Canada increases settlement funds requirement for 2020

Canada increases settlement funds requirement for 2020

Canadian Visa

You will now need to show more funds to qualify for a Canada Permanent Residency. Candidates applying under the Federal Skilled Trades Class and the Federal Skilled Worker Program need to show settlement funds when applying for Canadian PR.  

Settlement funds refer to a certain amount of savings that you must have to take care of yourself and your family in Canada. 

The settlement funds requirement for the FSWP and the FSTC categories have been increased for 2020. 

When applying under the Canadian Experience Class, you do not need to show settlement funds. 

The minimum amount that you need to show when applying for a Canadian PR depends on your family size. 

You can include the following family members when applying for a Canadian PR: 

  • The principal applicant 
  • The spouse or partner 
  • Their dependent children 
  • The dependent children of the spouse 

Married applicants must include their spouse and dependent children in their PR Visa application. They must include them even if they are already Permanent Residents or citizens of Canada. Even if they are not accompanying the principal applicant to Canada, they must be included in the PR Visa application. 

Here is the table of settlement funds needed for 2020: 

No. of family members  Funds requirement (in CAD) 
1  $12,960 
2  $16,135 
3  $19,836 
4  $24,083 
5  $27,315 
6  $30,806 
7  $34,299 
Each additional family member  $3,492 

Canada revises the settlement fund requirement every year. Even though the difference may be nominal, it is still vital to maintain eligibility for Canadian Permanent Residence. 

Y-Axis offers a wide range of Visa and Immigration products as well as services for aspiring overseas students including Study Visa for Canada, Work Visa for Canada, Canada Evaluation, Visit Visa for   Canada and Business Visa for Canada. We work with Regulated Immigration Consultants in Canada.   

If you are looking to Study, Work in Canada, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.   

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