The Immigration, Refugees and Citizenship Canada (IRCC) has made recent revisions to the financial requirements for skilled immigrants applying via Express Entry. These adjustments are based on 50% of the low income cut-off totals and are updated annually. To maintain eligibility, applicants may need to revise the settlement fund figures in their Express Entry profile, with the latest update required by April 25, 2023.
Even with profile updates, your original submission date and time remain unaltered, preserving your position in case of a tie-breaker situation.
Your proof of funds is a formal demonstration that you possess sufficient resources to establish yourself in Canada. Upon invitation to apply, you’re required to submit documented evidence of these funds.
Who Requires Proof of Funds?
Applicants for the Federal Skilled Worker Program and the Federal Skilled Trades Program must provide proof of funds to meet the minimum requirements.
Who Doesn’t Require Proof of Funds?
If you are applying through the Canadian Experience Class or if you are authorized to work in Canada and have a valid job offer, you are exempt from providing proof of funds, even if applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
How Much Do You Need?
The required funds depend on the size of your family, including yourself, your spouse or common-law partner, and any dependent children. This remains true even if your spouse or dependent children are Canadian citizens or permanent residents, or if they are not immigrating with you.
As of April 25, 2023, the following is the minimum amount required:
- For a single applicant: CAD $13,757
- For a family of two: CAD $17,127
- For a family of three: CAD $21,055
- For a family of four: CAD $25,564
- For a family of five: CAD $28,994
- For a family of six: CAD $32,700
- For a family of seven: CAD $36,407
- For families larger than seven, an additional CAD $3,706 per family member is needed.
What Counts as Proof?
Your funds must be readily accessible at the time of application and upon the issuance of a permanent resident visa (if your application is approved). You cannot use property equity or borrowed money as proof of settlement funds, and you must demonstrate that you can legally access the money upon arrival in Canada.
Funds held in a joint account with your spouse can be included. If the funds are solely under your spouse’s name, you must prove you have access to the funds.
As proof, official letters from banks or financial institutions where you hold accounts are required. These letters should include the institution’s contact information, your name, outstanding debts, account details, account opening dates, current balances, and average balance for the past six months.
How Much Money Should You Bring to Canada?
Research the cost of living in your prospective Canadian locale and bring as much money as possible to ease your transition. If you’re bringing more than CAD $10,000 into Canada, you must declare this at the border. Failure to do so could result in fines and the seizure of your funds. This includes:
- Documents representing property or capital payable to you (stocks, bonds, debentures, treasury bills)
- Documents guaranteeing payment of a specific amount of money payable to you (banker’s drafts, cheques, money orders, travellers’ cheques).