As of May 27, IRCC will update the proof of funds for Express Entry applicants. This requirement is updated annually by IRCC, reflecting the low-income cut-off total published by Statistics Canada at the time. As a reminder, IRCC’s POF requirement represents the minimum amount of funds an applicant must have to immigrate to Canada through an Express Entry program.  

Note: Applicants with more money than the minimum requirement must list the total amount in their Express Entry profile or on their application. 

In order to help Express Entry applicants better under this requirement, here are the some of the FAQs. Take a look!

What Is The Proof Of Funds Requirement For Express Entry In 2024?

The table below shows the requirement of proof of funds for Express Entry. 

Number Of Family Members  Funds Required 
1 $14,690
2 $18,288
3 $22,483
4 $27,297
5 $30,690
6 $34,917
7 $38,875
If more than 7 people, for each additional family member  $3,958

 

Express Entry applicants must include both their spouse and common-law partner and any dependent children they have when calculating the size of their family for proof of funds. 

This is a requirement even if an applicant’s family members are: 

  • Already Canadian citizens or permanent residents 
  • Not accompanying the principal applicant to Canada 

 

What Happens If I Don’t Update My Proof Of Funds By May 27, 2024? 

Applicants who do not update their POF by May 27, the day before IRCC’s update takes effect, will see their Express Entry profile deemed ineligible.

This means the applicant must submit a new Express Entry application from scratch. 

Who Requires To Demonstrate Proof Of Funds For Express Entry? 

Showing proof of funds for Express Entry is necessary for the minimum requirements of both IRCC’s Federal Skilled Worker Program and Federal Skilled Trades Program. 

Express Entry applicants applying through the Canadian Experience Class aren’t required to demonstrate proof of funds. 

Note: Some FSWP and FSTP applicants are not required to show proof of funds. 

 

How Can I Demonstrate My Proof Of Funds? 

Proof Of Funds must be provided using official letters from any bank/ financial institution where the applicant has an account. 

IRCC clarifies that letters submitted to the department should be printed on the bank/ financial institution’s letterhead and include the following information: 

  • The institution’s contact information 
  • The applicant’s name
  • The applicant’s outstanding debts
  • Account details for each banking and investment account presently open by the applicant at the situation

Note: IRCC needs account numbers, the date the account was opened, present account balances, and the average account balance for the last six months. 

Can Family Member’s Funds Be Counted Towards The Proof Of Funds Requirement? 

Under the following circumstances, IRCC enables Express Entry applicants to use money that is tied to their spouse as part of their proof of funds. 

  • If an Express Entry applicant is being accompanied to Canada by their spouse, money from a joint account is permissible for POF.
  • Money in an account solely in a spouse’s name might be used for POF if the Express Entry applicant can prove they have access to the money. 

Can I Use A Loan As Proof Of Funds For Express Entry Application? 

IRCC notes that, in part due to requirements surrounding what is acceptable for an applicant’s POF, Express Entry applicants cannot borrow from another person. 

Does Having A Job Offer Affect Proof Of Funds Requirements? 

Yes, this is because both FSTP and FSWP applicants, who need to show proof of funds to IRCC, will be exempt from this requirement if they are able to work in Canada and have a valid job offer. 

How Do Currency Fluctuations Affect The Proof Of Funds?  

Proof of funds is needed at the time of application submission and applicants must maintain the required funds at all times until a final decision is made. 

In addition, IRCC reserves the right to request updated settlement funds at any time, and this might occur if the currency fluctuates significantly. 

What Should I Do If My Financial Situation Changes After Submitting My Profile? 

It is not uncommon for Express Entry applicants to see a material change in their situation, either financially or otherwise, after they submit their profile. 

The applicant is responsible for promptly updating their profile to show any changes that take place. Failure to do so might result in the applicant’s profile becoming ineligible for Express Entry, specifically if the change impacts the applicant’s ability to meet the eligibility criteria for any of the three immigration programs managed under the Express Entry system. 

Where Can I Get Help If I Am Unsure Regarding My Proof Of Funds Documentation? 

Proof of funds can be a hard and complex topic to understand. Retaining the services of a certified Canadian immigration lawyer can make things quite easier because they can help applicants with: 

  • Preparing any necessary documents 
  • Ensuring that applicants avoid critical mistakes  
  • Responding to the Canadian government 
  • Using their expertise to prevent unnecessary delays throughout the Express Entry immigration process

IRCC requires some immigration applicants to prove they have sufficient money to support themselves and any eligible family members who come with them to Canada. The department’s proof of funds requirement changes annually. Thus, it is vital to remain up-to-date with Statistics Canada and their low-income cut-off to ensure that applicants have the required funds to immigrate to Canada. Failure to meet the requirement will result in the refusal of the application.