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Increase in settlement funds requirements for FSWP, FSTP candidates

Increase in settlement funds requirements for FSWP, FSTP candidates
Posted May 16, 2022

Canada has decided to increase the settlement fund requirements for the applicants of Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) under Express Entry. The Immigration, Refugees and Citizenship Canada(IRCC) has instructed that the Express Entry candidates under these two programs must update their settlement fund numbers in their Express Entry profile, in order to stay eligible. The update has to be done before June 8, 2022. This change is significant in the context where Canada is planning to resume Express Entry draws for FSWP, FSTP and CEC candidates in July.
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The Express Entry candidates who have applied under the Canadian Experience Class program and those who are authorised to work in Canada and those who already have a valid job offer need not show the higher level of settlement funds, irrespective of whether they have or have not applied under FSWP or FSTP. With the latest increase, the funds required for a single applicant has now become $13310. The funds required for dependent family members have also been increased.

Settlement funds required for FSWP and FSTP programs:

Number of Family Members

Funds Required(2021)

Funds Required(2022)

1

$13,213

$13,310

2

$16,449

$16,570

3

$20,222

$20,371

4

$24,553

$24,733

5

$27,847

$28,052

6

$31,407

$31,638

7

$34,967

$35,224

Each additional family member

$3,560

$3,586

 

Applicants must keep in mind that borrowed money should not be used to meet the settlement fund thresholds. The settlement funds must be used to cover the cost of living of the family in the initial months after settling down in Canada. The settlement funds must also be readily available both when the candidate applies for immigration and when the PR visa is issued to them. As a proof, they must submit official letters from banks or other financial institutions.

The letter must meet the following conditions:

  • It should be printed on the letterhead of the issuing financial institution
  • It should include the address, telephone number and email ID of the issuing financial institution.
  • It should include the name of the applicant
  • It should list the outstanding debts of the applicant such as credit card debts and loans.

It should also include the following details of the bank accounts (For both current and savings accounts):

  • Account number
  • Date of opening of the account
  • Current balance in each account
  • Average balance in the past six months.

Canada revises the settlement fund requirements for immigration applicants every year. The settlement funds depend on the size of the family. However, the applicants must do a research to find out the actual cost of living in Canada before moving to the country. If they are bringing more than $10000, they must declare it as per the Canadian customs regulations. The applicants can bring the funds to Canada in the form of cash or documents such as stocks, bonds, debentures or treasury bills. They can also bring documents that guarantee payment of a specific amount of money that include bankers' drafts, cheques, travellers' cheques and money orders.

Do you wish to know more about Canada migration? Connect with the Canada immigration consultants of CanApprove. Contact now!

 
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