Updated Settlement Funds for Express Entry
Settlement funds required to immigrate to Canada increase as of May 28, 2024. These numbers are updated every year, based on 50% of the low income cut-off totals. The table below shows how much money you need to settle in Canada. If you are invited to apply for permanent residence under the Express Entry system, written proof is required that these funds are readily available to you.
| Number of family members | Funds required (CAD) |
|---|---|
| 1 | $ 14,690 |
| 2 | $ 18,288 |
| 3 | $ 22,483 |
| 4 | $ 27,297 |
| 5 | $ 30,690 |
| 6 | $ 34,917 |
| 7 | $ 38,875 |
| For each additional family member | $ 3,958 |
Family Size
The minimum settlement funds required depends on the size of your family that you support. To determine your family size, you must count:
- yourself,
- your spouse or common-law partner,
- your dependent children, and
- your spouse or common-law partner's dependent children.
You must include your spouse or common-law partner and dependent children even if they already are permanent residents or Canadian citizens or if they are not coming to Canada with you.
Settlement Funds Requirement
Settlement funds are used to pay the costs of living for your family (even if they aren’t coming with you). For proof of funds, you must get official letters from any banks or financial institutions where you're keeping money. "Readily available to you" means that you can't use equity on real property or borrow this money from another person for example. You can, however, count money that you have together with your spouse or common-law partner in a joint account.
Settlement funds are not required for the Canadian Experience Class (CEC) or when you're already working in Canada with a valid job offer under Express entry. If you're applying under the Federal Skilled Worker (FSW) or Federal Skilled Trades (FST) programs, you may need to update your settlement fund numbers in your profile. The Express Entry system automatically determines which programs you are eligible for. Since you don't always know ahead of time which program you'll be invited under, make sure that your funds are up to date in your profile to remain eligible for all possible programs. If you have more money than the minimum amount shown in the table above, you should list the full amount in your profile or application. Updating your profile doesn't change the date and time that it was received, so you'll keep your rank in the pool in case of a tie-breaker situation.
Contact us to learn more about Express Entry and see if you're eligible.
