Changes to settlement funds under Express Entry
Dear Mr Brown,
I heard that the amount of money for the Express Entry application has been changed. Please let me know the new figures that we need to work with.
–MB
Dear MB:
Thank you for your query. The financial requirement is very important. I will discuss the proof of settlement funds in general and the specific changes.
SETTLEMENT FUNDS
Proof of settlement funds is mandatory for Federal Skills Worker Programme and Federal Skilled Trades Programme under Express Entry. However, applicants under these categories would not need to prove settlement funds, if they have authorisation to work in Canada with a valid job offer. Proof of settlement funds does not apply to Canadian Experience Class.
The funds demonstrate that applicants have sufficient funds to settle in Canada. The funds are for paying the costs of living for the applicant’s family, whether or not family members are accompanying the principal applicant.
The funds must be liquid and readily available, as opposed to including assets such as real estate. Applicants must have legal access the money to use in Canada upon arrival. Please note that the funds cannot be borrowed. The proof of settlement funds must be an official letter from a bank or financial institution, printed on letterhead.
CHANGES TO SETTLE FUNDS
Immigration, Refugee, and Citizenship Canada (IRCC) has updated the settlement funds requirement for Express Entry, which will come into effect on June 9, 2022.
Existing Express Entry profiles have until June 8, 2022, to update their settlement funds to stay eligible for upcoming draws.
Settlement funds for express entry depends upon the size of the applicant’s family. Size of the family must include:
• Applicant
• Spouse or partner of applicant
• Dependent children and
• Spouse’s dependent children
As stated previously, a spouse or dependent child must be included:
• Even if they are Canadian citizens or permanent residents; or
• Whether they are accompanying the applicant to Canada.
The new requirements are as follows:
• 1 family member: $13,310 CAD
• 2 family members: $16,570 CAD
• 3 family members: $20,371 CAD
• 4 family members: $24,733 CAD
• 5 family members: $28,052 CAD
• 6 family members: $31,638 CAD
• 7 family members: $35,224 CAD
• Each additional family member: $3,586 CAD
Please visit JAMAICA2CANADA.COM for additional information on Canadian Permanent Residence programs, including Express Entry, The Study & Work program, Visas or Appeals, etc.
Antonn Brown, BA, (Hons), LLB, MSC, RCIC, is an immigration counsel and an accredited Canadian education agent of JAMAICA2CANADA. COM—A Canadian immigration & education firm in Kingston. Send questions/ comments to documents.jamaica2canada@gmail.com