Fresh Express Entry Updates Regards Proof Of Funds Requirement 2024
Attention all Express Entry candidates! Immigration, Refugees, and Citizenship Canada (IRCC) has made updates to the proof of funds table for 2024. Here’s what you need to know:
Every year, IRCC adjusts these numbers based on 50% of the low-income cut-off totals.
If you’re currently in the Express Entry pool, it’s essential to update your profile with settlement funds according to the new requirements before May 27, 2024.
The updated requirements will officially take effect on May 28.
Here’s the good news: Updating your profile won’t change your ranking if there’s a tiebreaker situation. Your original submission date and time remain unchanged.
Stay ahead of the game and ensure your profile is up to date before the deadline!
Is Proof of Funds Mandatory for Express Entry?
Proof of funds is mandatory for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP). However, if you have a valid job offer and work permit for Canada, you are exempt from providing proof of funds for FSWP and FSTP applications. Additionally, candidates applying through the Express Entry Canadian Experience Class (CEC) stream do not need to demonstrate proof of funds
New List of proof of funds required after 28 may 2024 onwards
| Count of family members | New settlement funds required from 28 may 2024 onwards | Old settlement funds rule |
|---|---|---|
| 1 | $14,690 | $13,757 |
| 2 | $18,288 | $17,127 |
| 3 | $22,483 | $21,055 |
| 4 | $27,297 | $25,564 |
| 5 | $30,690 | $28,994 |
| 6 | $34,917 | $32,700 |
| 7 | $38,875 | $36,407 |
| Each additional member | $3,958 | $3,706 |