New Proof of Funds Requirements for Express Entry in Canada (May 2024)
Canada immigration is introducing new proof of funds requirements for applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP) entering the Express Entry pool. These changes take effect on May 28, 2024.
What’s changing in Canada?
- Updated minimum settlement funds
Applicants must demonstrate they have sufficient financial resources to support themselves and their families upon arrival in Canada. The required amount varies depending on family size.
- Deadline to update profiles
All applicants in the Express Entry pool with an FSWP or FSTP application need to update their profiles with the new proof of funds by May 27, 2024.
Who is exempt?
- Candidates with a valid job offer in Canada and a corresponding work permit.
- Applicants under the Canadian Experience Class (CEC).
How much money do I need to move to Canada?
The minimum settlement funds required are as follows (effective May 28, 2024)
- Single applicant: CAD 14,690 (previously CAD 13,757)
- Family of two: CAD 18,288 (previously CAD 17,127)
- Family of three: CAD 22,483 (previously CAD 21,055)
- Family of four: CAD 27,297 (previously CAD 25,564)
- Family of five: CAD 30,690 (previously CAD 28,994)
- Family of six: CAD 34,917 (previously CAD 32,700)
- Family of seven: CAD 38,875 (previously CAD 36,407)
- Families with more than seven members: Add CAD 3,958 for each additional member (previously CAD 3,706)
Acceptable proof of funds
- Official letters from banks or financial institutions.
- Letters must include:
- Bank/institution contact information (address, phone number, email)
- Applicant’s name and all debts (loans, credit cards)
- Account numbers for all banking/investment accounts
- Account opening dates, current balances, and average balance for the past six months
Why these changes?
These updates ensure transparency and financial stability among Express Entry candidates, upholding the integrity of Canada’s immigration system.
Meeting the deadline is crucial
Ensure you update your Express Entry profile with the new proof of funds requirements by May 27, 2024, to avoid delays or disqualification.