May 2022: This change has been implemented and Express Entry candidates will need to update their Express Entry if they do not meet these requirements by June 9th, 2022. Learn more about this Express Entry update!
Canada announced their latest change to the Express Entry program. There is an updated Proof of Funds that an immigrant must provide to qualify for Express Entry. These changes are implemented in both the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). If you do have a valid job offer from these programs then this new change does not apply to you. The new update will start no later than July 15, 2021.
How Much Money Do I Need for Express Entry Now? New Express Entry Proof of Funds
Here is an updated table that shows you how much money you need to settle in Canada. The proof of funds shows the government that you have enough money to settle in Canada. The amount of money you need to support you and your family depends on the household size. You will first calculate how large your family is, make sure to include the following people: yourself, your spouse or partner, your dependent children, and your spouse’s dependent children.
Note: you must include your spouse or dependent children even if they’re either:
- permanent residents or Canadian citizens
- not coming to Canada with you
| Number of Family Members | Funds Required ($CAD) |
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
| 5 | $27,847 |
| 6 | $31,407 |
| 7 | $34,967 |
| For each additional family | $3,560 |
Canada updates the minimum proof of funds amount for Express Entry every year based on 50% of the low-income cut-off totals. The changes are typically very small but they can affect your eligibility so be sure to contact us to update your proof of funds.
VisaPlace Immigration News Contributor
Ella Bergquist
Hello! I am one of VisaPlace's many immigration news contributors. Comment below if you have any questions or comments about this article.
