On May 27, Immigration, Refugees, and Citizenship Canada (IRCC) will revise the proof of finances (POF) criterion for Express Entry candidates.
IRCC updates this criterion once a year to reflect the low-income cut-off amount provided by Statistics Canada. As a reminder, IRCC’s POF requirement is the minimum amount of cash required for an applicant to come to Canada under the Express Entry program.
Note: Candidates with more money than the minimal needed should include the entire amount in their Express Entry profile or application.
In order to help Express Entry candidates with this criterion, CIC News has developed a list of frequently asked questions.
1) What is the proof of funds requirement for Express Entry in 2024?
The chart below shows the new 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 applicants must include their spouse or common-law partner, as well as any dependent children, in their family size calculation for evidence of money.
This is mandatory even if a candidate’s family members are:
>Already a Canadian citizen or permanent resident.
>Not accompanying the major applicant to Canada.
2) What will happen if I do not update my proof of funds before May 27, 2024?
Candidates who do not update their POF by May 27, the day before IRCC’s change goes into effect, will have their Express Entry profile considered invalid.
This implies that the individual must submit a fresh Express Entry application from begin.
3) Who needs to provide evidence of funds for Express Entry?
Proof of funding is required to fulfill the minimal standards of both the IRCC’s Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
Express Entry individuals applying through the Canadian Experience Class (CEC) do not need to provide evidence of money.
Note: Some FSWP and FSTP candidates are not needed to provide evidence of funding (see question seven).
4) How can I provide evidence of funds?
Proof of finances must be submitted in the form of official letters from any bank or financial institution where the candidate holds an account.
IRCC advises that letters sent to the department must be printed on the financial institution’s letterhead and contain the following information:
Contact information for the institution, including location, phone number, and email address.
The candidate’s name
The candidate’s outstanding debts (credit card debts, loans etc.)
Account information for each banking and investment account presently held 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.
5) Can family members’ funds be used to meet the evidence of funds requirement?
Under the following conditions, IRCC enables Express Entry applicants to utilize money related to their spouse as part of their evidence of funds.
- If an Express Entry candidate is accompanied to Canada by their spouse, money from a joint account is permitted for POF.•Money in an account entirely in a spouse’s name may be used for POF if the Express Entry candidate can demonstrate access to the money.
6) Can I use a loan as evidence of finances in my Express Entry application?
IRCC emphasizes that, in part because to constraints regarding what is allowed for a candidate’s POF (see question four), Express Entry candidates cannot “borrow [money used for POF] from another person.”
7) Does receiving a job offer in Canada change the evidence of finances requirement?
Yes. This is because FSTP and FSWP applicants, who are ordinarily needed to provide evidence of money to IRCC, will be excused if they are allowed to work in Canada and have a legitimate job offer.
8) How can currency changes influence proof of funds?
Proof of funds (equivalent in Canadian dollars) is required at the time of application submission, and candidates must have the funds available until a final decision is reached.
IRCC maintains the right to seek revised settlement funds at any time, including during a severe currency movement.
9) What happens if my financial status changes after I submit my profile?
After submitting their profile, Express Entry applicants frequently see a significant shift in their financial or other circumstances.
The candidate is responsible for quickly updating their profile when any changes occur. Failure to do so may render the candidate’s profile unsuitable for Express Entry, especially if the change affects the individual’s ability to fulfill the eligibility criteria for any of the three programs controlled by the Express Entry system.
10) Where can I obtain help if I’m not sure about my proof of funds documentation?
Proof of funds may be a difficult and complex concept to understand. Using the services of a professional Canadian immigration lawyer might make things easier, as they can assist prospects and applicants with:
- Prepare any appropriate documentation.•Ensure that significant errors are avoided
•Responding to the Canadian government.
•Using their experience to minimize needless delays throughout the Express Entry immigration procedure.
IRCC requires evidence of funds from some immigration aspirants to demonstrate that they have adequate money to maintain themselves and any qualifying family members who accompany them to Canada. The department’s proof of funding requirements alter on a yearly basis. As a result, it is critical to stay up to date with StatsCan and their low-income cut-off to ensure that candidates have the necessary cash to move to Canada. Failure to satisfy this condition will result in the rejection of the application.
#Breaking News
#economic immigration
#Express Entry
#IRCC
#settlement
