Important Update: IRCC updates requirements on Settlement Funds for Express Entry
June, 25 2020
IRCC has issued a notification on updating the Settlement Fund numbers in Express Entry profiles. Failure to update the Settlement Funds amount may result in profiles being rendered ineligible for applications.
IRCC has recently updated the requirements on “how much money you need to settle in Canada”. To ensure a candidate maintains eligibility for the process of Canada Immigration, their Express Entry profiles must be updated with the latest Settlement Fund Numbers. Updating the profiles would not change the date and time, further keeping their rank as-is in case of a tie-breaker situation,
The update on fund requirements happens every year based on a certain criterion. The changes can be small, but they can affect eligibility of candidates for Canada PR. One must ensure checking the latest numbers as soon as they are posted online.
Funds that are readily available to the principal applicant are only accepted as Proof of Settlement Funds. For e.g. equity on a real property may not be used as proof of settlement funds.
Speak to us today for understanding the requirements and changes to your Express Entry profile