Canada updates New Express Entry proof of funds requirement 2024
Babushahi Bureau
Canada, May 7, 2024: Immigration, Refugees and Citizenship Canada (IRCC) has updated the Express Entry Proof of Funds table with new requirements for 2024.
Those candidates who are in the pool for Express entry must update their profile with settlement funds by the new requirements, before May 27, 2024. The new conditions will come into effect from May 28.
In case, there is a tiebreaker, candidates will retain their rank as updating their profile does not change the date and time when the updation is received by IRCC.
Who needs to show Express Entry Proof of Funds?
The minimum amount required to settle in Canada is proof of an Express Entry applicant's funds.
Proof of funds is required for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
However, if the applicant has a valid job offer and work permit for Canada, they do not need to provide proof of funds for the FSWP and FSTP.Additionally, Express Entry Canadian Experience Class (CEC) candidates do not require proof of funds.
Currently, the system requires each application to submit documents proving their funds. If proof of funds is not required, a letter must be uploaded stating that you have a valid employment offer or that you are applying under the Canadian Experience category.
Calculation of Settlement Fund
Express Entry Proof of settlement amount depends on the number of family members of the applicant.
While calculating the settlement fund, the applicant, the applicant's spouse or common-law partner, and both the applicant's dependent children (if applicable) and the spouse's dependent children (if applicable) are counted.
The candidate must calculate the settlement amount with your spouse or dependent children, even if the spouse or any dependent children are not moving to Canada with the applicant.