IRCC Updates Proof of Funds Requirement for Canada PR

IRCC Updates Proof of Funds Requirement for Canada PR

Manmeet Kaur Manmeet Kaur
[Published 28 May, 2024 | 02:58 PM]
About Author - 4 min read
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On May 28, 2024, Immigration, Refugees and Citizenship Canada (IRCC) updated the proof of funds required to apply for Canada PR via Express Entry.

IRCC updates the proof of funds for Express Entry every year. The revised amount is based on 50% of the low-income cut-off loads. Candidates wishing to stay eligible must update the settlement fund numbers in their Express Entry profile. The update must be done no later than May 27, 2024.

The department has assured you that updating your profiles will - in no way - impact your rank in the Express Entry pool if there’s a tiebreaker, as it doesn’t change the original date and time of profile submission.

Updated Proof of Funds for Express Entry

The minimum amount of money you need to immigrate to Canada is based on the size of your family, which generally consists of:

  • Candidate
  • Candidate’s Spouse or Common-law partner
  • Candidate’s Dependent Children
  • Spouse or Common-law partner’s Dependent Children

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
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.

Check Your Eligibility for Express Entry

What is Proof of Funds?

Candidates need proof of funds to apply for Canada PR as it demonstrates that they have enough money to settle in Canada. Individuals who receive an Invitation to Apply (ITA) through an Express Entry draw must be able to show written proof that they have this money.

Candidates must show proof of funds to meet the minimum requirements if they are applying under:

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

Those applying under the Canadian Experience Class (CEC) do not need to show the funds. Additionally, candidates with a valid job offer permitted to work in Canada are exempt, even if they are applying under FSWP or FSTP.

How to show proof of funds?

Gather the official letters from banks or other financial institutions where an individual has an account to show they have enough money to immigrate to Canada. These letters must be printed on the institution’s letterhead and include the following:

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

It is important for candidates to show IRCC that they’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.

Source: canada.ca



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