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 |
