Starting from May 27, Immigration, Refugees and Citizenship Canada (IRCC) will be implementing revisions to the proof of funds (POF) prerequisite for candidates applying through the Express Entry system.
This criterion undergoes yearly updates by IRCC, aligning with the total low-income cutoff published by Statistics Canada (StatsCan) for that specific year. It's important to emphasize that IRCC's POF stipulation denotes the minimum funds necessary for immigration under an Express Entry program.
Please be advised that candidates possessing funds exceeding the minimum requirement are encouraged to disclose the full amount in their Express Entry profile or application.
In order to assist Express Entry candidates in better comprehending this prerequisite, CIC News has curated a list of commonly asked questions.
What is the proof of funds requirement for Express Entry in 2024?
Below is the updated Express Entry POF requirement for 2024, effective from May 28:
Number of family members | Funds required (in Canadian dollars) |
1 | $14,690 |
2 | $18,288 |
3 | $22,483 |
4 | $27,297 |
5 | $30,690 |
6 | $34,917 |
7 | $38,875 |
For each additional family member beyond 7 | $3,958 |
Express Entry applicants must consider both their spouse or common-law partner and any dependent children when determining their family size for proof of funds, regardless of whether these family members are already Canadian citizens or permanent residents or if they won't be accompanying the principal applicant to Canada.
What happens if I don't update my proof of funds by May 27, 2024?
Who needs to demonstrate proof of funds for Express Entry?
How can I demonstrate my proof of funds? Can family members’ funds be counted towards the proof of funds requirement?
Can I use a loan as proof of funds for my Express Entry application?
Does having a job offer in Canada affect the proof of funds requirement?
How do currency fluctuations affect the proof of funds?
What should I do if my financial situation changes after submitting my profile?
Where can I get help if I'm unsure about my proof of funds documentation?
IRCC mandates proof of funds for certain immigration candidates as a means to ensure they possess sufficient funds to support themselves and any eligible family members accompanying them to Canada. This requirement undergoes annual adjustments by the department, hence staying informed with StatsCan's low-income cut-off is crucial to ensure applicants meet the necessary financial criteria for immigration to Canada. Failure to fulfill this requirement will result in the application being rejected.
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