Immigration, Refugees and Citizenship Canada (IRCC) has updated the money you need to settle in Canada, effective May 28, 2024.
The proof of funds for Express Entry is required to show you have enough money to live comfortably in Canada – and it is updated every year by IRCC. The revised amount of money is based on 50% of the low-income cut-off loads. To stay eligible, candidates are required to update their settlement fund numbers in their Express Entry profile. The update must be done no later than May 27, 2024.
Making changes to your profile won’t affect the date and time it was originally submitted, so if you’re tied with someone else, your ranking will remain the same.
New Proof of Funds for Express Entry
The minimum proof of funds you need to immigrate to Canada will depend on the size of your family.
| Number of family members |
Funds you need (in Canadian dollars) |
| 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, add | $3,958 |
Candidates must include their spouse or common-law partner and dependent children, even if they’re:
- Canadian citizens or permanent residents.
- Not coming to Canada along with the candidate.
When applying for Canada PR, prove that you have enough money to support yourself. If you are invited to apply, you will need to provide written proof that you have the required funds.
Who is required to show proof of funds?
Candidates applying for PR under the Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP) must show proof of funds to meet the minimum requirements
If applying under the Canadian Experience Class (CEC), you don’t need to show proof of funds. Also, if you have a valid job offer and are allowed to work in Canada, you don’t need to show proof of funds, even if you are applying under the Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).
IRCC recommends that you bring as much money as possible as it will facilitate your settlement in Canada.
Source: canada.ca
https://www.cictimes.com/updated-proof-of-funds-for-express-entry-by-ircc
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