May 29, 2024 12:30 AM

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Canada Revises Settlement Funds Criteria for Express Entry Candidates

Skilled workers applying for permanent entry through the Express Entry system will require fulfilling new criteria for settlement funds.

The Canadian government announced new settlement funds criteria for Express Entry candidates applying under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). Candidates seeking permanent residency through the Canadian Experience Class pathway of the Express Entry system need not show proof of funds.

Immigration, Refugees and Citizenship Canada (IRCC) mandates proof of settlement funds for applicants and accompanying family members. The amount of settlement funds varies according to the immigrant applicant’s family size. The accompanying family members of the applicant may comprise a spouse, a common-law partner, and dependent children.

IRCC counts family members of the applicant living in Canada as permanent residents or citizens in the applicant’s family size.

These are the amounts of settlement funds as per the size of the family:

  • $13,757 – One member
  • $17,127 – Two members
  • $21,055 – Three Members
  • $25,564 – Four members
  • $28,994 – Five members
  • $32,700 – Six members
  • $36,407 – Seven members
  • $ 3,706 – for every additional member

The new rule of settlement funds will not impact skilled workers having a valid job offer and employment under the Federal Skilled Trades Program and Federal Skilled Worker Program. 

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