As of May 27, 2024, Immigration, Refugees and Citizenship Canada (IRCC) has announced an update to the Proof of Funds (POF) requirement for Express Entry applicants. This update, which occurs annually, aligns with the low-income cut-off published by Statistics Canada for the year.
The Proof of Funds requirement outlines the minimum amount of money that applicants must demonstrate to support themselves and their family members when immigrating to Canada through the Express Entry system. Applicants who have more than the minimum required funds are encouraged to declare the full amount in their Express Entry profile or application.
The updated Proof of Funds for 2024 is as follows:
| Number of Family Members | Funds Required (CAD) |
|---|---|
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| Additional Family Members | $3,958 per person |
Applicants must include their spouse or common-law partner and any dependent children when calculating the total family size, even if these family members are Canadian citizens, permanent residents, or not accompanying the principal applicant.
Candidates who fail to update their proof of funds by May 27, 2024, risk having their application refused. This requirement applies to Express Entry applicants who do not have a valid job offer or a provincial nomination, as those with such offers may be exempt from this condition.
It’s essential for candidates to stay updated on IRCC’s requirements and ensure their funds meet the necessary threshold. Changes in financial situations should be promptly reported to avoid complications during the immigration process.