The proof of finances (POF) criterion for candidates seeking to use Express Entry will be updated as of May 27 by Immigration, Refugees and Citizenship Canada (IRCC).
Every year, the IRCC updates this criteria to take into account the low-income threshold amount that Statistics Canada (StatsCan) provided for that particular year. Recall that the minimum financial requirement set by the IRCC for applicants wishing to enter Canada through the Express Entry program is represented by the POF requirement.
Note: Candidates that have more money than the required minimum should indicate that total on their application or in their Express Entry profile.
To help Express Entry candidates better under this requirement, CIC News has compiled a list of frequently asked questions.
What is the proof of funds requirement for Express Entry in 2024?
The table below reflects the updated Express Entry POF requirement for 2024, as of 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 |
| If more than 7 people, for each additional family member | $3,958 |
Express Entry candidates must include both their spouse or 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 a candidate’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?
Candidates 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 that the candidate will have to submit a new Express Entry application from scratch.
Who needs to demonstrate proof of funds for Express Entry?
Showing proof of funds is necessary for meeting the minimum requirements of both IRCC’s Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
Express Entry candidates applying through the Canadian Experience Class (CEC) are not required to demonstrate proof of funds.
Note: Some FSWP and FSTP candidates are not required to show proof of funds (see question seven below).
How can I demonstrate my proof of funds?
Proof of funds must be provided using official letters from any bank or financial institution where the candidate has an account.
IRCC clarifies that letters submitted to the department must be printed on the financial institution’s letterhead and include the following information:
- The institution’s contact information (address, telephone number and email address)
- The candidate’s name
- The candidate’s outstanding debts (credit card debts, loans etc.)
- Account details for each banking and investment account currently open by the candidate at the institution*
*IRCC needs account numbers, the date the account was opened, current account balances and the average account balance for the past six months.
Can family members’ funds be counted towards the proof of funds requirement?
Under the following circumstances, IRCC allows Express Entry candidates to use money that is tied to their spouse as part of their proof of funds.
- If an Express Entry candidate 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 may be used for POF if the Express Entry candidate can prove they have access to the money
Can I use a loan as proof of funds for my Express Entry application?
IRCC notes that, in part due to requirements surrounding what is acceptable for a candidate’s POF (see question four), Express Entry candidates cannot “borrow [money used for POF] from another person.”
Does having a job offer in Canada affect the proof of funds requirement?
Yes. This is because both FSTP and FSWP candidates, who would normally be required to show proof of funds to IRCC, will be exempt from this requirement if they are authorized to work in Canada and have a valid job offer.
How do currency fluctuations affect the proof of funds?
Proof of funds is required (equivalent in Canadian dollars) at the time of application submission and applicants should maintain the required funds at all times until a final decision is made.
IRCC reserves the right to request updated settlement funds at any time, and this may occur if there’s a significant fluctuation in the currency.
What should I do if my financial situation changes after submitting my profile?
It is not uncommon for Express Entry candidates to see a material change in their situation, either financially or otherwise, after they submit their profile.
The candidate is responsible for promptly updating their profile following any changes that occur. Failure to do so may result in the candidate’s profile becoming ineligible for Express Entry, particularly if the change that took place impacts the individual’s ability to meet the eligibility criteria for any of the three programs managed under the Express Entry system.
Where can I get help if I’m unsure about 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 easier because they can help candidates and applicants with:
- Preparing any necessary documents
- Ensuring that critical mistakes are avoided
- Responding to the Canadian government
- Using their expertise to avoid unnecessary delays throughout the Express Entry immigration process
IRCC makes proof of funds a requirement for some immigration candidates as a way of proving they have enough money to support themselves and any eligible family members who come with them to Canada. The department’s proof of funds requirement changes annually. Therefore, it is important to remain up-to-date with StatsCan and their low-income cut-off to ensure that candidates have the required funds to immigrate to Canada. Failure to meet this requirement will result in the refusal of the application.