Financial Requirements for Skilled Immigrants to Canada in 2024

IRCC has updated the minimum income requirement based on the 50% Low Income Cut-Off (LICO) totals. You need to update your settlement funds in your Express Entry profile by May 27, 2024 to maintain your eligibility.

 

1. Who Needs to Show Proof of Funds?

 

 You need to show proof of funds to meet the minimum requirements of the:

• Federal Skilled Worker Program
• Federal Skilled Trades Program

 

2. Who Does Not Need to Show Proof of Funds?

 

You do not need to prove that you have enough money to support yourself and your family if:

• You are applying under the Canadian Experience Class or
• You are authorized to work in Canada and have a valid job offer, even if you are applying under the Federal Skilled Worker Program or Federal Skilled Trades Program

It is recommended that you update your settlement funds as soon as possible, especially if your financial situation has changed. This is to ensure that the system has the most accurate information to assess your application and determine the most suitable immigration program for you. 

Updating your funds may help you increase your chances of being invited to apply under a suitable program and help you make a smoother transition to Canada.

 

3. How Much Money Do You Need to Show?

The amount of money you need to support your family depends on the number of family members you have. This includes:

• Yourself
• Your spouse or common-law partner
• Your dependent children
• Your spouse or common-law partner’s dependent children

You must include your spouse or common-law partner and dependent children, even if they are Canadian citizens or permanent residents and are not coming to Canada with you.

 

This table shows the minimum amount you need to immigrate to Canada. If you have more money, you should list the full amount in your profile or application.

 

The minimum amount of money you need to immigrate to Canada based on the size of your family

 

Coming into effect May 28, 2024

 

Number of family members	Funds required (in Canadian dollars)
1	$14,690
2	$18,288
3	$22,483
4	$27,297
5	$30,690
6	$34,917
7	$38,875
If more than 7 people, for each additional family member	$3,958

 

4. What is Acceptable as Proof?

1. Your funds must be readily available to you in both cases:

• When you apply
• When IRCC issues you a permanent resident visa (if your application is approved)

1. You must prove to IRCC that you can legally access the money when you arrive.

This means that:

• You cannot use equity in your property as proof of funds for immigration.
• You cannot borrow this money from someone else.

1. You must be able to use this money to cover your family’s living expenses (even if they are not coming with you).

• If your spouse is coming with you, you can count both of your funds in a joint account.
• You can count funds in an account that is only in your spouse’s name, but you must prove that you have access to the money.

1. To prove this, you must obtain an official letter from any bank or financial institution where you hold accounts.

These letters must be printed on the letterhead of the financial institution and include:

• The contact information of the bank or institution (address, phone number, and email)
• Your name
• Your outstanding debts (such as credit card debt and loans)
• The following details for each bank account and investment account you currently have with them:
  • Account number
  • Date each account was opened
  • Current account balance
  • Average balance over the past 6 months

5. How much money you should bring

Research how much it costs to live in the place where you plan to settle in Canada.

 

Bring as much money as you can. This will make moving and finding a home in Canada easier. When you arrive in Canada, you have to tell the border officer if you’re bringing more than CAN$ 10,000 into Canada. If you don’t tell them, you may be fined, and your funds could be seized. This includes:

 

• Cash

Documents that show property or capital payable to you, such as:

• Stocks
• Bonds
• Debentures
• Treasury bills

Documents that guarantee payment of a set amount of money, which are payable to you, such as:

• Banker’s drafts
• Cheques
• Money orders
• Travelers’ cheques