The settlement funds that are required by applicants under the Federal Skilled Trades Class (FSTC) and the Federal Skilled Worker Class (FSWC) have been updated by the government of Canada.
Aspiring immigrants will not be required to show settlement funds when they receive Invitation to Apply (ITA) as per the Canadian Experience Class (CEC).
Individuals who have the permission to work in Canada and they have been employed in Canada with a valid job offer do not have to fulfill the requirements of settlements funds.
The federal economic programs comprises of these three Canadian immigration programs. Applications in these programs are received through the Express Entry selection system.
The requirement of settlement funds has been increased only by a small margin that is just more than 1 percent for each family size. It has been said that even this small increase will affect the eligibility of some of the candidates.
All the applicants are asked to double-check the latest numbers to make sure that the requirement of funds has been fulfilled.
This requirement of new settlement funds will be applicable to only those applications that have been submitted on or after January 27, 2017. Applications that have been submitted before this date will be assessed as per the previous rules.
The government of Canada asks for settlement funds from applicants as they want to make sure that the applicant and his family will be able to support themselves financially during the initial period. It should be noted here that the money should not be borrowed from any person.
These funds for settlement should be in the form of:
- Documents that indicate that a set amount of money that is payable to you. This include money orders, travellers’ cheques, cheque’s, bankers’ drafts etc.
- Documents that indicate capital or property that belongs to you. This can include debentures, bonds, stocks, treasury bills, etc.
The proof of funds for accompanying spouse / common-law partner by the primary applicant, however, these funds should be available for support as and when required. It is the responsibility of the primary applicant to show that sufficient funds are there to support accompanying people.
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