According to Immigration, Refugees, and Citizenship Canada (IRCC), candidates for Express Entry must now present further documentation of settlement funds. Candidates for Express Entry through the Federal Skilled Worker (FSW) Class and the Federal Skilled Trades (FST) Class must update their proof of funds updated.
Candidates with a credible job offer in Canada who applied for the FSW or FST are exempt from the proof of funds. Furthermore, proof of funds does not apply to candidates in the Canadian Experience Class (CEC).
Every year, the required minimum amount of funds is adjusted. It is based on 50% of the low-income thresholds.
Listed below are less than what is currently listed on your papers and you have the necessary proof of settlement money. To remain eligible to move to Canada under these programs, you will need the following amount, see chart below.
The amount of funds required to support your family varies according to its size. Your family consists of you and your partner or spouse, your dependent children, and your spouse's dependent children. Even if your spouse and dependent children are not coming with you to Canada, they must be included, regardless of whether they are Canadian citizens or permanent residents.
Minimum Funds Required for Express Entry
|# of family members
|Funds Required (CAD)
|Additional family members
The money cannot be borrowed from another person and must be readily available to you. If your spouse is going with you, you can include funds in your joint account. When you apply for immigration and are given a visa for permanent residency, the money must be available. You should provide formal documentation from banks and other financial institutions as proof of the settlement funds.
You may no longer be eligible for immigration as an Express Entry candidate if you do not update your application to include documentation of the required settlement funds.
How Can We Help
The Immigration Law Firm of Matthew Jeffery has over 20 years of experience with Express Entry applications helping clients become permanent residents of Canada. Use our free CRS Calculator to see if you qualify for the Express Entry program.