Individuals applying for Canadian immigration under the Federal Skilled Worker and Federal Skilled Trades Classes are required to show proof of funds to demonstrate that they can economically establish themselves in Canada.
The requirement for settlement funds is waived if the applicant is currently authorized to work in Canada and has arranged employment in Canada. Also, candidates under the Canadian Experience Class (CEC) — another program managed by the federal Express Entry selection system — are not required to show proof of funds to support themselves or their family members.
Applicants with an accompanying spouse or common-law partner can include the money they have together under a joint bank account. They may also be able to count money in the account under the accompanying spouse or common-law partner's name, however, it is important for an applicant to provide written proof that he or she has access to the money once an Express Entry Invitation To Apply (ITA) is issued by Immigration, Refugees and Citizenship Canada (IRCC).
The required settlement funds must be equal to or greater than the sums listed below for each family size.
|Number of family members||Funds required (in Canadian dollars)|
|For each additional family member||$3,586|
Please note that the requirements for settlement funds are updated annually. The figures above are in effect starting June 9, 2022.
What is accepted as proof of funds
An immigration officer must be satisfied that the applicant has access to the funds at the time of applying and if a permanent resident visa is issued. An applicant must provide official letters from the financial institution where his or her money is kept.
The official letter to prove access to funds must include the following:
- financial institution's letterhead;
- financial institution's contact information (address, telephone number and email address);
- applicant's name;
- list of outstanding debts, such as credit card debts and loans; and
- bank account(s) details, such as account numbers, date of opening, current balance(s), average balance(s) for the past six months.