IRCC Increases Settlement funds for PR Candidates
Affecting January 5 2018 Immigration, Refugees and Citizenship Canada (IRCC) in its revisions to the amount of settlement funds has introduced an increase of 1.4 per cent in required funds for all 3 Express Entry economic immigration classes.
A 1.42 per cent increase was implemented January 5, 2018, that raised the minimum amounts required as follows:
|NUMBER OF FAMILY MEMBERS||2017 AMOUNT
(IN CANADIAN DOLLARS)
|Each additional family member||$3,314||$3,361||$47|
With regard to these amounts it is necessary for the successful applicants for PR to support themselves and their family while they settle in Canada. Family members include a spouse or partner, dependent children and the dependent children of a spouse or partner. IRCC considers a dependent child to be any family member under the age of 22.
When determining the size of your family, applicants must include those who will be accompanying them to Canada as well as those who may not be.
Comparatively small change in the revised amount but it can have relatively a big impact from an eligible and an ineligible profile in the Express Entry pool, to your application for permanent residence being approved or rejected.
It is important for all the candidates coming in the Express Entry pool i.e. through Federal Skilled Worker and Federal Skilled Trades or Canadian Experience Class to make sure that Express entry profile is updated and the required amount of fund is readily available with them.
Such funds can be in the following forms:
- Documents that show property or capital payable to the applicant, such as stocks, bonds, debentures and treasury bills.
- Documents that guarantee payment of a set amount of money, which are payable to the applicant, such as banker’s drafts, cheques, travellers’ cheques and money orders.
For proof, IRCC says an applicant must get official letters, balance sheet or bank statement from any Banks or financial institutions where they are keeping money. These letters must include details of any outstanding debts such as credit cards and loans and the current balance of their account(s) and the average balance for the past six months.
IRCC specifically says that the funds cannot be borrowed from another person and the applicant will be asked to explain any large, amount of transfers into an account.
If a candidate is accompanied by a spouse or partner, and there funds are held in a joint account, it can be applied to the required amount and if funds are held in an account in the name of their spouse’s only, it can be applied to the required amount but in this case, proof must be provided that the applicant has access to these funds.
The only exemptions to the proof of funds need are granted to Express Entry candidates who are already working in Canada and have a valid job offer.