Canada is a popular option among foreigners looking to study, live and settle in Canada. However, you must have the required amount of money in your bank account before you may immigrate to Canada. You need proof of funds to meet the minimum requirements of the Federal Skilled Worker Program and Federal Skilled Trades Program.
Immigration, Refugees and Citizenship Canada (IRCC) has announced new proof of funds requirements for Express Entry candidates, to be effective from May 28, 2024. Proof of funds is how you show us that you have enough money to settle in Canada. If Canada invites you to apply, you must give written proof that you have this money.
IRCC has updated the table that shows how much money you need to settle in Canada. The amount required is updated every year, based on 50% of the low-income cut-off totals. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile. The update must be done no later than May 27, 2024.
Updating your profile does not change the date and time of the submitted Express Entry profile, so you will keep your rank if you are in a tie-breaker situation.
However, you do not need to show that you have enough money to support yourself and your family if you are applying under the Canadian Experience Class or you are 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
The amount of money you need to support your family is based on 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.
The 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.
Your funds must be available to you both when you apply or when Canada issue you a permanent resident visa. For example, this means you cannot use equity on real property as proof of settlement funds or you cannot borrow this money from another person.
You must be able to use this money to pay for your family’s costs of living even if they are not coming with you. If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under your spouse’s name only, but you must prove you have access to the money. For proof, you must get official letters from any banks or financial institutions where you have an account.
When you arrive in Canada, you have to tell the border officer if you are bringing more than CAN$ 10,000 into Canada.
