Express Entry candidates will need to show they have a higher level of settlement funds applying for immigration through the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs, starting May 27.
“We have updated the table that shows how much money you need to settle in Canada,” states Immigration, Refugees and Citizenship Canada (IRCC) on its website.
“We update these numbers every year, based on 50 per cent 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.”
The higher level of funds needed represents an almost 6.8 per cent increase from the funds needed over the past year when only $13,757 was needed for a family of one compared to the $14,690 under the new, higher levels.
That was Canada’s inflation rate in 2022.
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When an applicant for immigration updates his or her profile, that action does not change the date and time that the IRCC received it and so the applicant keeps his or her rank if in a tie-breaker situation.
Applicants for immigration do not need to show that they have enough money to support themselves and their family if they are applying under the Canadian Experience Class (CEC) or are authorized to work in Canada and have a valid job offer, even if they apply under the FSW or FST.
The amount of money needed by an applicant to support him or herself and members of his or her family depends on the size of that family, including:
- the applicant;
- the spouse or common-law partner;
- the dependent children and;
- the spouse or common-law partner’s dependent children.
A spouse or common-law partner and dependent children must be included even if they’re Canadian citizens or permanent residents and/or not coming to Canada with the applicant.
Here is thew amount of money an applicant for immigration under those programs will have to demonstrate starting May 28.
| Number of family members | Funds required |
| 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, for each additional family member | $3,958 |
Proof of funds must be demonstrated in official letters from banks or financial institutions where the applicant has accounts and must include:
- the financial institution’s letterhead;
- the bank or institution’s contact information (address, telephone number and email address);
- the applicant’s name;
- outstanding debts (such as credit card debts and loans);
- details for each current banking and investment account;
- account numbers;
- date each account was opened;
- current account balances, and;
- average balance for the past six months.
Immigrants Should Bring As Much Money As They Can With Them
Canadian immigration officials advise immigrants to bring as much money as they can with them when planning to settle in Canada.
“Research how much it costs to live in the place where you plan to settle in Canada but to declare amounts over $10,000 in Canadian funds,” notes the IRCC.
“This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than $10,000 into Canada.
Failure to declare amounts above $10,000 to immigration officials can result in fines and funds being seized.
This includes:
- cash;
- documents that show property or capital payable to the immigrant, such as:
- stocks;
- bonds;
- debentures, and;
- treasury bills;
- documents that guarantee payment of a set amount of money, which are payable to the immigrant, such as:
- banker’s drafts;
- cheques;
- money orders, and;
- travellers’ cheques.
