Express Entry candidates in the pool need to update their profiles with proof of funds reflecting the new requirements by May 27, 2024. The new requirements will be effective on May 28, 2024.
Who Needs Proof of Funds?
Generally, applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) require proof of funds.
Exception
If you have a valid job offer with a work permit for Canada, you don't need to provide proof of funds for FSWP or FSTP.
Applicants under the Canadian Experience Class (CEC) are exempt from the proof of funds requirement.
Calculating Settlement Funds
The amount of settlement funds you need depends on your family size. This includes yourself, your spouse/common-law partner, and any dependent children (even if they are not accompanying you to Canada).
New Minimum Settlement Funds (effective May 28, 2024)
Number of Family Members | Funds Required (CDN) |
1 | $14,690 |
2 | $18,288 |
3 | $22,483 |
4 | $27,297 |
5 | $30,690 |
6 | $34,917 |
7 | $38,875 |
Funds for each additional family member if more than 7 people | $3,958 |
Acceptable Proof of Funds
Acceptable proof of funds comes in the form of official letters from your bank or financial institution. These letters must be printed on the institution's letterhead and include:
Your name
Contact information for the bank/institution (address, phone number, email)
Details of all your current bank and investment accounts
Outstanding debts (loans, credit cards etc.)
Account numbers
Date each account was opened
Current account balances
Average balance for the past 6 months
Remember
Applicants should stay updated and provide required information before specified deadlines.
The content of this article is intended to provide a general guide for educational purposes only. It does not create a lawyer-client relationship. For your specific circumstances, please contact a specialist.