The Canadian government has implemented updated proof of funds requirements for individuals applying for permanent residency through the Express Entry system.
These changes, effective May 28, 2024, aim to ensure immigrants possess the financial resources necessary to establish themselves successfully in Canada. Proof of funds serves as a crucial element of your Express Entry application, demonstrating your ability to support yourself and any accompanying family members financially without relying on government assistance. These requirements apply to programs like the Federal Skilled Worker Program (FSWP), the Federal Skilled Trades Program (FSTP), and the Canadian Experience Class (CEC), with exceptions for the latter.
The minimum settlement fund amounts have been adjusted to reflect current economic conditions and are based on 50% of Canada’s Low-Income Cut-Off (LICO). The specific amount varies depending on your family size. If you have already submitted an Express Entry profile, you are required to update your settlement fund information by May 27, 2024. This update will not impact your original submission date or ranking in the pool, except in situations where tie-breakers are necessary. There are exemptions to the proof of funds requirement. Applicants under the CEC or those holding a valid job offer with authorization to work in Canada do not need to submit proof of funds.
This exemption may also extend to programs like the FSWP or FSTP when accompanied by a valid job offer. It is important to note that these funds must be readily available throughout the application process, even after receiving your permanent resident visa. Borrowed funds or home equity are not acceptable to meet this requirement. The funds you present must be sufficient to cover your family’s living expenses, even if they are not immigrating with you initially. If you are married, you can combine funds held jointly with your spouse. Additionally, funds solely in your spouse’s name may be considered if you can demonstrate clear access to them.
Official bank letters are essential to verify the source and accessibility of your funds. When entering Canada, you are required to declare any amount exceeding CAD $10,000. A thorough understanding of the proof of funds requirements is essential for a successful Express Entry application. For comprehensive details, please refer to the official IRCC website.
