Canada: Updated minimum
funds for Express Entry
20 June 2024
Immigration, Refugees and Citizenship Canada (IRCC) has posted updated minimum fund requirements for applicants for permanent residence through Express Entry. The numbers are updated annually.
Proof of funds is how applicants demonstrate that they have enough money to settle in Canada. If invited to apply, applicants must give written proof that they have this money.
Who needs proof of funds?
Proof of funds is required to meet the minimum requirements of the Federal Skilled Worker Program and the Federal Skilled Trades Program.
Proof of funds is not required for those who are:
- Applying under the Canadian Experience Class; or
- Authorized to work in Canada and have a valid job offer, even if they apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Those who do not require proof of funds must upload either a letter explaining that they have been invited to apply under the Canadian Experience Class, or a valid job offer.
What are the new minimum funds?
The amount of funds required is based on the size of applicant’s family, including the applicant, their spouse or common-law partner and their dependent children (even if the spouse, partner or children are Canadian citizens or permanent residents, and even if they are not accompanying the applicant to Canada).
The new amounts (in Canadian dollars) are as follows:
- 1 family member: $14,690
- 2 family members: $18,288
- 3 family members: $22,483
- 4 family members: $27,297
- 5 family members: $30,690
- 6 family members: $34,917
- 7 family members: $38,875
- Each additional family member: $3,958
Further details are available here.
Canada immigration support
If you are looking to relocate to Canada and require support with the immigration process, Smith Stone Walters can help. To speak to a member of our global immigration team, please contact us today.
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