Immigration Corner | Can I qualify under Canada’s Economic Programme?

Dear Miss Powell,

I would like to apply to live in Canada, but I’m not sure which economic programme to use. I have a bachelor’s degree, and I am 28 years old, with savings of J$1 million. Is that enough money to apply? I look forward to reading your response. Thank you.

AL

Dear AL,

Individuals who are interested in living in Canada must first check to see the most appropriate programme based on your education, occupation, work experience, resources, and other factors. Based on the limited information provided here, you may be able to qualify under programmes such as the Federal Skilled Worker (FSW) and the Federal Skilled Trade Worker programme. These programmes are managed by the Express Entry System, which is the simplest pathway to qualify to become a permanent resident of Canada.

SETTLEMENT FUNDS UPDATE

The skilled worker and the skilled trade programmes are the two main economic programmes. They are managed by the Express Entry System. Under these programmes, individuals with the required work experience, education, age, and language skills stand a good chance of receiving an invitation to apply for permanent residence.

To qualify under the Federal Skilled Worker or the Federal Skilled Trade programmes you will need to provide proof that you have the financial means to support yourself and your immediate family once you are granted permanent residence. You will need to provide proof of savings and investments, which are called ‘settlement funds’. The amount required will be based on the number of persons in your immediate family.

Each year, the government updates the required settlement fund listing based on 50 per cent of the Low Income Cut Off figures. The 2024 figures were recently updated, and so the minimum required funds in Canadian dollars based on the number of persons in your immediate family are $14,690 for a single person; family of two – $18,288; family of three – $22,483; family of four – $27,297; family of five – $30,690. You should check with your local bank to find out the current exchange rate.

Since you are single and you didn’t indicate that you have a child, then you would need to have a minimum of CND$14,690, plus additional funds to deal with the cost to retain a representative, if you so choose, and other incidentals such as language tests, medical, police report, and application fees. To be on the safe side, I recommend that you budget for a minimum of approximately CND$18,000 in savings and investments so that you can adequately deal with the application and the incidental expenses.

You did not indicate what you studied, whether you have work experience in Canada, or have a valid job offer. If you have these requirements, then you may be able to qualify under the Canadian Experience Class and you are not required to provide proof-of-settlement funds under this programme.

There are also programmes such as the Start-up business class, Quebec Economic Classes, various provincial nomination programmes, the Atlantic Immigration Programme, Caregiver classes, and the Rural and Northern Immigration Pilot Programme, to name a few. I recommend that you contact a Canadian Immigration lawyer to find out the best programme for you based on your background and resources.

Deidre S. Powell is a lawyer, mediator, and notary public in Canada. You may connect with her on Facebook and Instagram. You may also call or WhatsApp 613-695-8777.