Requirements For New Express Entry Proof of Funds in Canada (2024)

The Express Entry proof of funds table has been modified by Immigration, Refugees and Citizenship Canada (IRCC) to reflect new requirements for 2024.

These figures are updated annually by the IRCC using 50% of the low income cut-off totals.

revised Express Entry Proof of Funds in Canada

Before May 27, 2024, candidates for the Express Entry pool must update their profile with proof of funds in accordance with the revised conditions.

On May 28, the new regulations will take effect.

According to IRCC, since upgrading your profile doesn’t change the time and date that we got it, you will keep your rank in the event of a tiebreaker.

WHO MUST PRESENT PROOF OF FUNDS FOR EXPRESS ENTRY?

The applicant’s Express Entry proof of funds is the minimal amount needed to settle in Canada.

The Federal Skilled Worker Programme (FSWP) and the Federal Skilled Trades Programme (FSTP) both require proof of finances.

However, the applicant is exempt from providing proof of finances for FSWP and FSTP provided they have a valid work permit and job offer for Canada.

Moreover, evidence of money is not required for candidates in the Canadian Experience Class (CEC) for Express Entry.

As of right now, the system demands that all applications provide proof of funding. If proof of funds is not needed, you must upload a letter saying that you have a valid job offer or that you have been invited to apply under the Canadian Experience Class.

CALCULATING THE FUNDS FOR SETTLEMENT

The verification of the Express Entry settlement funds is contingent upon the family size of the applicant.

When determining the settlement funds, the following parties must be accounted for: the applicant, their spouse or common-law partner, any applicable dependent children, and the dependent children of the spouse (if applicable).

It is mandatory for you to calculate the settlement funds in the presence of your spouse or dependent children, irrespective of whether they are accompanying the applicant to Canada or not.

WHAT IS THE NEW PROOF OF FUNDS REQUIREMENT FOR EXPRESS ENTRY IN 2024?

The size of the family (including the applicant) is the determining factor in the amount of Express Entry settlement funds required.

The revised necessary funds requirement, which went into effect on May 28th, has been detailed below by family size.

Number of family members New Settlement Funds requirement is effective May 28 (in Canadian dollars) Old Funds Required (in Canadian dollars)
1 CAD$14,690 CAD$13,757
2 CAD$18,288 CAD$17,127
3 CAD$22,483 CAD$21,055
4 CAD$27,297 CAD$25,564
5 CAD$30,690 CAD$28,994
6 CAD$34,917 CAD$32,700
7 CAD$38,875 CAD$36,407
If there are more than 7 people, for each additional family member CAD$3,958 CAD$3,706

REQUIREMENTS FOR ACCEPTABLE PROOF OF FUNDS FOR EXPRESS ENTRY

As per the guidelines on the IRCC website, formal letters from banks or financial organisations are the only acceptable form of proof of funds.

All current bank and investment accounts, as well as any outstanding debts, such as credit card and loan debt, must be listed in the letters.

The financial institution’s letterhead must also be used to publish this letter. Additionally, it ought to have the following information:

  • Your address, phone number, and email address of the bank or other organisation
  • Your name
  • Your current debts (loans and credit card debt)
  • The particulars for each of your active bank and investment accounts with them
  • Account numbers, the day each was opened, the current balances in each account, and the average balance for the previous six months

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