The Immigration, Refugees, Citizenship Canada (IRCC) just changed the proof of funds for express entry in Canada. This is required for Express Entry applications, which is a way to immigrate to Canada.
The amount of money you need to show has increased. It’s based on half of the minimum amount of money a family in Canada needs to get by.
If you’ve already applied to Express Entry, you need to update your application with the new amount of money by May 27, 2024. The new amount will be required starting May 28, 2024. Updating your application before the deadline won’t change your place in line.
Individuals That Need To Demonstrate Express Entry Proof of Funds
To immigrate to Canada through Express Entry, you usually need to show proof of funds. This means you have enough money to support yourself and your family when you first arrive in Canada.
Who Needs Proof of Funds?
People applying under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP) typically need proof of funds.
Who Doesn’t Need Proof of Funds?
- People who already have a valid job offer and work permit for Canada through FSWP or FSTP don’t need proof of funds.
- People applying under the Express Entry Canadian Experience Class (CEC) also don’t need proof of funds.
What Happens Now?
In the past, everyone applying through Express Entry had to submit proof of funds, even if they didn’t need it.
Now, if you don’t need proof of funds because you have a job offer or are applying under CEC, you can upload a letter explaining this instead.
Computing Settlement Funds
How much money you need to show depends on your family size
The amount of money you need to prove you have for Express Entry (settlement funds) depends on how many people are in your family. This includes:
- You (the applicant)
- Your spouse or common-law partner (even if they aren’t coming with you)
- Your dependent children (even if they aren’t coming with you)
- Your spouse or common-law partner’s dependent children (even if they aren’t coming with you)
Basically, you need to count everyone in your family, even if they aren’t moving to Canada with you right away.
Acceptable Proof of Funds for Express Entry
Canada immigration (IRCC) says to prove you have enough money to settle in Canada (proof of funds), you need official letters from your bank or other financial institutions. These letters have to be on the bank’s official letterhead and show:
- Your name
- All the bank accounts and investments you have (including checking, savings, stocks, etc.)
- Any loans or debts you have (like credit cards)
- The account numbers for each account
- When you opened each account
- How much money is in each account right now
- The average amount of money that’s been in each account for the last 6 months
- The bank’s contact information (address, phone number, and email)
The New Proof of Funds for Express Entry in 2024
The proof of funds Canada required for your Express Entry application depends on how many people are in your family, including yourself. This is called the settlement fund. Here’s a list of the minimum amounts you need to have depending on your family size, effective May 28th:
- 1 person: $14,690
- 2 people: $18,288
- 3 people: $22,483
- 4 people: $27,297
- 5 people: $30,690
- 6 people: $34,917
- 7 people: $38,875
In general, you need an extra $3,958 for each additional family member.
Find Out if Your Express Entry Profile Requires Proof of Funds
To come to Canada as a skilled worker (FSWP) or a skilled tradesperson (FSTP) through Express Entry, you usually need to show you have enough money to support yourself when you get there. This is called proof of funds.
There is one exception: the Canadian Experience Class (CEC). If you’re applying through CEC, you don’t need to show proof of funds.
Here’s another way to avoid showing proof of funds: If you already have a valid job offer and permission to work in Canada, you generally don’t need to show proof of funds, even if you’re applying through FSWP or FSTP.
Key Points
- Increased Proof of Funds Requirement: IRCC increased the minimum amount of money you need to show to immigrate to Canada through Express Entry. This money is meant to help you settle in Canada.
- Deadline to Update Application: If you already applied to Express Entry, you need to update your application with the new proof of funds amount by May 27, 2024.
- Who Needs Proof of Funds: People applying under Federal Skilled Worker Program (FSWP) or Federal Skilled Trades Program (FSTP) typically need proof of funds, unless they have a valid job offer with work permit already. People applying under Canadian Experience Class (CEC) are exempt.
- How Much Proof of Funds in Canada is needed: The amount depends on your family size. The document provides a table with the minimum amounts required based on family size.
- Acceptable Proof of Funds: You need official letters from your bank showing your accounts, balances, debts and average balance for the last 6 months.
FAQs
How to show proof of funds for Canada Immigration 2024?
In order to verify your financial resources, please submit the following documents:
- A letter from your bank on their official stationery. The letter should include their contact details.
- Your name on the document.
- A list of any debts or loans you currently have.
- Details for each of your accounts, including the account number and the date it was opened.
What is the immigration target for Canada in 2024?
Canada’s immigration plan continues to ramp up admissions, aiming for 485,000 newcomers in 2024, reaching 500,000 in 2025, and staying steady at that level in 2026.