Settlement funds can fail or succeed your Canada Permanent Residence application
Posted on January 11, 2018
Settlement funds can fail or succeed your Canada Permanent Residence Application. Immigration, Refugees and Citizenship Canada recently revised the figure of funds for settlement. It has been increased by 1.42% and the change comes in to effect from 5 January 2018.
Settlement funds are deemed to be important by IRCC for applicants of Canada Permanent Residence. This assists them to support themselves and family members while they settle in Canada. Partner or spouse and their dependent kids, and dependent children of the applicants are included as family members.
Any family member under the age of 22 is considered to be a dependent child by IRCC. The determination of family members will include both accompanying and non-accompanying members of the Canada PR applicant.
The revised funds for settlement funds could be relatively low. They can, however, become the deciding factor between an eligible and ineligible Express entry profile. It could also decide the approval or disapproval of Canada Permanent Residence Application.
Thus, it is necessary that all Express entry candidates ensure to update their profiles. They must also make sure to possess an adequate amount of funds at all times. This will help them to quickly get into action if they receive ITA for Canada PR, as quoted by the CIC News.
In order to apply for PR, applicants must offer documented evidence of availability of settlement funds. These can be in either of the below forms:
- Documented payable capital or property of the applicant such as treasury bills, debentures, bonds and stocks
- Documented assurance of payment of fixed amount payable to the applicant that can be money orders, travelers’ cheques, cheques, and banker’s drafts
The evidence can be formal letters from any financial institutions or banks that have the money, says IRCC.
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