The Canadian government has updated the table that shows how much money is needed to settle in Canada. These numbers are updated annually and are based on 50% of the low income cut-off totals.

The Canadian government has updated the table that shows how much money is needed to settle in Canada. These numbers are updated annually and are based on 50% of the low income cut-off totals. It is important to update your settlement fund numbers in your Express Entry profile to stay eligible. However, updating your profile does not change the date and time that it was received, so your rank will be maintained in a tie-breaker situation. Proof of funds is required to show that you have enough money to settle in Canada.

This is necessary for the Federal Skilled Worker Program and the Federal Skilled Trades Program, but not for the Canadian Experience Class or if you are authorized to work in Canada and have a valid job offer. The amount of money needed to support your family is based on the size of your family, and the minimum amount required varies accordingly.

The funds must be available to you when you apply and when a permanent resident visa is issued. Borrowing money from another person or using equity on real property as proof of settlement funds is not acceptable. Official letters from banks or financial institutions are required as proof of funds, and it is important to research the cost of living in the area where you plan to settle in Canada and bring as much money as possible to make the transition easier. When arriving in Canada, it is necessary to declare if you are bringing more than CAN$10,000, as failing to do so may result in fines and seizure of funds. This includes cash, stocks, bonds, cheques, and other financial instruments.

Source: Canada.ca