Express Entry 2023 financing

The Canadian Immigration Department has updated the amounts required to prove financial means for Express Entry applicants.

These changes, which were announced today, May 2, 2023, on the website of the Immigration Department, will be effective from April 25, 2023.

Funding amounts are updated annually. The Immigration Department considers these amounts to be 50% LICO (Total Minimum Expenses for Low Income Households). In order to be eligible for Express Entry, you must update the amount of financing in your Express Entry profile.

Affordability shows that you have enough money to settle in Canada. Anyone receiving an Express Entry ITA must be able to prove their financial ability in writing with documents.

However, anyone applying through the Canadian Experience Program does not have to prove that they have enough money to support themselves and their families.

An Express Entry applicant who is authorized to work in Canada and has a valid job offer is also exempt from proof of financial means. This rule applies even if you apply through the Federal Skilled Worker Program or the Federal Skilled Trade Program.

Who has to prove their financial ability?

You must prove your financial ability to be eligible for the following programs:

• Federal Skilled Worker Program;
• Federal Skill Trade Program.

How much money is needed?

The amount you need varies based on the size of the family. The family consists of the following people:

• your person;
• your wife
• Your dependent children;
• Dependent children of your spouse.

Number of family members	Required amount (in Canadian dollars)
1	$13,757
2	$17,127
3	$21,055
4	$25,564
5	$28,994
6	$32,700
7	$36,407
For people over 7 people, per additional member	$3,706

If your spouse’s dependent children have the following conditions, you should also count them:

• are Canadian citizens or Canadian permanent residents;
• They will not come to Canada with you.

How to prove financial ability?

You must provide an official letter from any bank or financial institution where you have an account to prove that you have enough money to settle in Canada.

These letters must be printed on the letterhead of the bank or financial institution and include the following:

• Bank or financial institution contact information (address, phone number or email);
• your name;
• Your debts (such as credit card debt and loans)
• details of each of the current and investment accounts that you have with banks and financial institutions;
• account numbers;
• the opening date of each account;
• the balance of each current account;
• The average balance of the last six months.

The Canadian Immigration Department has announced that these amounts should be available to you at the following times:

• When applying
• When issuing a permanent residence visa

You must also show Immigration Canada that you can legally access your money when you arrive in Canada.

For example, this means that:

• You cannot use the increase in the value and price of the mortgaged property as a financial opportunity;
• You cannot borrow money from another person.

In addition, you should be able to use this money to pay for your family’s living expenses even if they do not come to Canada with you.

If you have a spouse coming with you, you can open an account on any money you have in a joint account together. You may be able to count on your spouse’s money in a separate account, but you must be able to prove that you have access to that money when you need it.

How much money should you bring to Canada?

The cost of living can vary greatly depending on where you are in Canada. Big cities like Toronto and Vancouver are usually more expensive than other parts of Canada.

The immigration office recommends that you bring as much money as you can. This will make it easier for you to immigrate and find a home in Canada.

Immigration notes that you must tell the border officer that you are carrying more than 10,000 Canadian dollars when you enter Canada. If you do not declare this, you will be fined and your money will be blocked. This blocking includes cash and documents that show property or capital payable to you, such as the following:

• take stock
• Bonds
• Papers without backing
• treasury bonds

It also includes documents that guarantee the payment of a certain amount of money that is payable to you. such as:

• cheque
• Czech
• remittance
• traveller’s cheque

Financing for studying in Canada is different from financing for Express Entry.

question and answer