Are you planning to immigrate to Canada through the Express Entry system? If so, you need to be aware of the recent changes to the settlement fund requirement. The Canadian government has hiked the amount of settlement funds that skilled workers are required to show when applying for permanent residency programs under the Express Entry system.

Overview

Canada has recently updated the settlement fund requirements for skilled workers applying for permanent residency programs under the Express Entry system. The new rules apply to applicants under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs.

To be eligible, applicants must prove that they have the required funds, which depend on the size of the applicant’s family. The funds must be readily available to the applicant throughout the application process and cannot be borrowed from another person. The equity of fixed assets is not acceptable as proof of funds.

Here are the revised settlement fund amounts that you’ll need to show (in Canadian dollars):

• 1 person: $13,757
• 2 people: $17,127
• 3 people: $21,055
• 4 people: $25,564
• 5 people: $28,994
• 6 people: $32,700
• 7 people: $36,407
• Each additional family member: $3,706

Who is affected by the new rules?

The new settlement fund requirements apply to skilled workers who are applying for permanent residency programs under the Express Entry system, specifically under the FSW and FST programs.

Applicants who are currently working in Canada and have a valid job offer do not need to show proof of funds. Applicants under the Canadian Experience Class do not need to show proof of funds either.

What are the eligibility requirements for the Express Entry system?

The Express Entry system offers three categories for permanent residency: the Canadian Experience Class, Federal Skilled Worker Programme, and Federal Skilled Trades Programme.

The Canadian Experience Class is for people with Canadian employment experience gained three years before application. The Federal Skilled Worker Programme is for people with foreign working experience, taking into account their age, education, and employment history. The Federal Skilled Trades Programme is for workers with skills in construction, agriculture, and manufacturing.

How can Choice Immigration Services help?

Choice Immigration Services is the Best Immigration Agency in Edmonton. Our team of experienced and knowledgeable immigration consultants can guide you through the application process and help you meet all the requirements. We can help you determine which program is right for you based on your education and work history.

We understand that the new settlement fund requirements can be challenging to navigate, but we’re here to help. Our team can work with you to ensure that your application is complete and meets all the necessary criteria. We’re committed to helping you achieve your goal of permanent residency in Canada with the Best Immigration Services in Edmonton.

So, if you’re looking for the Best Immigration Company in Edmonton, look no further than Choice Immigration Services. Contact us today to schedule a consultation and get started on your journey to permanent residency in Canada.