Express Entry Update: New Proof of Funds Requirements Effective May 28

Canada Calling! Are you dreaming of immigrating to Canada to study, work, and build a new life? If so, you’ve chosen a fantastic destination. But before you pack your bags, be sure you’re familiar with the latest requirements for Express Entry candidates, particularly regarding proof of funds.

What’s Changing?

In a recent announcement, Immigration, Refugees and Citizenship Canada (IRCC) unveiled an updated proof of funds requirements for Express Entry candidates.

The modifications, set to take effect from May 28, 2024, aim to align with evolving economic landscapes and ensure immigrants have the necessary financial resources for successful integration into Canadian society.

Why Proof of Funds Matters

Proof of funds demonstrates your financial ability to settle comfortably in Canada without relying on social assistance programs. It shows Canadian immigration authorities that you have enough money to cover essential living expenses like housing, food, and transportation for yourself and your family.

Also Read: Canada Maintains Six Express Entry Categories for Immigration in 2024

Who Needs Proof of Funds?

Proof of funds is mandatory for applicants seeking entry through specific programs within the Express Entry system. These programs aim to attract skilled workers who can contribute to the Canadian economy. Here’s a breakdown:

• Federal Skilled Worker Program (FSWP): This program targets skilled workers with foreign work experience in occupations listed on Canada’s National Occupation Classification (NOC). Proof of funds demonstrates your ability to financially support yourself and your family upon arrival.
• Federal Skilled Trades Program (FSTP): This program streamlines immigration for skilled tradespeople with experience in high-demand occupations. Similar to the FSWP, proof of funds showcases your financial self-sufficiency in Canada.

How Much Money Do You Need?

The minimum amount of proof of funds required depends on your family size. IRCC has updated the minimum settlement fund amounts based on 50% of the low-income cut-off for Canada.

Here’s a breakdown of the new minimums (effective May 28, 2024):

Updating Your Express Entry Profile

Important note: If you have already submitted an Express Entry profile, you’ll need to update your settlement fund information by May 27, 2024. This update won’t affect your original submission date or ranking in the pool (unless there’s a tie-breaker situation).

Who’s Exempt?

There are exceptions to the proof of funds requirement. You don’t need to show proof of funds if you’re applying under the Canadian Experience Class (CEC) or if you already have a valid job offer and authorization to work in Canada, even under programs like the Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP).

Must Read: Canada Visa: Your Guide to In-Demand Jobs For Express Entry

Important Details to Remember

• The funds must be readily available throughout the application process and upon receiving your permanent resident visa.
• You cannot use assets like home equity or borrowed money as proof of funds.
• The funds must be sufficient to cover your family’s living expenses, even if they aren’t immigrating with you initially.
• If married, you can combine funds held jointly with your spouse. Funds solely in your spouse’s name may be considered if you can demonstrate access to them.
• Official bank letters are required to verify the source and availability of your funds.
• Be prepared to declare any amount over CAD 10,000 when entering Canada.

Ready to Make Canada Your Home?

By familiarizing yourself with the updated proof of funds requirements, you can ensure a smooth and successful Express Entry application process. For more information, visit the official IRCC website. Good luck on your Canadian immigration journey!