The Government of Canada has increased the number of funds needed to immigrate under the Express Entry-managed programs. This change applies to the Federal Skilled Worker Class and Federal Skilled Trades Class programs.
All Federal Skilled Worker Class and Federal Skilled Trades Class candidates must show proof of funds to ensure that the principal applicant and their family members (spouse or partner; dependent children; and their spouse’s dependent children) can support themselves after immigrating to Canada.
Spouses and dependent children must be included in the application even if they are already permanent residents or Canadian citizens, or if they are not coming to Canada with the applicant.
Applicants under the Canadian Experience Class program that obtain work permits are exempt from having to prove the settlement funds.
The new amounts below are in Canadian dollars (CAD):
|Funds required in 2019||Funds required in 2020||difference|
|1||$12 669||$12 960||$291|
|2||$15 772||$16 135||$363|
|3||$19 390||$19 836||$446|
|4||$23 542||$24 083||$541|
|5||$26 701||$27 315||$614|
|6||$30 114||$30 806||$692|
|7||$33 528||$34 299||$771|
|For each additional family member||$3 414||$3 492||$78|
*Family members include spouse or partner, dependent children and dependent children of the spouse or partner. Canada considers any family member under the age of 22 as a dependent child.
Canada updates minimum amounts annually.
Express Entry Profile Update
The government urges candidates to update their settlement fund numbers in their Express Entry profiles.
IRCC notes that although the changes are small, they can affect the eligibility of candidates if their funds fall below the adjusted threshold.