Settlement Funds: A Brief Overview
What is a Settlement Fund? – Settlement Fund is the amount of money that an applicant requires in order to support himself and his family members in Canada. Immigration candidates need to have enough money to pay for initial costs, such as accommodation, food and other things. Settlement Fund is the amount that a person owns in the form of Savings in Banks, fixed deposits, stock investment, mutual fund and provident fund. Assets are not included in the list of Proof of Funds (POF). An applicant must have the ownership of settlement fund. It can not be borrowed from any other person. And, it is mandatory to provide documents such as bank statements. Note: If a candidate has a genuine job offer, he/she is exempt from the necessity to have settlement fund. The Express Entry system enables the applicants to apply for permanent residence through its three major immigration programs:- Federal Skilled Worker Class
- Federal Skilled Trades Class
- Canadian Experience Class
| Number of family members | 2019 amount (in Canadian dollars) | 2020 amount | Increase |
| 1 | $12,669 | $12,960 | $291 |
| 2 | $15,772 | $16,135 | $363 |
| 3 | $19,390 | $19,836 | $446 |
| 4 | $23,542 | $24,083 | $541 |
| 5 | $26,701 | $27,315 | $614 |
| 6 | $30,114 | $30,806 | $692 |
| 7 | $33,528 | $34,229 | $701 |
| Each additional family member | $3,414 | $3,492 | $78 |
- The principal applicant;
- Dependent children of the principal applicant;
- Spouse or partner; and
- Spouse’s dependent children



