Settlement funds is the funds that must be proven by newcomers to Canada during the application for some types of Permanent Residence program. A Proof of funds is how much money you need to settle in Canada if you are applying to immigrate to Canada as a permanent resident or under Express Entry. The applicant has to show the proof of those funds with the application. This is the latest update and you may need to update your settlement funds in your Express Entry profile.

Who needs proof of funds
You need proof of funds to meet the minimum requirements of the

Federal Skilled Worker Program
Federal Skilled Trades Program

How much money you’ll need

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

yourself
your spouse or partner
your dependent children and
your spouse’s dependent children
Include your spouse or dependent children even if they’re permanent residents or Canadian citizens not coming to Canada with you.

This table shows the minimum amount you need to immigrate to Canada.

Number of                                    Funds required
family members                         (in Canadian dollars)

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

What is accepted as proof

Funds must be readily available to you. For example, you can’t use equity on real estate property as proof of settlement funds.

You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for you and your family (even if they aren’t coming with you).

If your spouse is coming with you, you can count money you have together in a joint account. You may be able to count money in an account under their name only, but you must prove you have access to the money.

The funds must be available both when you apply and when (if) we issue you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use here when you arrive.

Updates to funding requirements

The minimum amount you need every year is updated based on 50% of the low-income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. Be sure to check the new numbers once they’re posted.

How much money you should bring sometimes also depend on the Canadian province where you wish to live
Bring as much money as you can. This will make moving and finding a home in Canada easier.

Contact us for any inquiries regarding income requirements for settlement funds.

Updated on June 15, 2022 by Canada Immigration.