CANADA UPDATES PROOF OF FUNDS FOR 2020

The federal government Canada updates proof of funds for 2020 which the skilled workers need in order to immigrate to Canada. Prospective immigrants need to prove that they have a certain amount of savings in order to qualify without a job offer in the Express Entry-managed Federal Skilled Worker Program (FSWP) or Federal Skilled Trade Program (FSTP).

 

 

 

 

Please note that; Settlement funds are not compulsory for those applying under the Canadian Experience Class (CEC) and those with a valid job offer. The amount of funds needed depends on the size of the family included in the application. According to IRCC, the following family members can be included on an application for Canadian permanent residence:

  • the principal applicant;
  • their spouse or partner;
  • their dependent children; and
  • their spouse’s dependent children.

Spouses and dependent children must be included in the application even if they are already permanent residents or Canadian citizens, or if they are not coming to Canada with the applicant.

THE REVIEWED PROOF OF FUNDS

The following amounts have been updated for 2020: 1 Canadian Dollar equals to 279.35 in Nigerian Currency.

Number of family members Funds Required (in Canadian dollars)
1 $12,960
2 $16,135
3 $19,836
4 $24,083
5 $27,315
6 $30,806
7 $34,299
Each additional family member $3,492

Canada updates the minimum settlement fund requirements every year. Though the changes may be small, they may affect the eligibility of applicants.

The table below is the proof of funds needed per family size and converted to the Nigerian Currency based on the exchange rate as of 7th January 2020.  

N 3,543,000 
N 4,511,000 
N 5,549,000 
N 6,724,000 
N 7,638,000 
N 8,602,000 
N 9,587,000 
Each additional family member  N 975,020 

The fees have been approximated in order to ensure that candidates have specific amounts to work with. 

Now is the time to get started “If you want to go quickly, go alone but If you want to go fargo together.” We would be here at every step of the way; your hand in ours as we procure your visa process seamlessly. This is the time to get started, Canada is forever willing to take in newcomers and you just might be one of them.

If you desire to join the pools to qualify for a draw then fill out our eligibility assessment form on http://canada.palsconcierge.com/. For further information regarding the procedures for applying for a Canadian Permanent Residence or top-notch guide towards a successful Canada visa application,

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