Slight Change made to Settlement Funds Requirement for Skilled Immigration to Canada

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Slight Change made to Settlement Funds
Requirement for Skilled Immigration to Canada
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Applicants for immigration to
Canada through certain federal skilled
immigration categories under the Express Entry
selection system will have to demonstrate
slightly more settlement funds when making an
application. The new requirement came into effect
on January 12, 2016. Though the increase is small
just under two percent, around the rate of
inflation in Canada there is a possibility that
it could affect some candidates eligibility.
Consequently, all candidates are encouraged to
double-check the new figures. Candidates who
receive an Invitation to Apply under the Canadian
Experience Class are not required to show
settlement funds. In addition, candidates
authorized to work in Canada and who have a valid
job offer from an employer in Canada are not
subject to the settlement funds requirement.
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Immigration, Refugees and Citizenship Canada
(IRCC) stated that certain candidates who
completed an Express Entry profile before January
27, 2015, and who are subject to the settlement
funds requirement, may have received
correspondence that their profile has been
reassessed under the new requirement. Individuals
who have received an Invitation to Apply and
submitted an e-application to the government of
Canada are not subject to the new requirement if
these applicants were required to demonstrate
settlement funds, they will still be assessed
under the requirement in place at the time they
submitted the application. Settlement funds are
required so that new immigrants to Canada and
their families, if applicable, have the means to
establish themselves in their new surroundings
and pay for initial costs, such as accommodation.
This money cannot be borrowed from another
person. These funds could be in the form of
cash documents that show property or capital
payable to you (such as stocks, bonds,
debentures, treasury bills, etc.) or documents
that guarantee payment of a set amount of money,
which are payable to you (such as bankers
drafts, cheques, travellers cheques or money
orders).
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