The federal government has increased the amount of funds that certain skilled workers need in order to immigrate to Canada.
Prospective immigrants need to prove that they have a certain amount of savings in order to qualify without a job offer in the Express Entry-managed Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).
Settlement funds are not compulsory for those applying under the Canadian Experience Class (CEC) and those with a valid job offer.
The amount of funds needed depends on the size of the family included on the application. According to Immigration, Refugees, and Citizenship Canada (IRCC), the following family members can be included on an application for Canadian permanent residence:
- the principal applicant;
- their spouse or partner;
- their dependent children; and
- their spouse’s dependent children.
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 following amounts have been updated for 2020:
| 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 |
Canada updates the minimum settlement fund requirements every year. Though the changes may be small, they may affect the eligibility of applicants.
Find out if you are eligible for any Canadian immigration programs
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