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Canada Enhances Settlement Funds Requirement For Skilled Workers

13 Jan 2018


canada-immigration-for-skilled-workers

The Settlement funds required for the immigrant category of New Skilled Workers Migrating Canada has been increased for the present year.

This regulation applies to the candidates of Federal Skilled Workers as well as Federal Skilled Trades programs, who are selected through the Express Entry System. Some candidates of Canadian Experience Class must also prove that they have enough settlement funds. These requirements are listed below:

Settlement Funds Required For Federal Skilled Worker and Federal Skilled Trades Programs

Number of Family Members 2017 Funds Required 2018 Funds Required
1 $12,300 $12,474
2 $15,312 $15,530
3 $18,825 $19,092
4 $22,856 $23,181
5 $25,923 $26,291
6 $29,236 $29,652
7 $32,550 $33,013
Each Additional Family Member $3,314 $3,361

 

Applicants are required to show that they have enough money to support themselves and the members of their family after they reach Canada. This does not apply when the applicant is presently authorized to work in the country and, possesses a valid job offer from a Canada based employer.

An important point to note is that the Applicants cannot borrow this money from any another person. They must use this money to cover the living costs for their family. This norm applies even when the family does not accompany the applicant to Canada.

Applicants must submit a proof to the visa office of Canada in their domicile countries that they have adequate money when they submit an application to Immigrate Canada

The amount required by the applicants to support their families depends upon the size of their families. There is an annual revision of this amount by authorities.

Facts of money needed by the Applicants when they Migrate to Canada

All Applicants should know the costs of living in the place of their choice when they settle in Canada.

The applicants must bring as much money as possible to lead an easy life in moving and finding a home in the country.

The applicants must declare to the authorities if they bring more than $10,000 Canadian dollars in Canada. This is based on the regulations of Canadian customs. In case Non-information by the applicants the authorities can find them or imprison them.

The Authorities allow the Applicants to Bring funds in:

  •        Cash
  •      Documents highlighting property/capital payable to the applicant like Stocks/ Bonds/ Debentures or Treasury bills
  •  Documents guaranteeing the specific payment of sums to the applicant, through Cheques, Bank drafts, Money orders and Travellers’ cheques

 

To find out if you are eligible to Move Canada permanently, Email us at info@opulentuz.com or call us 7207111222. One of our experts will meet your expectations and provide answers to queries.


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