Express Entry – Skilled Immigrants: Updated Settlement Funds Requirement

Bank Statement

IRCC has updated how much money you need to settle in Canada. To stay eligible, you may need to update your settlement fund number in your Express Entry profile. The update must be done no later than Feb. 25, 2020.

Who needs proof of funds

You need proof of funds to meet the minimum requirements of the

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

Who does not need proof of funds

You don’t need to show that you have enough money to support yourself and your family if

  • you’re applying under the Canadian Experience Class or
  • you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program

Keep your funds up to date in your profile. The system may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.

How much money you’ll need

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

  • yourself
  • your spouse or partner
  • your dependent children and
  • your spouse’s dependent children

Include your spouse or dependent children even if they’re

  • permanent residents or Canadian citizens
  • not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.

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

For each additional family member

$3,492

Source: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html#money_needed

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp