Immigration, Refugees and Citizenship Canada (“IRCC”) has updated the table that shows how much money you need to settle in Canada if you are applying in either the Federal Skilled Worker or Federal Skilled Trades Programs. IRCC updates these numbers every year, based on 50% of the low income cut-off totals. The changes take effect on May 28, 2024. If you already have an Express Entry Online Profile, you may need to update your settlement fund numbers in your profile to remain eligible to apply. The update must be done no later than May 27, 2024.
According to Citizenship and Immigration Canada, if an individual wishes to apply for Permanent Residence in Canada under Express Entry, the following settlement fund requirements will apply:
| Size of Family Unit | Settlement Funds Required |
| 1 person | $14,690 CDN |
| 2 persons | $18,288 CDN |
| 3 persons | $22,483 CDN |
| 4 persons | $27,297 CDN |
| 5 persons | $30,690 CDN |
| 6 persons | $34,917 CDN |
| 7 + persons | $38,875 CDN |
| For each additional family member | $ 3,958 CDN |