Settlement Funds Eligibility Calculator for Canadian Express Entry
Check Your Eligibility
Include yourself, your spouse/partner, and dependent children, even if they aren’t coming with you.
Enter the total amount of unencumbered, transferable funds you have. Do not use commas.
What are Settlement Funds and Do They Affect Express Entry Points?
One of the most common points of confusion for Canadian immigration applicants is the role of settlement funds. To be clear: settlement funds are NOT used to calculate your Comprehensive Ranking System (CRS) points for Express Entry. You do not get more points for having more money. Instead, proof of funds is a minimum eligibility requirement for certain programs.
Think of it as a pass/fail test. If you are applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), you must prove you have enough money to support yourself and your family upon arrival in Canada. If you meet the minimum threshold, you pass this part of the application. If you don’t, your application will be rejected. The amount of money you have above the minimum does not grant you any extra advantage in the points-based ranking system.
This calculator helps you determine if you meet that crucial pass/fail requirement. It does not calculate CRS points, which are based on factors like age, education, work experience, and language skills.
The “Formula”: Minimum Required Funds Table
There is no complex formula. The Canadian government (IRCC) publishes a table with the minimum funds required based on the size of your family. These amounts are updated periodically to reflect the cost of living. Your task is simply to ensure your available funds are equal to or greater than the amount listed for your family size.
You must count all family members, even if they are Canadian citizens or permanent residents, and even if they are not immigrating with you.
| Number of Family Members | Funds Required (CAD) |
|---|
Practical Examples
Example 1: Single Applicant (Meets Requirement)
- Inputs: Family Size = 1, Available Funds = $18,000 CAD
- Calculation: The required amount for one person is $15,263 CAD. Since $18,000 is greater than $15,263, the applicant meets the requirement.
- Result: Meets the minimum settlement fund requirement with a surplus of $2,737.
Example 2: Family of Four (Does Not Meet Requirement)
- Inputs: Family Size = 4, Available Funds = $25,000 CAD
- Calculation: The required amount for a family of four is $28,362 CAD. Since $25,000 is less than $28,362, the applicant does not meet the requirement.
- Result: Does not meet the minimum settlement fund requirement, with a deficit of $3,362. This would lead to an application refusal.
How to Use This are settlement funds used to calculate point express entry Calculator
Using this tool is straightforward and designed to give you a clear answer on your eligibility.
- Select Family Size: From the dropdown menu, choose the total number of family members. Remember to include yourself, your spouse/partner, and any dependent children, regardless of whether they are accompanying you to Canada.
- Enter Your Funds: In the “Your Available Settlement Funds” field, type the total amount of money you have available in Canadian Dollars (CAD). These funds must be readily accessible and not borrowed.
- Review the Results: The calculator will instantly update. It will show you a clear message stating whether you meet the requirement, the minimum amount needed for your family size, and your surplus or deficit.
- Interpret the Chart: The visual bar chart provides a quick comparison between the required funds (grey bar) and your funds (green or red bar), helping you see where you stand at a glance.
Key Factors That Affect Settlement Funds
Several critical factors can influence your proof of funds. It’s not just about having money in an account.
- Program of Application: You generally need proof of funds for the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). You do not need them if you are applying under the Canadian Experience Class (CEC) or if you have a valid job offer in Canada.
- Family Size: This is the single biggest determinant of the amount you need. The required amount increases with each additional family member.
- Acceptable Proof: Funds must be liquid and accessible. This includes money in chequing/savings accounts and some investments. Real estate equity cannot be used. You need an official letter from your bank.
- Unencumbered Funds: You cannot borrow this money from another person. The funds must be yours, free of any debts or obligations. Loans are not acceptable as proof of funds.
- Spouse’s Funds: You can count money in a joint account with your spouse. If the money is only in your spouse’s name, you must provide proof that you have access to it.
- Maintaining the Balance: The required funds must be available to you from the time you apply until a permanent resident visa is issued. A significant drop below the required amount during processing can jeopardize your application.
Frequently Asked Questions (FAQ)
1. Do I get more Express Entry points for having more money?
No. Settlement funds are a minimum requirement, not a factor in the CRS score calculation. Having more than the required amount does not give you any extra points.
2. What kind of proof does IRCC accept?
IRCC requires official letters from financial institutions where you keep your money. These letters must be on the institution’s letterhead and include their contact info, your name, and details for each account like number, opening date, current balance, and the average balance for the past 6 months.
3. Can I use money that was gifted to me?
Yes, but it must be properly documented with a sworn affidavit from the person who gave you the money, stating that it is a true gift and not a loan. The funds should be in your account well in advance of your application.
4. Do I need proof of funds if I have a job offer?
No. If you are authorized to work in Canada and have a valid job offer, you are exempt from the settlement funds requirement.
5. What currency should the funds be in?
You must demonstrate the equivalent value in Canadian Dollars (CAD). When you get your proof of funds letter from your bank, it should clearly state the balance and you should perform a currency conversion to show the CAD equivalent on your application.
6. Can I use real estate as proof of funds?
No. Equity on real property is not considered a liquid asset and cannot be used as proof of settlement funds.
7. How long do I need to have the money in my account?
While there’s no official rule, a large, recent deposit without a clear explanation (like a property sale or gift deed) can raise red flags. It’s best to have the funds in your account for at least six months, as banks are required to show a six-month average balance.
8. What if my family members are not coming to Canada with me?
You must still include them when calculating your family size to determine the required funds. The government wants to ensure you could support them if they were to join you later.
Related Tools and Internal Resources
Explore more resources to help with your Canadian immigration journey:
- Comprehensive Ranking System (CRS) Score Calculator: Estimate your Express Entry points.
- CLB to IELTS/CELPIP Converter: Understand your language test scores.
- NOC Code Finder Tool: Find the right National Occupational Classification for your work experience.
- Provincial Nominee Program (PNP) Finder: Discover immigration pathways through specific provinces.
- Canada Immigration Timeline Tracker: See average processing times.
- Cost of Living in Canada Calculator: Plan your budget for your new life in Canada.