In light of recent updates by Immigration, Refugees, and Citizenship Canada (IRCC) regarding the proof of funds (POF) requirement for Express Entry candidates, here are the 10 most frequently asked questions to help candidates understand and comply with the new regulations.
1. What is the proof of funds requirement for Express Entry in 2024?
As of May 28, 2024, the updated POF requirements are as follows:
| Number of Family Members | Funds Required (CAD) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| More than 7 | $3,958 per additional member |
Express Entry candidates must count their spouse or common-law partner and any dependent children when calculating family size for proof of funds, even if they are not accompanying the principal applicant to Canada.
2. What happens if I don’t update my proof of funds by May 27, 2024?
Failure to update your POF by May 27, 2024, will result in your Express Entry profile being deemed ineligible, necessitating the submission of a new Express Entry application.
3. Who needs to demonstrate proof of funds for Express Entry?
Candidates applying through the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) need to demonstrate POF. Candidates applying through the Canadian Experience Class (CEC) do not need to show proof of funds.
4. How can I demonstrate my proof of funds?
Proof of funds must be shown using official letters from any bank or financial institution where the candidate has an account. The letters must be printed on the financial institution’s letterhead and include the institution’s contact information, the candidate’s name, outstanding debts, account details, current account balances, and the average account balance for the past six months.
5. Can family members’ funds be counted towards the proof of funds requirement?
Yes, funds in a joint account with a spouse or in an account solely in the spouse’s name can be used, provided the candidate can prove access to the money.
6. Can I use a loan as proof of funds for my Express Entry application?
No, IRCC does not allow borrowed money to be used as proof of funds for Express Entry.
7. Does having a job offer in Canada affect the proof of funds requirement?
Yes, candidates with a valid job offer and authorization to work in Canada are exempt from the POF requirement under both the FSWP and FSTP.
8. How do currency fluctuations affect the proof of funds?
Applicants must maintain the required funds in Canadian dollars at all times until a final decision is made. IRCC may request updated settlement funds if there are significant currency fluctuations.
9. What should I do if my financial situation changes after submitting my profile?
Candidates must promptly update their profile to reflect any changes in their financial situation. Failure to do so can render the profile ineligible for Express Entry.
10. Where can I get help if I’m unsure about my proof of funds documentation?
Candidates can seek assistance from certified Canadian immigration lawyers who can help prepare necessary documents, avoid critical mistakes, and respond to government inquiries.
IRCC’s annual updates to the POF requirements align with StatsCan’s low-income cut-off totals, ensuring applicants have sufficient funds to support themselves and their families in Canada. It is crucial for candidates to stay informed and comply with these requirements to avoid application refusals.
