May 9th, 2024 at 04:26 am

Important Changes in New Express Entry Proof of Funds Requirement | IRCC Update

With effect from May 28, 2024, Immigration, Refugees and Citizenship Canada (IRCC) has revised the proof of funding requirements for the 2024 Express Entry system. Candidates applying through the Federal Skilled Worker Program or the Federal Skilled Trades Program inside Express Entry are impacted by these modifications.

The Express Entry evidence of funds table has been modified by Immigration, Refugees, and Citizenship Canada (IRCC) to reflect new requirements for 2024. Every year, the IRCC modifies these figures using 50% of the totals of the low-income cutoff. Before May 27, 2024, candidates for the Express Entry pool must update their profile with settlement funds per the revised conditions.

On May 28, the new regulations will take effect. According to IRCC, since upgrading your profile doesn’t change the time and date that we got it, you will keep your rank in the event of a tiebreaker.

Who needs to Demonstrate Express Entry Proof of Funds?

The applicant’s Express Entry proof of funds is the minimal amount needed to settle in Canada. Both the Federal Skilled Worker Program and the Federal Skilled Trades Program demand proof of finances. Nonetheless, the applicant is exempt from providing proof of money for FSWP and FSTP provided they have a legitimate employment offer and work permit for Canada.

Furthermore, proof of money is not required for candidates in the Express Entry Canadian Experience Class. As of right now, the system demands that all applications provide proof of funding. If proof of funds is not needed, you must upload a letter confirming that you have a valid job offer or that you have been invited to apply under the Canadian Experience Class.

Computing Settlement Funds

The amount of the applicant’s family depends on the proof of the Express Entry settlement money. The applicant, their spouse or common-law partner, any applicable dependent children of the applicant, and any applicable dependent children of the spouse must all be taken into account when determining the settlement funds.

Even if your spouse or any dependent children are not traveling with the applicant to Canada, you still need to calculate the settlement amount with them.

2024 New Express Entry Funds Requirement

Acceptable Proof of Funds for Express Entry

According to the IRCC website, official letters from banks or other financial organizations provide acceptable proof of funds. All current bank and investment accounts, as well as any outstanding debts, such as credit card and loan debt, must be listed in the letters. The financial institution’s letterhead must also be used to publish this letter.

Additionally, it ought to have the following information:

• The bank or institution’s contact information, address, telephone number, and email address
• Your name
• Your outstanding debts, such as credit card debts and loans

These details for each current bank including:

• An investment account you have with them
• Account numbers
• Date each account was opened
• Current account balances
• Average balance for the past 6 months

What is the New 2024 Express Entry Proof of Funds Requirement?

The amount of the Express Entry settlement payments required depends on the size of the applicant’s family, including the applicant. The revised necessary cash requirement, which takes effect on May 28, has been broken down based on family size below.

• $14,690
• $18,288
• $22,483
• $27,297
• $30,690
• $34,917
• $38,875

An additional family member costs $3,958

Does your Express Entry Profile Need Proof of Funds?

For the Federal Skilled Trades Program and Express Entry Federal Skilled Worker Program, proof of funding is necessary; however, it is not necessary for the Canadian Experience Class. An applicant need not provide proof of funding for FSWP or FSTP if they have a legitimate employment offer and work permit in Canada.

A successful Express Entry application requires adherence to these revised conditions. To successfully manage this process, keep yourself informed, make the appropriate updates to your profile, and ask for help as necessary. We wish you well in your immigration process to Canada.