The settlement fund requirement for two Different Express Entry programs

by Dilip Patel
Settlement Fund For Express Entry

The new proof of funds required to define eligibility for Federal Skilled Worker Program and Federal Skilled Trades Program candidates in 2021.

The federal government has increased the amounts of funds that certain skilled workers need to immigrate to Canada.

Encouraged newcomers need to demonstrate that they have a special amount of savings to fit outwardly a job offer in the Express Entry-managed Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).

The establishment of funds is not necessary for those bearing the Canadian Experience Class (CEC) and those with a valid job offer.

The amount of funds required depends on the size of the family involved in the form. According to Immigration, Refugees, and Citizenship Canada (IRCC), the following family members can be covered 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 added to the application even if they are already permanent residents or Canadian citizens, or if they are not arriving in Canada with the applicant.

The following fund amounts have been updated for 2021:

Number of family members Funds Required (in Canadian dollars)

Family Size
Requirement Of Fund in CAD
1
$12,960
2
$16,135
3
$19,836
4
$24,083
5
$27,315
6
$30,806
7
$34,299
Extra Each Family Member
$3,492

Canada modernizes the minimum settlement fund demands every year. Though the modifications may be small, they may affect the eligibility of candidates.

Contact us For Federal Skilled Worker Program and Federal Skilled Trades Program.

 

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