Welcome, 2020, with changes in settlement fund requirement for two Express Entry programs – Federal Skilled Worker Program & Federal Skilled Trades Program.  

 

Express Entry pathway is one of the most popular immigration routes to Canada. The federally managed immigration system runs three programs- Federal Skilled Worker Program (FSWP); Federal Skilled Trades Program (FSTP) & Canadian Experience Class (CEC). Some of the Provincial Nominee Programs (PNP) also have at least one stream linked to the federal Express Entry system. 

 

A foreign skilled worker willing to migrate to Canada can do so without a job offer under FSWP or FSTP. However, prospective immigrants need to prove their financial stability, otherwise known as settlement funds, in terms of monetary value as specified by IRCC. 

 

Settlement Fund requirement- Updated in 2020

The size of your family included in the application will determine the settlement fund you are required to commit. The members of the family who can be included in the application for permanent residence in Canada through Express Entry programs are: 

 

  • the principal applicant;
  • their spouse or partner;
  • their dependent children; and
  • their spouse’s dependent children.

 

Complete this free assessment to evaluate your chances of making through the Canadian immigration. 

 

Family members

Required funds (Canadian dollars)

1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299

 

You may have to pay $3,492 more for each additional family member under the Express Entry programs in concern.   

 

Settlement funds are required for those applying under the Canadian Experience Class (CEC) and those with a valid job offer. Canada 

 

Federal Skilled Worker Program (FSWP)

FSWP is Canada’s primary economic pathway to Canada for foreign skilled workers who are willing to make a career & settle permanently in the country. It begins with making an Expression of Interest through the Express Entry system online. 

 

The minimum eligibility criteria to qualify under FSWP include: 

  • One year of work experience in a skilled occupation classified under the  National Occupational Classification (NOC) skill level 0, A or B
  • Language proficiency in English or French and validated under the Canadian Language Benchmark (CLB) 7  
  • Must hold a valid Canadian educational credential (certificate, diploma, or degree) or foreign credential and Educational Credential Assessment (ECA) report.

 

The potential candidates must also meet the minimum requirements for core human capital criteria like age, work, language ability, education. At least 67 points under the program’s 100-point grid are mandatory for qualification. 

 

Federal Skilled Trades Program (FSTP)

The foreign nationals experienced in skilled trade may get a chance to permanently settle in Canada through FSTP. Such skilled trade may be Industrial, electrical, construction trades, supervisors, chefs, bakers, etc. 

 

It all begins with an Expression of Interest through the online Express Entry system. The profiles are then ranked based on the Comprehensive Ranking System (CRS) score of the candidates. FSTP candidates may qualify even with a low minimum CRS score.    

Canada updates the settlement fund requirements every year. Stay ahead of the Canadian immigration race by getting in touch with your Canada Immigration Consultant.

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