You must revise your settlement fund numbers in your Express Entry profile by May 27, 2024, to align with the updated table reflecting 50% of the low income cut-off totals for settling in Canada. This update won't affect your profile submission timestamp, ensuring your rank remains unchanged in tie-breaker situations.
Proof of funds is required for individuals applying under the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, those applying under the Canadian Experience Class or with a valid job offer in Canada don't need to provide proof of funds. It's important to keep your funds updated in your profile as you may be eligible for multiple programs, and the specific program you're invited under may not be known in advance. This information has been released by IRCC.
The required amount of funds to support your family depends on the size of your family unit. Your family includes yourself, your spouse or common-law partner, your dependent children, and any dependent children of your spouse or common-law partner.
It's important to note that you must include your spouse or common-law partner and dependent children in your calculations, even if they are Canadian citizens or permanent residents or if they are not accompanying you to Canada.
If you possess more funds, you should list the full amount in your profile or application.
Number of family members |
Funds required
|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| If more than 7 people, for each additional family member | $3,958 |
To serve as proof of funds for your immigration application to Canada, your funds must be accessible to you at two specific points: when you apply and when you receive your permanent resident visa (if your application is approved). It's crucial that you can legally access these funds upon your arrival in Canada.
Certain forms of assets cannot be used as proof of settlement funds. For instance, equity on real property and borrowed money from another person are not acceptable.
The funds you demonstrate must be available to cover your family's living expenses, even if they are not accompanying you to Canada. If you're immigrating with your spouse, funds held jointly can be counted. Additionally, if the funds are solely in your spouse's name, you may still be able to include them, provided you can prove access to the money.
Official letters from banks or financial institutions where you hold accounts are required as proof of funds.