Updated Proof of Funds Requirements for Skilled Immigrants (Express Entry)
The Canadian government has updated the proof of funds requirements for skilled immigrants applying through the Express Entry system. This update, effective April 25, 2023, is based on 50% of the low-income cut-off totals and impacts the amount of money you need to settle in Canada. To maintain eligibility, update your settlement fund numbers in your Express Entry profile by April 25, 2023. Updating your profile will not alter the date and time it was received, preserving your rank in tie-breaker situations.
What is Proof of Funds?
Proof of funds demonstrates that you have sufficient money to settle in Canada. If you receive an invitation to apply, you must provide written evidence of these funds.
Who Needs Proof of Funds?
You must show proof of funds if you are applying through the:
- Federal Skilled Worker Program
- Federal Skilled Trades Program
Who Does Not Need Proof of Funds?
You do not need to show proof of funds if:
- You are applying under the Canadian Experience Class, or
- You have a valid job offer and are authorized to work in Canada, even if applying under the Federal Skilled Worker Program or the Federal Skilled Trades Program.
Keep your funds updated in your profile as the system may find you eligible for multiple programs, and you may not know in advance which program you will be invited under.
Calculating the Amount of Money Needed
The money required to support your family depends on its size. To calculate your family size, include yourself, your spouse or common-law partner, your dependent children, and your spouse or common-law partner’s dependent children. Include these individuals even if they are Canadian citizens, permanent residents, or not coming to Canada with you.
The table below shows the updated minimum amount needed to immigrate to Canada as of April 25, 2023:
