The Canadian government has updated the minimum funds for the Express Entry permanent residence program. Candidates, when invited to apply under the round of invitations for the PR programs, must show documented proof from financial institutions that they have enough money for themselves and accompanied family members as living costs.
Canada updated funds for express entry
The express entry updated funds required by IRCC are as follows:
| Number of family members | Funds you need(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, add | $3,958 |
The candidates must show funds in their bank account including dependents even if they are now traveling with family and dependents. This is mandatory even if the spouse or children are Canadian citizens or permanent residence holders.
The express entry funds requirements are updated every year. For this year, the funds update must be taken into account from 2 June 2024. When candidates update their profile, it does not change the time and date the IRCC received the application. This indeed helps you keep your rank in the pool in case of a tie-breaking rule.
Who must show funds for express entry programs?
Applicants applying for the following express entry programs need to show the funds when they are invited to apply for permanent residence:
Federal skilled worker program
Federal skilled trades program
Who does not need funds for permanent residence?
Following applicants do now need to show the funds requirements for themselves and their family members when they are invited to apply:
| Condition | Description |
| Canadian Experience Class | You’re applying under the Canadian Experience Class. |
| Authorized to Work in Canada with Valid Job Offer | You’re authorized to work in Canada and you have a valid job offer, even if you apply under the Federal Skilled Worker Program or the Federal Skilled Trades Program. |
The express entry candidates must always have the updated funds in their bank accounts as they do not know for which program they will be invited to apply.
Acceptable forms of funds
The acceptable forms of funds are as follows:
| Requirement | Description |
| Document required | You must get official letters from any banks or financial institutions where you have an account. |
| Letters Must Include | |
| Financial Institution’s Contact Info | The bank or institution’s contact information (address, telephone number, and email address). |
| Your Name | Full name as it is on passport |
| Outstanding Debts | Your outstanding debts (such as credit card debts and loans). |
| Details for Each Current Account | |
| Account Numbers | Bank account number |
| Date Opened | Date each account was opened. |
| Current Balances | Current account balances. |
| Average Balance for the Past 6 Months | Average balance for the past 6 months. |