New Proof of Settlement Funds Requirements

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Immigration, Refugees and Citizenship Canada (IRCC) has announced changes to the requirements for proof of settlement funds for 2024. The new regulations specify that settlement funds are now mandatory for certain candidates, contingent on the immigration programs for which they qualify.

Candidates are urged to visit the Express Entry Proof of Funds page on the IRCC’s website to ensure they meet the necessary financial requirements to qualify for immigration to Canada. Those who do not possess sufficient funds will see their profiles removed from the Express Entry pool.

All affected individuals are advised to review the updated requirements and make any necessary adjustments to their Express Entry profiles. This update will officially take effect on May 28, 2024, and applies to candidates based on their family size.

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

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