Requirements for Express entry next draw

New 2024 Proof of Funds Requirements for Express Entry

Immigration, Refugees, and Citizenship Canada (IRCC) came up with updated proof of funds requirements for the Express entry next draw program. These changes will be effective from May 28, 2024.

Why the Change?

Every year, IRCC adjusts these numbers based on 50% of the low-income cut-off totals.

Deadline to Update Profile

Everyone in the Express Entry pool must update their profile with the new settlement funds requirements before May 27, 2024.

Who Needs Proof of Funds?

If anyone applies under the Federal Skilled Worker Program (FSWP) or the Federal Skilled Trades Program (FSTP), they should demonstrate proof of funds. However, if they have a valid job offer and work permit for Canada, there would be an exemption. Most importantly, candidates under the Canadian Experience Class (CEC) don’t require proof of funds.

Settlement Funds Calculation

The amount of funds required depends on your family size. While calculating funds include yourself, your spouse or partner, your dependent children, and your spouse’s dependent children (if applicable).

Acceptable Proof of Funds

IRCC accepts official letters from banks or financial institutions. These letters should list all your current bank and investment accounts and existing debts. In addition, all these details must be printed on the institution’s letterhead.

New Settlement Funds Requirement (2024)

Number of Family Members New Funds Requirement (CAD) Old Funds Requirement (CAD)
1 $14,690 $13,757
2 $18,288 $17,127
3 $22,483 $21,055
4 $27,297 $25,564
5 $30,690 $28,994
6 $34,917 $32,700
7 $38,875 $36,407
Additional family member $3,958 $3,706

Do You Need Proof of Funds?

Proof of funds is required for FSWP or FSTP but not for CEC. If you have work authorization and a valid employment offer in Canada, you’re exempt from providing proof of funds even for FSWP or FSTP.

Asif Consulting will ensure you meet the new requirements to avoid any delays in your Express Entry application!