If you apply for permanent residence through the Express Entry System (under the Federal Skilled Worker Class or the Federal Skilled Trades Class), you must show that you have sufficient money to settle in Canada, unless you have a written confirmation of a job offer from a Canadian employer.
If you do not have an offer of employment in Canada, after you arrive you will need funds to pay living expenses for you and your family (even if your family is not following you to Canada), until you get a job.
Your application for permanent residence will not be approved without proof of sufficient funds.
For emphasis, Note that even if your family is not following you to Canada, you must be able to prove that
you have sufficient funds to take care of them and yourself while you’re away in Canada!
The reason is not far-fetched. As long as your family members are your immediate dependants (e.g. your spouse and children under 22 years old), you are directly responsible for their upkeep, whether or not you are physically present with them.
Recently, the Government of Canada adjusted its settlement funds requirement, raising the required minimum settlement funds by approximately 1.5% for each family level.
Therefore, unless you have a confirmed job offer in Canada, it’s absolutely important to ensure that your account balance (SAVINGS) is at least the minimum amount required for your family as stipulated by the Government of Canada.
For example, a single person (immigrating to Canada unaccompanied) must show proof of funds of at least $12,669 based on the new requirement.
The adjusted settlement funds requirement for various family levels is as shown in the table below:
|No. of Family Members||2019 Amount (CAD)||Previous Amount (CAD)|
|Each additional family |
If you already created your Express Entry profile before this adjustment came into effect in 2019, it’s absolutely important to update your profile to reflect the applicable changes. Otherwise, your eligibility for permanent residence could be affected if your available settlement funds fall below the adjusted threshold.
Important Points to Note
- The funds that you claim in your application CANNOT be borrowed.
- Official letters (including contact details) must be obtained from the banks or financial institutions where the funds are held.
- The funds must be readily available when you apply for permanent residence and when your permanent resident visa is issued if your application is approved.
- Equity on real estate cannot be presented as proof of funds.
- Upon arrival in Canada (at the port of entry), if your application is approved, you must also prove to an immigration officer that you have the required amount and that it is readily accessible.
- If accompanied by your spouse or partner, money held in a joint account can be counted towards the settlement funds requirement. Money held in an account under your spouse’s name can also be counted if you can prove that you have access to your spouse’s funds.
For detailed information regarding proof of funds requirement, visit the Government of Canada website.