Latest Proof of funds requirements for Canada Express Entry

Latest Proof of requirements for Canada Express Entry_2024

Immigration, Refugees, and Citizenship Canada (IRCC) has announced new proof of funds requirements for Express Entry candidates set to take effect on May 28, 2024. This update impacts candidates applying through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). The proof of funds is a crucial component of the immigration process, ensuring that candidates have the financial resources to support themselves and their families upon arrival in Canada.

How much money do you need to Immigrate to Canada in 2024 under Express Entry?

The amount of money you need to support your family is based the size of your family.

To calculate the size of your family include

  • yourself
  • your spouse or common-law partner
  • your dependent children and
  • your spouse or common-law partner’s dependent children

You must include your spouse or common-law partner and dependent children, even if they’re

  • Canadian citizens or permanent residents
  • not coming to Canada with you

Here are the updated settlement funds requirements effective May 28, 2024:

  • For a single applicant, the required amount is CAD 14,690 (previously CAD 13,757).
  • For a family of two, the requirement is CAD 18,288 (previously CAD 17,127).
  • For a family of three, the new amount is CAD 22,483 (previously CAD 21,055).
  • For a family of four, the requirement is CAD 27,297 (previously CAD 25,564).
  • For a family of five, it’s CAD 30,690 (previously CAD 28,994).
  • For a family of six, it’s CAD 34,917 (previously CAD 32,700).
  • For a family of seven, the new amount is CAD 38,875 (previously CAD 36,407).
  • For families with more than seven members, each additional member requires CAD 3,958 (previously CAD 3,706).

Canada Proof of funds requirements-Latest Update 2024

This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.

What documents can you show as proof of funds?

For proof, you must get official letters from any banks or financial institutions where you have an account.

These letters must be printed on the financial institution’s letterhead and include

  1. Contact information for the bank or institution (address, telephone number, and email address).
  2. The applicant’s name and all existing debts, including loans and credit card debts.
  3. The account numbers for all current banking and investment accounts.
  4. The date each account was opened, the current balance, and the average balance for the past six months.

Who needs proof of funds

You need proof of funds to meet the minimum requirements of the

  • Federal Skilled Worker Program
  • Federal Skilled Trades Program

Who does not need proof of funds

You don’t need to show that you have enough money to support yourself and your family if

  • you’re applying under the Canadian Experience Class or
  • you’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program

Keep your funds up to date in your profile. The system may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.

Looking to move to Canada?

Canada has emerged as one of the top destinations for immigration, especially for Indians.

Here are the top five ways you can immigrate to Canada – whether you want to move as a student, with a job, or with family.

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