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Increase in settlement funds required for Canada Skilled Immigration

Canada PR applications

The Government of Canada has introduced a slight increase in the settlement funds required for skilled immigration to the country. Settlement fund is a proof that you have enough financial capacity to support yourself and your family while you settle in Canada. The changes have been introduced to the applications for immigration through the Federal Skilled Worker Class (FSWC) and Federal Skilled Trades Class (FSTC). Though the government has introduced only a slight increase in required funds, it may affect the eligibility of candidates.
The settlement funds are updated annually. The table below shows the annual increase of settlement funds in the past three years(All sums in Canadian dollars):

Number of Family Members 2016 Funds Required 2017 Funds Required 2018 Funds Required
1 $11,931 $12,300 $12,474
2 $14,853 $15,312 $15,530
3 $18,260 $18,825 $19,092
4 $22,170 $22,856 $23,181
5 $25,145 $25,923 $26,291
6 $28,359 $29,236 $29,652
7 or more $31,574 $32,550 $33,013

The amount required as settlement funds changes according to the size of your family. Your family includes:

  • yourself
  • your spouse or partner
  • your dependent children and
  • your spouse’s dependent children

It is ideal for the applicants to keep track of these changes and update the funds accordingly in the profile. It is possible that the selection authorities consider your application for more than one program. If you haven’t shown enough funds, it may lead to losing a great opportunity.

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