Changes to Settlement Fund Requirement

On the January 27, 2015, Citizenship and Immigration Canada ( CIC) updated the requirement for settlement funds.  Individuals applying under the Express Entry system must provide proof of settlement funds if you do not have a valid job offer.

The amount required is based on the number of persons in your family.

Number of Persons in Family	Minimum Funds Required (CAD$)
1	11,931
2	14,853
3	18,260
4	22,170
5	25,145
6	28,359
7 or more	31,574

What proof will you need to submit? 

1. Cash
2.  Bank statement from your bank showing that you have savings or investments  accounts in your name or the name of a spouse or common law partner
3.  Investments in the form of Cash Deposit ( CD), fixed deposits, stocks, bonds, debentures, treasury bills
4.  Bankers draft, cheques, travellers cheques, money orders
5. Other source of investments that can be easily liquidated at a short notice. 

Not acceptable

1. Bank statements in the name of someone else, even if the person is a close relative;

2. Letter of guarantee from an individual;

3. Bank statements  which show joint account with someone other than your spouse or common law partner;

4.  Business Valuation;

5.  House Valuation

6.  Trust account or Estate Account bank statements

7. Property Valuations

8. Vehicle, Boat Valuations

9. Jewellery or Fine art valuations

10. Pension statements,  unless you have full control over these funds and can cashed in at anytime to be able to produce a valid statement