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Canada increases Express Entry Settlement Funds for 2022

Canada announced it’s increasing Express Entry Settlement Funds requirements. Immigration, Refugees and Citizenship Canada (IRCC) updated its website to show how much money you need as proof of funds to settle in Canada.

Most Canadian permanent residence applicants must show that they have the ability to financially support their resettlement to Canada.

Proof of funds is how you show IRCC that you have enough money to settle in Canada. If IRCC invites you to apply for permanent residence, you must give written proof that you have this money.


Canada uses the Express Entry immigration system to select skilled immigrants under three programs. These are the Federal Skilled Worker Class; the Federal Skilled Trades Class; and the Canadian Experience Class.

You don’t need to show that you have enough money to support yourself and your family if

  • you’re applying under the Canadian Experience Class or
  • you have permit to work in Canada and you have a valid job offer

You may pre-qualify for a Canada immigration program.

Keep your funds up to date in your profile. The system may find that you’re eligible for more than 1 program. You don’t always know ahead of time which program you’ll be invited under.


To stay eligible, you may need to update your Express Entry Settlement Funds fund numbers in your Express Entry profile. The update must be done no later than June 8, 2022.

Updating your profile doesn’t change the date and time that IRCC received it.

How much do I need for 2022 Express Entry Settlement Funds?

The amount of money you need to support your family depends on the size of your family. To calculate the size of your family you must include

  • yourself
  • your spouse or partner
  • your dependent children and also
  • your spouse’s dependent children

Include your spouse or dependent children even if they’re

  • permanent residents or Canadian citizens
  • not coming to Canada with you

This table shows the minimum amount you need to immigrate to Canada as of June 9, 2022. If you have more money, you should list the full amount in your profile or application.

Number of
family members
Funds required
(in Canadian dollars)
For each additional family member$3,586

Source: IRCC 2022 Express Entry Settlement Funds.

IRCC updates the minimum amount you need every year, using 50% of the low income cut-off totals. The changes are small, but there is a chance they could affect your eligibility. So, bBe sure to check IRCC’s website regularly.

What does IRCC accept as proof of funds

To be acceptable for Express Entry Settlement Funds, the funds must be readily available to you. For example, you can’t use equity on real property as proof of settlement funds.


You also can’t borrow this money from another person. You must be able to use this money to pay the costs of living for your family. This is so even if they aren’t coming with you.

The funds must be available both when you apply and when (if) IRCC issues you a permanent resident visa. You must prove to an immigration officer that you can legally access the money to use in Canada when you arrive.

If your spouse is coming with you, you can count money you have together in a joint account. However, you may be able to count money in an account under their name only. And also, you must prove you have access to the money.

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

  • be printed on the financial institution’s letterhead
  • include their contact information (address, telephone number and email address)
  • include your name
  • list outstanding debts such as credit card debts and loans, and also
  • include, for each current bank and investment account, the
    • account numbers
    • date each account was opened
    • current balance of each account, and also
    • average balance for the past 6 months

How much money you should bring

Research how much it costs to live in the place where you plan to settle in Canada. And also, 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, and also
    • 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, and also
    • travellers’ cheques

See also Canada updates Express Entry proof of funds for 2021.

You may pre-qualify for a Canada immigration program.