10 Frequently Asked Questions About Proof of Funds for Canada PR

10 Frequently Asked Questions About Proof of Funds for Canada PR

Manmeet Kaur Manmeet Kaur
[Published 29 May, 2024 | 04:07 PM]
About Author - 7 min read

Immigration, Refugees and Citizenship Canada (IRCC) revised the proof of funds for Canada PR, effective May 28, 2024. This amount for Express Entry is updated every year by IRCC based on 50 per cent of the low-income cut-off loads. Candidates who wished to stay eligible for Canada PR were asked to update the settlement fund numbers in their Express Entry profile no later than May 27, 2024.

If you are applying for Canada PR, showing written proof that you have enough money to settle in Canada is crucial. The minimum amount of money you need to immigrate to Canada is based on the size of your family. 

To help you understand the requirement better, we’ve compiled a list of the top 10 FAQs about proof of funds for Express Entry in 2024.

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Frequently Asked Questions (FAQ) - Proof of Funds for Express Entry

FAQ 1: What is proof of funds for Express Entry 2024?

Number of family members Funds you need (in Canadian dollars)
1 $14,690
2 $18,288
3 $22,483
4 $27,297
5 $30,690
5 $30,690
6 $34,917
7 $38,875
If more than 7 people, for each additional family member, add $3,958

Candidates must include their spouse or common-law partner and dependent children, even if they’re:

  • Canadian citizens or permanent residents.
  • Not coming to Canada along with the candidate.

FAQ 2: What happens If I do not update the proof of funds in the Express Entry profile by May 27, 2024?

If you haven’t updated your profile with updated proof of funds by May 27, 2024, one day before the revised amount was announced, your Express Entry profile will be deemed ineligible. Meaning, you have to start from the beginning and submit a new application.

FAQ 3: Who is required to show proof of funds?

Individuals who receive an Invitation to Apply (ITA) through an Express Entry draw must be able to show written proof that they have enough money to settle in Canada. It is important to show proof to meet minimum Canada PR eligibility if they’re applying under:

  • Federal Skilled Worker Program (FSWP)
  • Federal Skilled Trades Program (FSTP)

If you’re applying under the Canadian Experience Class (CEC), you don’t need to show the funds. Even those who already possess a valid job offer from a Canadian employer are exempt, no matter whether they are applying for FSWP or FSTP.

Frequently Asked Questions (FAQ) - Proof of Funds for Express Entry

FAQ 4: How to show proof of funds for Express Entry?

To show proof of funds, you need to collect official letters from banks and other financial institutions where an individual has an account to demonstrate they have sufficient money to immigrate to Canada. The letters should be printed on the letterhead of the institution and must include the below-listed:

  • The bank or institution's contact information (address, telephone number, and email address)
  • Candidate Name
  • Outstanding debts (such as credit card debts and loans)
  • The details for each current banking and investment account you have with them
  • Account numbers
  • Date each account was opened
  • Current account balances
  • Average balance for the past 6 months

In addition, you need to show IRCC that you’ll be able to access the money after arriving in Canada. Moreover, the IRCC advises that an individual should bring as much money as they can as it will help them settle in Canada more easily.

FAQ 5: Can the funds of family members be counted towards proof of funds?

Only under the following situations does IRCC allow candidates in the Express Entry pool to utilize the money tied to their spouse as part of their proof of funds.

Condition 1: If your spouse is accompanying you, then the money from a joint account is allowed for proof of funds.

Condition 2: If the money in an account is under the spouse’s name, it may be used for proof of funds if you can demonstrate you have access to that money.

FAQ 6: Can a loan be used as proof of funds for Express Entry?

No, Express Entry candidates cannot show borrowed money from another person as proof of funds.

FAQ 7: Does having a valid job offer impact the proof of funds requirement?

Absolutely. Normally, both FSTP and FSWP candidates are required to show proof of funds to IRCC. Having a job offer will exempt them from this requirement.

FAQ 8: How does fluctuation in currency affect the proof of funds?

You need to submit proof of money (equivalent in Canadian dollars) when submitting an application for Canada PR. You must maintain the required funds at all times until IRCC makes a final decision on your application. IRCC has the full right to request you to update the settlement funds if there’s a huge fluctuation in the currency.

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FAQ 9: What to do if your financial situation changes after profile submission?

You must update your profile as soon as you can if any changes occur. If you fail to do so, it may result in your profile becoming ineligible for Express Entry especially if the change affects your ability to meet the PR eligibility criteria for any of the three Express Entry programs. 

FAQ 10: What to do if you are unsure about your proof of funds documentation?

Understanding proof of funds can be difficult. Hiring a certified Canadian immigration lawyer can make things easier. They can help candidates and applicants with:

  • Getting all the required papers ready
  • Making sure important errors are not made
  • Answering the Canadian government
  • Using their knowledge to prevent unnecessary delays during the Express Entry immigration process

Canada PR Visa Approval in 108 Days | Anil's Visa Story

The Express Entry Canada system is a great way for skilled workers to obtain permanent residency in Canada. However, the process can be complex and confusing. If you’re having trouble, seek a quick free consultation from the best immigration consultants in India at Nationwide Visas.

Get a free consultation session. Call us@ +91 92 92 92 92 81 or email us at info@nationwidevisas.com.

Good Luck!

Read More: How to Change Your Marital Status in Express Entry Profile?


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