{"id":145494,"date":"2018-01-11T03:47:06","date_gmt":"2018-01-11T08:47:06","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=145494"},"modified":"2018-01-11T03:47:06","modified_gmt":"2018-01-11T08:47:06","slug":"settlement-funds-can-make-or-break-your-application-for-permanent-residence","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/01\/11\/settlement-funds-can-make-or-break-your-application-for-permanent-residence\/","title":{"rendered":"Settlement funds can make or break your application for permanent residence"},"content":{"rendered":"

IRCC introduced a 1.4% increase in required funds January 5<\/p>\n

\"Photo:<\/a>
Photo: CIC News<\/figcaption><\/figure>\n

Candidates in all three Express Entry economic immigration classes should take special note of recently announced revisions to the amount of settlement funds required by Immigration, Refugees and Citizenship Canada (IRCC).<\/p>\n

A 1.42 per cent increase\u00a0was implemented January 5, 2018<\/a>, that raised the minimum amounts required as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
NUMBER OF FAMILY MEMBERS<\/th>\n2017 AMOUNT
\n(IN CANADIAN DOLLARS)<\/th>\n		2018 AMOUNT<\/th>\nINCREASE<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\n$12,300<\/td>\n$12,474<\/td>\n$174<\/td>\n<\/tr>\n
2<\/td>\n$15,312<\/td>\n$15,530<\/td>\n$218<\/td>\n<\/tr>\n
3<\/td>\n$18,825<\/td>\n$19,092<\/td>\n$267<\/td>\n<\/tr>\n
4<\/td>\n$22,856<\/td>\n$23,181<\/td>\n$325<\/td>\n<\/tr>\n
5<\/td>\n$25,923<\/td>\n$26,291<\/td>\n$368<\/td>\n<\/tr>\n
6<\/td>\n$29,236<\/td>\n$29,652<\/td>\n$416<\/td>\n<\/tr>\n
7<\/td>\n$32,550<\/td>\n$33,013<\/td>\n$463<\/td>\n<\/tr>\n
Each additional family member<\/td>\n$3,314<\/td>\n$3,361<\/td>\n$47<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

IRCC deems these amounts necessary in order for successful applicants for permanent residence to support themselves and their family while they settle in Canada. 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.<\/p>\n

When determining the size of your family, applicants must include those who will be accompanying them to Canada as well as those who may be remaining behind.<\/p>\n

Small change, big impact<\/h3>\n

While relatively small, the revised amounts can mean the difference between an eligible and an ineligble profile in the Express Entry pool, or your application for permanent residence being approved or refused.<\/p>\n

Furthermore, while only\u00a0Federal Skilled Worker<\/a>\u00a0and\u00a0Federal Skilled Trades<\/a>\u00a0candidates are asked to confirm that they have access to the required funds when determining their eligibility for the Express Entry pool, candidates in the\u00a0Canadian Experience Class<\/a>\u00a0who receive an Invitation to Apply (ITA) through the Federal Skilled Worker Class must also prove they have the necessary funds.<\/p>\n

It is therefore important that\u00a0all<\/i>\u00a0candidates in the\u00a0Express Entry pool<\/a>\u00a0ensure their Express Entry profile is updated and that they have the required amount of funds at all times in order to act on an ITA quickly should they receive one. Why? Because in order apply for permanent residence, a candidate must provide recognized proof that such funds are readily available to them.<\/p>\n

Such funds can be in the following forms:<\/p>\n