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

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.

Candidates in the Express Entry pool are required to update their profiles with the new proof of funds by May 27, 2024. IRCC has assured candidates that updating their profiles will not impact their rank in the pool if there's a tiebreaker, as it does not change the original date and time of profile submission

Proof of funds is a key requirement for candidates applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, if an applicant has a valid job offer and work permit for Canada, they are exempt from this requirement. Additionally, candidates in the Express Entry Canadian Experience Class (CEC) do not need to provide proof of funds.

If proof of funds is not required, candidates must upload a letter stating they have a valid employment offer or are applying under the Canadian Experience Class. This documentation is mandatory to complete the application process.

How to calculate settlement funds?

The required amount of settlement funds varies based on the number of family members in the applicant's household. This includes the applicant, their spouse or common-law partner, their dependent children, and any dependent children of the spouse or partner. It's important to include all family members in the calculation, even if they do not plan to accompany the applicant to Canada.

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.
• 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).

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.