Immigration, Refugees and Citizenship Canada (IRCC) has updated the proof of funds requirement for Express Entry candidates.

The Canadian government has increased the amount of settlement funds required for Canadian Express Entry immigration. To be eligible for permanent residency in Canada, Express Entry candidates must prove that they have the required funds. The announcement was made on the IRCC website on May 2nd and is effective until April 25, 2023.

Express Entry’s proof of funds requirement is updated every year. The amount a candidate needs to show depends on the size of a candidate’s family, which includes the candidate’s spouse or common-law partner (if applicable), and any dependent children. The family members must be included even if they are not coming to Canada or are not Canadian citizens or permanent residents.

Although Express Entry manages three immigration programs, settlement funds requirement doesn’t apply to Canadian Experience Class (CEC) applicants. Nor does it applies to   Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) applicants who have a valid job offer and are authorized to work in Canada.

Source: Canada.ca