2024 Update: New Proof of Funds Requirements for Skilled immigrants (Express Entry)

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Immigration, Refugees and Citizenship Canada (IRCC) has updated the proof of funds requirements for the 2024 Express Entry program. The new requirements will come into effect on May 28.

About the New Requirements:

  • Following the update, applicants need to adjust the settlement funds in their profiles based on the number of family members.
  • Be sure to update your Express Entry profile with the new fund requirements by May 27, 2024.

Details of the Fund Requirements:

  • 1 person: $14,690 CAD
  • 2 people: $18,288 CAD
  • 3 people: $22,483 CAD
  • 4 people: $27,297 CAD
  • 5 people: $30,690 CAD
  • 6 people: $34,917 CAD
  • 7 people: $38,875 CAD
  • For each additional family member beyond 7, an additional $3,958 CAD is required

Who Needs to Provide Proof of Funds?

  • Applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) need to provide proof of funds.
  • Applicants with a valid job offer and work permit in Canada do not need to provide proof of funds.
  • Canadian Experience Class (CEC) applicants are not required to provide proof of funds.

Acceptable Proof of Funds:

  • Must be official letters from banks or financial institutions.
  • The letters must list account details, debt information, current account balances, and the average balance for the past six months.

Update your Express Entry profile to ensure a smooth application process!

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