Canadian immigration hopefuls in the Express Entry pool need to be aware of recent updates to the proof of funds requirements. Immigration, Refugees and Citizenship Canada (IRCC) has adjusted the minimum settlement fund amounts for 2024, impacting applicants entering the pool or already waiting for an Invitation to Apply (ITA).
What is Express Entry Proof of Funds?
Express Entry is a system used by Immigration, Refugees and Citizenship Canada (IRCC) to manage applications for permanent residence from skilled workers. Proof of funds is a financial document demonstrating that you have enough money to support yourself and your family after arriving in Canada.
Who Needs Proof of Funds?
The proof of funds requirement applies to specific Express Entry programs. Those applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) will need to demonstrate they have sufficient funds to settle in Canada. However, there are exceptions. Applicants with a valid job offer and work permit for Canada in either of these programs are exempt from the proof of funds requirement. Additionally, the Canadian Experience Class (CEC) program does not require proof of funds for any applicants.
Calculating Settlement Funds
The amount of settlement funds required depends on the size of your family unit. This includes the applicant, their spouse or common-law partner (if applicable), and any dependent children (of both the applicant and their spouse, if applicable). Even if some family members are not immigrating with you, they must still be factored into the calculation.
Here’s a breakdown of the new minimums effective May 28, 2024 (compared to the previous amounts):
| Number of family members | New Settlement Funds requirement is effective May 28 (in Canadian dollars) | Old Funds Required (in Canadian dollars) |
| 1 | $14,690 | $13,757 |
| 2 | $18,288 | $17,127 |
| 3 | $22,483 | $21,055 |
| 4 | $27,297 | $25,564 |
| 5 | $30,690 | $28,994 |
| 6 | $34,917 | $32,700 |
| 7 | $38,875 | $36,407 |
| If there are more than 7 people, for each additional family member | $3,958 | $3,706 |
Updating Your Express Entry Profile
Express Entry candidates currently in the pool with applications requiring proof of funds need to update their profiles with the new settlement fund amounts by May 27, 2024, to avoid any delays. Updating your profile does not affect your application’s original submission date.
Acceptable Proof of Funds
Acceptable proof of funds comes in the form of official letters from your bank(s) or other financial institutions. These letters, printed on the institution’s letterhead, must include:
- Your name and contact information
- Details of all your current bank and investment accounts
- Outstanding debts (loans, credit cards, etc.)
- Account numbers and opening dates
- Current account balances and average balances for the past six months
- Bank or institution contact details (address, phone number, email)
Considering Express Entry?
These changes highlight the importance of financial planning for your Canadian immigration journey. Ensure you meet the current settlement fund requirements and gather the necessary documentation well in advance. Researching job opportunities and exploring potential job offers with work permits can also be beneficial, especially if they exempt you from the proof-of-funds requirement for FSWP or FSTP.
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