Canada updates settlement funds for FSWP, FSTP candidates

Canada has updated the settlement funds for Express Entry candidates who apply for permanent residence through the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). However, the settlement funds requirements remain the same for Express Entry candidates who have a valid job offer in Canada. Those FSWP and FSTP candidates who do not have a job offer need the following amounts to be eligible for immigration:

If you have already created an Express Entry profile under FSWP and FSTP and your funds documents show less than the above-mentioned amounts, you need to update your Express Entry profile before July 15, 2021. You may note that updating your profile will not change the date and time you created your Express Entry profile. So your rank will remain the same in a tie-breaker situation in Express Entry draw.

All-program Express Entry draw likely soon

The announcement has brought a ray of hope for FSWP and FSTP candidates as it indicates that Canada may soon hold an all-program Express Entry draw for the first time in 2021. Since the start of this year, the Immigration, Refugees and Citizenship Canada (IRCC) has been holding Express Entry draws only for Canadian Experience Class(CEC) and Provincial Nominee Program(PNP) candidates. In these two categories, many of the candidates need not submit proof of settlement funds as they have a job offer from Canada.

It is assumed that Canada is planning to resume all-program draws in the wake of improved public health situation in the country. Almost 75 percent of the Canadians are expected to be fully vaccinated against COVID-19 this month itself.

Canada stopped holding all-program Express Entry draws for the first time in March 2020, when the country went into lockdown following the outbreak of COVID-19. All-program draws were resumed in July 2020 when the number of COVID cases came down. Canada also held an FSTP draw in August 2020. So chances are high that Canada would resume all-program draws soon.

Settlement funds for Canada immigration

As proof of settlement funds, you must produce official letters from your bank or financial institution.

These documents must:

• Be printed on the letterhead of the financial institution
• Have the institution’s address, phone number and email
• Include your name
• Include the list of all your outstanding debts such as credit card debts and loans.
• Include details of each bank and investment account as well as average balance in the past six months.

The funds must be readily available for your disposal, both when you apply for permanent residence and when you are issued with a permanent residency visa. It means it should not be in the form of equity. Neither can you borrow it from another person.

If you are applying with your spouse, you may show the amount in your joint account as your settlement fund. You can also show an account in your spouse’s name, if you have access to this.

Wish to know more about eligibility requirements for Express Entry immigration? Connect with the Canada immigration experts of CanApprove now.