Settlement funds are a mandatory financial requirement for certain applicants in the Express Entry system. They prove that you have enough money to support yourself and your family after moving to Canada.
Who Needs to Show Settlement Funds?
- Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) applicants must provide proof of funds unless they have a valid job offer in Canada.
- Canadian Experience Class (CEC) applicants do not need to show settlement funds.
- Candidates with a provincial nomination may need funds depending on the provincial requirements.
Minimum Settlement Funds Requirement (2024)
The minimum amount depends on family size, including yourself, your spouse, and dependent children.
| Family Size | Minimum Funds Required (CAD) |
|---|---|
| 1 | $13,757 |
| 2 | $17,127 |
| 3 | $21,055 |
| 4 | $25,564 |
| 5 | $28,994 |
| 6 | $32,700 |
| 7+ | $36,407 (Add $3,706 per additional member) |
(These amounts are updated annually by Immigration, Refugees and Citizenship Canada (IRCC).)
What Counts as Proof of Settlement Funds?
You must provide official financial documents showing you have access to the required amount. Acceptable proof includes:
✅ Bank statements from the past 6 months (checking & savings accounts).
✅ Fixed deposits or investment statements (accessible funds only).
✅ Letter from your financial institution confirming your account details, balance, and history.
Important Notes:
- Funds must be available at the time of application and upon arrival in Canada.
- Credit cards, borrowed money, and real estate assets do not count.
- Funds must be in your name or a joint account with your spouse.
How Settlement Funds Affect Your Express Entry Application
- If you fail to provide proof of funds, your application may be rejected.
- Higher settlement funds may improve your financial stability assessment but do not directly impact your Comprehensive Ranking System (CRS) score.
- If your funds drop below the required amount, IRCC may refuse your permanent residence application.