Maple News reports that Immigration, Refugees and Citizenship Canada (IRCC) has released updated settlement fund requirements for Express Entry candidates under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). These changes directly affect candidates who do not currently have a valid job offer in Canada and are still seeking to prove financial self-sufficiency.
To remain eligible, candidates must demonstrate access to a minimum amount of savings depending on their family size. The updated figures are as follows:
– Single applicant: CAD $13,213
– Family of two: CAD $16,449
– Family of three: CAD $20,222
– Family of four: CAD $24,553
– Family of five: CAD $27,847
– Family of six: CAD $31,407
– Family of seven: CAD $34,967
– Each additional family member: CAD $3,560
Candidates whose proof of funds is below these thresholds must update their Express Entry profiles by July 15, 2021, or risk ineligibility. However, Maple News confirms that updating your Express Entry profile does not affect the original submission date or time. Thus, candidates in a tie-breaker scenario will retain their profile rank on the Comprehensive Ranking System (CRS).
Historically, IRCC updated proof of funds requirements in January, but in 2021, the update was delayed until July. This shift aligns with ongoing pandemic-related measures and the suspension of all-program Express Entry draws since early 2021. Currently, IRCC has been focusing on Canadian Experience Class (CEC) and Provincial Nominee Program (PNP) candidates — both groups primarily already residing in Canada and often exempt from settlement fund requirements.
The pause on draws for FSWP and FSTP candidates stems from Canada’s priority during the pandemic to invite candidates already in the country. However, with public health measures easing and vaccination rates rising, this update may signal a potential return to all-program draws in the near future.
Express Entry candidates who are invited to apply for permanent residency must provide written official documentation proving they have sufficient funds to support their settlement in Canada. These funds must be readily available, transferable, and unencumbered by debts.
While the IRCC has not announced any date for resuming all-program draws, this latest move suggests a possible reopening of immigration streams to foreign-based skilled workers as Canada continues to adjust to post-pandemic recovery.