Immigration, Refugees and Citizenship Canada (IRCC) have recently updated the Proof of Funds Requirements for Express Entry candidates. This change took effect on April 25, 2023. The minimum amount of needed funds is updated yearly and is based on 50% of the low-income cut-off totals.
Ensuring that the settlement fund numbers in the Express Entry profile are current is essential to remain eligible. The new minimum amount of funds required are:
- for a single person applying for immigration is CAD 13,757
- while for a family of four, it is CAD 25,564.
These amounts are subject to change, and it is important to check for updates regularly.
Overview of Express Entry Proof of Funds Requirements
Proof of funds is how you show you have enough money to settle in Canada. If you are invited to apply, you must provide written proof that you have this funding. You need proof of funds to be eligible to meet the minimum requirements of the:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Your family’s financial requirements depend on how many people are living in it. Include yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children while calculating the size of your family.
The amount you must have in order to move to Canada as of April 25, 2023, is listed in this table.
| Number of Family Members | Funds required in Canadian Dollars |
1 | $13,757 |
2 | $17,127 |
3 | $21,055 |
4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7 | $36,407 |
| If there are more than 7, each additional family member | $3,706 |
Also, read the latest Canadian Immigration News;
MOST CANADIAN PROVINCES PLAN TO INCREASE MINIMUM WAGES IN OCTOBER 2023
IRCC ISSUED 3,500 ITAS IN THE NEW ALL-PROGRAM EXPRESS ENTRY DRAW
IRCC ISSUED AN INCREASINGLY HIGH NUMBER OF ITAS IN THE FIRST QUARTER OF 2023
Want to know more details about the “IRCC updated Changes in Express Entry Proof of Funds Requirement” you can contact one of our immigration specialists at Gunness & Associates.
Tel: (416) 604-2669
Email: info@immigrationmatters.info
Gunness & Associates has helped thousands of people successfully immigrate to Canada with their families. Our skilled and experienced immigration experts have the expertise to accurately examine your case and advise you on the best method of proceeding to best serve your needs.
For honest and straightforward advice, contact the experts
Get a free Assessment
Join our newsletter and get up-to-date immigration news Click here
All rights reserved ©2023 Gunness & Associates
