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Canada has revised the Settlement Funds Requirement for Express Entry FSW and FST Category

Posted - 03, Jan 2020

The federal government of Canada has revised the settlement funds requirement for the two main categories of Federal Express Entry Immigration System. With the start of the New Year 2020, updated or new settlement funds requirement will be applicable to the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) categories of the express entry system.

New Settlement Funds Requirement for Express Entry

The settlement fund is the amount of funds that skilled workers need to demonstrate in order to immigrate to Canada through an immigration program, such as, Express Entry System.

Though, Express entry allows the applicants to apply for Permanent Residence Visa in Canada, however, the prospective immigrants need to show that they have a certain amount of savings, when they land in Canada. Hence, it is compulsory to qualify for the Express Entry-managed Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).

What is updated Settlement Funds Requirement?

The amount of required funds is based on the size of the family included in the PR application. As per IRCC (Immigration, Refugees, and Citizenship Canada), the family members, who can be included in the Canada PR application are as follows:
  • the principal applicant;
  • their spouse or partner;
  • their dependent children; and
  • Their spouse's dependent children.
Spouses and dependent children needs to be included in the application even if they are already Canadian citizens or permanent residents, or if they are not accompanying the primary applicant to Canada.For the year 2020, following amounts are applicable:

Updated Express Entry Settlement Funds Requirement

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

Canadian government every year revise the minimum settlement fund requirements. Though the change in the amount may be small, however, it can impact the eligibility of a candidate.

Who is exempt from Settlement funds requirement?

The people who are applying under Canadian Experience Class (CEC) or the applicants with a valid job offer don't compulsorily need to have settlement funds.

Express Entry is the fastest way to apply and obtain Canadian permanent residency that too without job offer requirement. The provincial nominee program of Canada also a good immigration program to apply Canada PR.

Apply Canada PR through Visas Avenue Immigration Expert

The year 2020 is the best year to apply Canadian PR visa with relaxed process requirements and increased immigration target by Canadian government?

You can prepare your immigration file to apply in Express Entry or PNP this year.Contact the trusted Visa Advisors and experts at Visas Avenue to get complete process assistance in visa filing, documentation, selection of right program, etc.

Visas Avenue is a leading Canadian Visa Consultancy Company in India. To start your immigration process now, you may call Visas Avenue migration experts on Toll Free Number- 78-18-000-777. Moreover, to get your eligibility checked and subsequently, receive a call from the visa expert, you may fill the free assessment form.

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