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Be Prepared for Your Canadian Settlement Funds Expense

Canada requires all migrants to have a certain amount of money available to them, to cover living expenses during the first few months in the country while they are waiting to paid or seeking employment.

Be Prepared For Your Canadian Settlement Funds Expense

Insufficient or badly calculated settlement funds will mean that your application for residency could be rejected, so it is good to note that on 5 January 2018 this figure had been adjusted to compensate for inflation. From 2017 to 2018 Canada’s required Settlement Funds were increased by 1.4% meaning that a single applicant would now have to show evidence of CA$ 12,474 in their bank account and CA$ 15,530 should the applicant be accompanied by a dependent.

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No. of Family Members 2018 Amount in Canadian Dollar 2018 Amount in SA Rand

1 $12,474                R120,421
2 $15,530                R149,923
3 $19,092                R184,310
4 $23,181                R223,784
5 $26,291                R253,808
6 $29,652                R286,254
7 $33,013                R318,701

Each additional family member CA$ 3,361 or R32,446

*Note these figures are correct at time of going to press but may vary depending on exchange rates and so forth. They are only intended to serve as a guideline and not a quote. It is imperative that applicants verify all facts and fees with their Immigration Consultant.

The IRCC advises all applicants in the Express Entry pool to ensure that their Express Entry profile is up to date and that they have the required amount of funds at all times in order to act on an ITA quickly should they receive one.

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While Canada’s immigration laws require applicants to demonstrate access to the necessary funds through documents, it is best to speak to an experienced Canadian Immigration Consultant about how these funds may be proved. Your consultant will also guide you through this very important part of your application process. As a guideline applicants may show that property they have property they are will to sell to obtain the settlement fees. A bank statement with enough capital would suffice as would document stating that capital is payable to the applicant in the form of stocks, bonds, debentures and treasury bills.

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