Express Entry Candidates – How To Update Your Settlement Funds?

Express Entry candidates are required to update settlement funds in their profiles to be eligible for Canada permanent residence.

The funds required for Express Entry immigration have been updated for 2020. Certain individuals wishing to move to Canada under Express Entry are required to show proof of settlement funds.

Immigration, Refugees and Citizenship Canada said the deadline for applicants to update their Express Entry profiles is Feb 25, 2020.

After this date, profiles that do not show sufficient settlement funds will be considered ineligible.

An IRCC statement stated: “We have updated the table that shows how much money you need to settle in Canada. To remain eligible, you may need to bring up to date your settlement fund numbers in your Express Entry profile. The update must be done no later than Feb 25, 2020.

“Updating your express entry profile doesn’t change the date and time that we received it, so you will keep your rank if you are in a tie-breaker situation.”

Although Express Entry manages three main federal immigration programs, only skilled workers stream under the Federal Skilled Worker and Federal Skilled Trades programs must show that they have sufficient funds to settle in Canada.

Candidates under FST and FSW that are currently working in Canada AND have a valid job offer do not need to provide proof of funds. Likewise, candidates under the Canadian Experience Class do not need to show proof of funds.

What Settlement Fund Are Required?

The fund required depends on the size of the applicant’s family. This comprises the applicant, the spouse or common-law partner (if applicable), and or any dependent children.

A spouse or dependent children are included in the family size whether they are accompanying the principal applicants to Canada or not. They are also added even if they are permanent residents or Canadian citizens.

The immigration authorities typically revise these amounts each year.

What Settlement Funds Required For 2020?

Number of Family Members Funds Required (in CAD)
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299
Each extra family member $3,492

What Type Of Proof Is Accepted?

The amount recommended must be readily available for the applicant. Thus, the equity of fixed assets is not acceptable.

Funds have to be available throughout the application process, from submission to visa issuance.

Applicants should also note that they would not be able to borrow this money from another person.

The funds have to be under the main applicant’s name, or in a joint account with a spouse/common-law partner, as the case maybe.

You should however know that, proof of funds in the name of the applicant’s spouse/common-law partner cannot be used unless the main applicant shows they have access to the funds.

How Much Money Should Applicants Bring When They immigrate To Canada?

Applicants would need to conduct research on the costs of living or settling in Canada and make sure to bring as much money as they can to make it easier for themselves to find a place in Canada.

But, it is worth noting that applicants would have to declare if they are bringing more than $10,000 Canadian dollars into the country, in compliance with the Canadian customs regulations.