2018 Increases to Settlement Funds Required to Qualify as for Federal Skilled Worker or Federal Skilled Trades Program

IRCC recently updated the amount of funds necessary for the Federal Skilled Worker and Federal Skilled Trades Programs.

Number of
Family Members
Funds Required
(in Canadian dollars)
1 $12,474
2 $15,530
3 $19,092
4 $23,181
5 $26,291
6 $29,652
7    $33,013

 

The applicant should include themselves, their spouse or partner, their dependent children and their spouse’s dependant children when calculating the size of their family. This calculation includes spouses and dependent children who are permanent residents or Canadian citizens.

Funds need to be transferable and available and unencumbered. Settlement funds must solely be in the name of the principal applicant. They cannot be co-owned or held in partnership by anyone else. These funds must be available both at the time of application and when a permanent resident visa is issued. The applicant will need to prove to an immigration officer that they are able to legally access those funds to settle in Canada when they arrive.

Please note that Canadian customs regulations require that all travelers to Canada must declare if they are bringing more than CAN $10,000 into Canada. Failure to do so could result in a fine and the funds being seized.