Canada has increased the number of settlement fund requirements for migrants who applied under FSWP and FSTP through Express Entry.
These changes applied to Individuals who have applied to Express Entry in the FSWP (Federal Skilled worker Program) and FSTP (Federal Skilled Trade Program). CEC (Canadian Experience Class) candidates who are authorized to work in Canada or who have already a valid job offer in Canada do not need to apply for this settlement. Keep your funds updated in your profile,” IRCC is advising potential immigrants.
The new requirements for FSWP and FSTP candidates are given below:
Settlement fund for FSWP and FSTP Candidates:
|Number of Family Members||2020 Funds Required||2021 Funds Required||2022 Funds Required|
|Each additional family member||$3,492||$3,560||$3,586|
If you have less than the above amounts shown in your documents, you have to update your profile by June 8. Updating your profile in Express Entry does not the date and time that your profile was obtained by IRCC. This is important at the time of the tie-break rule when it is imposed by IRCC. Those candidates whose CRS score is minimum are only invited if their profile is updated on or before a certain date provided by IRCC in each invitation round.
The money should be readily available to both of you when you apply and if you get a permanent resident visa. After arriving in Canada, you have to prove to the officer of migration that you are legally able to access the money.
You have to be able to pay your living cost along with your family, even those that are not coming with you. If your spouse is visiting, you can count the money you have in the joint account. If you are able to access it through an account in their name, you will have to prove that you have access to the funds.
You should note that you cannot borrow money from someone else, and also you can’t use the equity of the property as proof of settlement fund.
Proof of fund accepted by IRCC
You need an official letter as proof from any bank or financial institution where you keep the money.
- to be printed on the letterhead of the financial institution;
- include information of their contact such as (address, telephone number, and email address);
- Please include your name;
- List of outstanding debts, such as debt of credit card and loan amount.
- Include every current account of the bank, the number of accounts, the opening date of the account, current balance, and average balance over the last six months.
How much money applicants need depends on the size of their families. Every year these amounts are revised by Ottawa. Candidates should research the cost of living where they want to live in Canada with their families.
Typically, officials allow applicants to bring in money in the form of cash, documents that highlight the property such as stocks, treasury bills, bonds, and debentures, and documents of a specific amount of money that is a guarantee of payment such as cheques, drafts of banker’s, money order, and cheques of travelers.
CEC and FSWP draws
According to Immigration Minister Sean Fraser, Canada will once again invite Express Entry candidates who are eligible for the FSWP and CEC in early July. Draws have been stopped from December 2020 for FSWP candidates and from September 2021 for CEC candidates.
The immigration minister also said that the processing time for new express entry applicants would revert to the standard six months at that time. Processing times in most areas of occupations could return to normal by the end of 2022.