The Canadian IRCC has updated their proof of funds for the Express Entry immigration process. The purpose of the Express Entry program is to expedite the immigration process for skilled immigrants who wish to live permanently in Canada. As part of the application process, individuals must provide proof of cash to ensure they have enough money to reside in Canada.
Every year the IRCC updates the amount of money required for people to settle in Canada, using the low income cut-off totals. Before May 27, 2024, applicants must update their settlement fund numbers in their Express Entry profile in order to remain eligible for the program. Changing your Express Entry profile will not impact the date/time that your application was received, or your current rank.
Who Needs to Provide Proof of Funds?
- Individuals applying to the Federal Skilled Worker Program
- Individuals applying to the Federal Skilled Trades Program
Who Doesn’t Need to Provide Proof of Funds?
- Individuals applying under the Canadian Experience Class OR
- Individuals authorized to work in Canada with a valid job offer (even if you are applying under the Federal Skilled Worker Program or Federal Skilled Trades Program)
Proof of Funds Amount
Each family’s proof of funds varies depending on the size of their family. To calculate the size of your family you must include:
- Yourself
- Your spouse/common-law partner*
- Dependent children
- Your spouse/common-law partner’s dependent children
* Individuals must still include their spouse/common-law partner and dependent children even if they’re:
- Permanent residents or Canadian citizens
- Not immigrating to Canada with you
Here is the updated proof of funds table that will come into effect on May 28, 2024
| Number of Family Members | Funds Required ($CAD) |
| 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, each additional family member | $3,958 |
For more information on the different types of monetary proof accepted and how much money individuals should actually bring, visit the Government of Canada’s official website.
Source: Express Entry Proof of Funds
Disclaimer: The information is obtained directly from the websites that appear in the source section. The information has been gathered as accurately as possible at the time of writing, but we cannot guarantee its accuracy or completeness. Please check their official website and digital channels for the most accurate and up-to-date information.
