Maple News reports that Immigration, Refugees and Citizenship Canada (IRCC) has released the updated proof of funds (POF) requirements for Express Entry applicants, effective May 28, 2024. This annual adjustment reflects changes to Canada’s low-income cut-off threshold as determined by Statistics Canada.
Proof of funds is a critical component for individuals applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) within the Express Entry system. It ensures immigration candidates have enough money to support themselves—and their accompanying family members—once they arrive in Canada.
The required minimum funds are based on the number of family members, regardless of whether they are accompanying the principal applicant to Canada or are already Canadian citizens or permanent residents. For 2024, the minimum required funds are as follows:
– 1 family member: CAD $14,690
– 2 family members: CAD $18,288
– 3 family members: CAD $22,483
– 4 family members: CAD $27,297
– 5 family members: CAD $30,690
– 6 family members: CAD $34,917
– 7 family members: CAD $38,875
– Each additional family member: CAD $3,958
Candidates must declare the full amount of available funds in their Express Entry profile or permanent residence (PR) application, even if it exceeds the minimum threshold. These funds must be readily available, unencumbered, and in the name of the principal applicant or their accompanying spouse or common-law partner.
It’s important to note that applicants under the Canadian Experience Class (CEC) do not need to show proof of funds; however, those applying under the FSWP or FSTP must meet these financial requirements unless they are already authorized to work in Canada and have a valid job offer.
The IRCC may request updated financial documents at any point during the application process, so it’s essential that applicants maintain access to the declared amount until they become permanent residents. Proper documentation, such as bank statements or official letters from financial institutions, is required to verify the claimed assets.
These updates offer potential immigrants a clearer picture of the financial benchmarks necessary to prepare for a successful transition to life in Canada. For those planning to apply via Express Entry in 2024, ensuring your finances align with these new requirements is an essential step toward securing permanent residency.