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What is a Settlement Fund?
Applicants who wish to immigrate to Canada under the Express entry system are required to provide proof of settlement funds. This is to show that they have the financial ability to settle in Canada.
What is Express Entry?
Express entry is the online immigration system used to process applications for permanent residence to Canada under federal and provincial economic programs.
What programs are managed through Express Entry?
The programs managed by express entry include:
- Federal Skilled Worker program (FSW)
- Canada Express Class (CEC)
- Federal Skilled Trades program (FST)
Who is exempt from Settlement Funds?
- If you are applying under Canada Express Class (CEC), you do not need to show proof of funds. Also, the spousal sponsorship applicants and refugee claimants are exempt from settlement funds.
Who must show Settlement Funds?
One needs to show proof of funds to meet the requirements of the
- Federal Skilled Trades program (FST)
- Federal Skilled Worker program (FSW)
How to prove Settlement Funds
To prove settlement funds, you must provide official letters from any financial institutions or banks you have. The letter must
- Include your name
- Be printed on the letterhead of the financial institution
- Include their contact information (address, email address and telephone number)
- State any outstanding debts such as debts, credit cards or loans
How much money do I need as Express Entry Settlement Funds?
The amount of money you need as Express Entry settlement funds is dependent on the size of your family. When calculating the size of your family, you should include
- Yourself
- Your spouse
- Your dependent children
- Your spouse’s dependent children
| Number of family members | Settlement funds required (in Canadian dollars) |
|---|---|
| 1 | $13,310 |
| 2 | $16,570 |
| 3 | $20,371 |
| 4 | $24,733 |
| 5 | $28,052 |
| 6 | $31,638 |
| 7 | $35,224 |
| For every additional family member | $3,586 |
Be Guided by A Professional
To learn more about settlement funds for express entry applications, please visit crestimmigration.ca or contact David Akinmoluwa on WhatsApp at +1(587)-974-8942 or info@crestimmigration.ca. We are here to help you achieve your goal!
