The Government of Canada has introduced a slight increase to its settlement funds requirement. All Federal Skilled Worker Class and the Federal Skilled Trades Class candidates must show proof of funds. It is one of the main requirements to ensure the principal applicant and the accompanying family members would be able to support themselves financially upon landing in Canada as permanent residents.
The increase raises the required minimum settlement funds by just over 1.5 percent for each family level. For example, for a single person arriving unaccompanied in Canada, the increase would be from $12,474 to $12,669.
Canadian Experience Class candidates who are working in Canada on an eligible work permit don’t have to prove they have the minimum settlement funds. However, there are cases when Canadian Experience Class candidates invited to apply for Canadian PR through the Federal Skilled Worker Class. In this case, they will have to show proof of funds.
Family members include a spouse or partner, dependent children and the dependent children of a spouse or partner. IRCC considers a dependent child to be any family member under the age of 22.