The Express Entry system is hugely popular in Canada because it makes the process of immigration simpler for interested candidates. The country has recently come up with new proof of funds requirement that will help to determine the eligibility of candidates who want to be classified under the Federal Skilled Worker Program or the Federal Skilled Trades Program candidates in the year 2020. The federal government has decided to raise the amount of funds that are needed by certain skilled workers if they want to immigrate to Canada on a permanent basis. All prospective immigrant candidates will have to furnish proof that they already have a specific amount of savings if they want to qualify in the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) without a job offer. Both these programs are managed by the Express Entry system. However, it is important to remember that the settlement funds are not mandatory for the candidates who would be applying as part of the Canadian Experience Class (CEC), or those who already have a valid job offer.
The amount of funds required will depend on the size of the family mentioned in the application. The Immigration, Refugees, and Citizenship Canada or the IRCC state that the following family members are eligible to be included in an application for permanent residence in Canada:
The primary applicant
Their spouse or partner
Their dependent children
Their partner's dependent children
Both the souses and the dependent children have to be included in the application even if they have permanent residency in Canada already. This rule will also apply if they are Canadian citizens, or are planning not to accompany the applicant to Canada.
Canada changes the minimum settlement fund requirements each year.