Canada PR: Funds requirement increased for FSWP and FSTP

Some skilled workers will now need to show more funds to be able to immigrate to Canada. Candidates applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program of the Express Entry Program need to show that they have a certain amount of savings to qualify for a Canadian PR.

Candidates applying under the Canadian Experience Class category do not need to show any settlement funds.

Canada has increased the settlement funds requirement for the FSWP and the FSTP categories.

The amount of settlement funds that you need to show depends on the size of your family that you have included in your visa application.

As per the IRCC, you can include the following family members in your Canada PR visa application:

• The primary applicant
• The spouse or partner
• Their dependent children
• Their spouse or partner’s dependent children

You must include your spouse or dependent children in your visa application even if they are not coming with you to Canada. Also, you must include your spouse and dependent children in your visa application even if they are already Permanent Residents or citizens of Canada.

Here is the updated settlement funds requirement 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

The settlement fund requirement is updated every year. The difference in the fund requirement may be small, but it could definitely affect eligibility.

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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