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Minor Amendment Made to Settlement Funds Condition for Canada Skilled Immigration

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Are you fairly skilled and interested in Canada immigration, to take your career to the dizzying heights of professional glory? If yes, this news from the Maple Leaf Country may be for you!
 
According to a report, candidates for immigration to the nation--via some specific federal skilled immigration streams, under the very popular and the widely used Express Entry selection programme--will have to show somewhat additional ‘settlement funds’, at the time of putting forward a petition. The latest requirement became effective on January 12, this year.

Despite the fact that the augmentation is pretty insignificant and not big—just under 2%, approximately the rate of inflation in the nation—there is likelihood that the same may have an effect on the eligibility of some aspirants. As a result, every applicant would do well to thoroughly double-check the new numbers, to be on the safer side.

It is not required for aspirants, who obtain an Invitation to Apply (ITA) under the Canadian Experience Category, to demonstrate settlement funds. Apart from this, the applicants--allowed to work in the country, and who are armed with a suitable employment offer from a firm or job provider in the country--are not subject to the condition of settlement funds.

As per the Immigration, Refugees and Citizenship Canada (IRCC), the concerned visa and immigration administrative body of the nation, some specific aspirants--who duly completed an Express Entry profile, prior to January 27, 2015, and who are subject to the settlement funds requirement--may have received mail that their profile has been duly re-reviewed under the latest necessity.

Aspirants--who have obtained an ITA and presented an e-petition to the Canadian administration--are not subject to the latest condition. In case these candidates were required to display settlement funds, they will still be suitably evaluated under the requirement in place at the time they presented the petition.

Significantly, there is a need of settlement funds so that new immigrants to the Maple Leaf Country and their families, in case applicable, are armed with the means or resources to appropriately establish themselves in their new environs and pay for early charges, like, for instance, housing. It needs to be noted that the money in question cannot be sponged from a different individual.

The said funds could be in the way of cash; papers or certificates that demonstrate capital or property to be paid to you (like stocks, treasury bills, bonds, and debentures); or papers or certificates that assure the payment of a fixed quantity of money, which are to be accordingly paid to you (like travellers’ cheques, bankers’ drafts, money orders or normal cheques).

 

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