Maple News reports that immigrating to Canada comes with specific financial requirements, particularly if you’re applying through one of the country’s economic immigration programs. These financial thresholds, known as settlement funds, are set by Immigration, Refugees and Citizenship Canada (IRCC) to ensure that newcomers can financially support themselves during their initial months in Canada.
Applicants to programs under the Express Entry system — specifically the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) — must show proof of settlement funds unless they already have a valid job offer from a Canadian employer or are currently authorized to work in Canada.
As of 2024, the required funds vary depending on family size. For single applicants, at least CAD $14,690 is needed. This amount increases with each additional family member. For example, a family of four must show a minimum of CAD $27,297, while a family of seven should have at least CAD $38,875. For each additional family member beyond seven, an extra CAD $3,958 is required.
Your family size calculation must include yourself, your spouse or common-law partner, your dependent children, and your spouse’s or partner’s dependent children — whether they are immigrating with you or not. This ensures IRCC has a clear picture of your financial responsibilities.
These funds must be readily available — meaning they cannot be assets like real estate, and they must be accessible in your name (or jointly, if applying with a spouse). Applicants should also prepare for currency conversion rates and potential banking delays when transferring funds.
The settlement fund requirement is updated annually based on 50% of the low-income cut-off (LICO) as established by Statistics Canada. Staying current with these changes is crucial to ensuring your application remains compliant.
For those seeking to move to Canada, understanding and meeting the settlement funds requirements is a key part of the immigration process. It’s not just about meeting the numbers — it’s about demonstrating stability and preparation for a new life in Canada.
Maple News will continue to monitor updates from IRCC and provide timely information to help future immigrants navigate Canada’s ever-evolving immigration landscape.