The funds may not be borrowed and must be available when you apply and are issued permanent residence.
For proof, the candidate must obtain official letters from all banks or financial institution money is held, for a period of 6 months.
Letter(s) must
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account, the
- account numbers
- date each account was opened
- current balance of each account
- average balance for the past 6 months
The amount of money required depends on the size of the family. To calculate the size of the family, you must include the following members:
- the candidate
- spouse or partner
- dependent children and
- spouse’s dependent children
IRCC tables are simply a guideline. Applicants for permanent residence are urged to research the Province they wish to settle in Canada and determine the cost to purchase a home, rental rates, and overall cost of living. Be prepared for your settlement into Canada and ensure you bring as much money as you will need.
We are here to help you with pre-settlement and post-settlement issues. If you have any questions, contact us at the Poonah Immigration Law Firm.
