Canada increases settlement funds required for Express Entry: Read details here

10:40 PM | 4 May, 2023
Canada increases settlement funds required for Express Entry: Read details here

TORONTO -  The government of Canada has increased the amount of settlement funds needed for skilled workers to be eligible to apply for permanent residency programs under the Express Entry system.

The new rules only apply to skilled workers under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs as workers under the Canadian Experience Class still do not need to show proof of funds.

The fresh guidelines also do not apply to workers who are already working in Canada under FSW and FST, and have a valid job offer. 

The size of the family dictates how much funds are needed under the new rules. This includes you, your spouse or common-law partner (if applicable), and any dependent children.

An important aspect regarding the fresh rules is that your spouse or dependent children will be counted in family size irrespective of whether they reside with you in Canada or not. They are also counted even if they are Canadian citizens or permanent residents.

The breakdown of the funds required is as under:

Number of Family Members Required Funds (In Canadian Dollars)
1 13,757
2 17,127
3 21,055
4 25,564
5 28,994
6 32,700
7 36,407
Each additional family member 3,706

Canada's Express Entry is one of the most sought after programs by expats. It is an online system used to manage immigration applications from skilled workers.

There are 3 immigration programs managed through Express Entry which include Canadian Experience Class for skilled workers who have Canadian work experience. The Federal Skilled Worker Program is for skilled workers with foreign work experience while Federal Skilled Trades Program
is for skilled workers who are qualified in a skilled trade.

If one is eligible for one or more of the Express Entry programs they will be ranked in the Express Entry pool using the Comprehensive Ranking System (CRS) which is a points-based system to assess and score profile and rank it in the Express Entry pool.

What Counts as Proof

The Canadian government says that the funds must be available to the applicant both when they apply
and when the authorities issue a permanent resident visa (if application is approved). Besides, the applicant must prove to the authorities that they can legally access the money here when they arrive.

It is to be highlighted that one can't use equity on real property as proof of settlement funds or borrow this money from another person.

The Canadian government update the funds required every year based on 50% of the low income cut-off totals. To stay eligible, one needs to update their settlement fund numbers in Express Entry profile.

For those who want to live in Canada, proper research should be done as to what would be the living cost in the country which would depend on the place of accomodation/province. When one arrives in Canada, they have to tell the border officer if they are bringing more than CAN$10,000 into the country or otherwise, they may be fined and the funds could be seized.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Rupee falls below 290 against US dollar in interbank market

KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.

The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.

This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.

In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.

Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.

Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.

He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.

Gold Rate in Pakistan Today – September 26, 2023

Today Gold Rate in Pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 26 September 2023

City Gold Silver
Lahore PKR 210,100 PKR 2,587
Karachi PKR 210,100 PKR 2,587
Islamabad PKR 210,100 PKR 2,587
Peshawar PKR 210,100 PKR 2,587
Quetta PKR 210,100 PKR 2,587
Sialkot PKR 210,100 PKR 2,587
Attock PKR 210,100 PKR 2,587
Gujranwala PKR 210,100 PKR 2,587
Jehlum PKR 210,100 PKR 2,587
Multan PKR 210,100 PKR 2,587
Bahawalpur PKR 210,100 PKR 2,587
Gujrat PKR 210,100 PKR 2,587
Nawabshah PKR 210,100 PKR 2,587
Chakwal PKR 210,100 PKR 2,587
Hyderabad PKR 210,100 PKR 2,587
Nowshehra PKR 210,100 PKR 2,587
Sargodha PKR 210,100 PKR 2,587
Faisalabad PKR 210,100 PKR 2,587
Mirpur PKR 210,100 PKR 2,587


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter