IRCC Updated minimum settlement fund numbers for Express Entry candidates

Author: Admin | | Categories: Express Entry

IRCC Updated minimum settlement fund numbers for Express Entry candidates

On May 11, 2022, the Government of Canada updated the table that shows how much money Express Entry candidates need to settle in Canada. To be eligible, candidates must update their settlement fund numbers in their Express Entry profiles no later than June 8, 2022. This action will not affect the applicants’ tie-breaker situation. The Canadian Government updates the minimum amount of settlement funds every year, based on 50% of the low-income cut-off totals. Despite these changes being small, they still can affect some applicants’ eligibility.

How much money do you need for Express Entry?

The amount of money you will need to support your family depends on the size of your family. The fund’s requirement will be as per your immediate family members. To count the size of your family you must include

  • yourself
  • spouse or partner
  • dependent children and
  • your spouse’s dependent children

Include your spouse or dependent children even if they’re

So, how much money you will have to show for Express Entry as proof of funds! Let’s discuss this briefly.

Federal Skilled Trades Program (FSTP) and Federal Skilled Worker Program (FSWP) candidates who did not get any Canadian job offer yet. They will need the listed amounts to remain eligible for immigration: 

Number of family members                              Funds Required (in CAD)                                         

1.                                                                              $13,310

2.                                                                              $16,570

3.                                                                              $20,371

4.                                                                              $24,733

5.                                                                              $28,052

6.                                                                              $31,638

7.                                                                              $35,224

For each additional family member                         $3,586

Get an inside look at the Express Entry process for free!

What will be accepted as proof of funds?

To prove, you must get official letters from any financial institutions or banks where you’re keeping money. According to the Immigration, Refugees and Citizenship Canada (IRCC) Government Website letters must 

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number, and email address)
  • include your name
  • account numbers
  • list outstanding debts such as credit card debts and loans
  • include, for each current bank and investment account, the
  • date each account was opened
  • average balance for the past 6 months
  • current balance of each account

Contact us, to know more details about IRCC Updated minimum settlement fund numbers for Express Entry candidates in 2022.