Requirements for the Amount of Money for Immigration through Federal Programs
If you're planning to immigrate to Canada through a federal program in the Express Entry system, make sure to check the current financial requirements and update your profile accordingly.
Starting May 2024, the Canadian government has updated the financial requirements for immigration through programs operating within the Express Entry system. This change affects the Federal Skilled Worker Class and Federal Skilled Trades Class programs.
All candidates applying under the Federal Skilled Worker and Federal Skilled Trades programs must provide proof of funds sufficient for the principal applicant and accompanying family members (spouse and children) to support themselves after immigrating to Canada.
Spouses and dependent children must be included in the application, even if they are already permanent residents or citizens of Canada, or if they are not immigrating to Canada with the applicant.
Applicants under the Canadian Experience Class program and those with a valid job offer are exempt from proving financial means, even if they apply through the Federal Skilled Worker or Federal Skilled Trades programs.
Updated amounts for 2024 (in Canadian dollars (CAD) with approximate US dollar (USD) equivalents):
| Number of family members* | Required amount in 2024 |
|---|---|
| 1 | $14,690 CAD ($10,888 USD) |
| 2 | $18,288 CAD ($13,555 USD) |
| 3 | $22,483 CAD ($16,655 USD) |
| 4 | $27,297 CAD ($20,233 USD) |
| 5 | $30,690 CAD ($22,748 USD) |
| 6 | $34,917 CAD ($25,881 USD) |
| 7 | $38,875 CAD ($28,815 USD) |
| Each additional family member | $3,958 CAD ($2,934 USD) |
To calculate family size, include:
- yourself;
- your spouse or partner;
- your dependent children;
- your spouse's or partner's dependent children.
Canada updates the minimum financial requirements annually.
Updating Your Express Entry Profile
The government strongly encourages candidates to update their Express Entry profiles when financial requirements change.
Immigration, Refugees and Citizenship Canada (IRCC) notes that even small changes can affect a candidate's eligibility if their funds fall below the adjusted threshold.
The Express Entry system may determine that an applicant is eligible for multiple programs. Therefore, it's recommended to keep your profile up-to-date, even if you're unsure which program you'll be invited under at the time of application. Candidates exempt from providing proof of funds (e.g., under Canadian Experience Class or those with a job offer) should upload a letter explaining why this document is not required.
