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.
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.
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 are as follows:
| Number of family members | Funds in Canadian dollars |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| Each additional family member | $3,958 |
Further details are available here.
Erickson Insights & Analysis
Erickson Immigration Group will continue to monitor developments and share updates as more news is available. Please contact your employer or EIG attorney if you have questions about anything we’re reporting above or case-specific questions.