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Immigration, Refugees, and Citizenship Canada (IRCC) has revised the financial requirements for the Express Entry system for the year 2024.
IRCC adjusts these figures annually, calculated as 50% of the low-income cut-off totals.
The Express Entry pool candidates must ensure their profiles reflect the updated settlement funds criteria before May 27, 2024. The new criteria will be enforced starting May 28.
IRCC assures that in the case of a tiebreaker, your ranking remains unchanged since updating your profile doesn’t affect the original submission date and time.
Who Is Required to Show Proof of Funds for Express Entry?
The essential amount needed to settle in Canada constitutes the proof of funds for an applicant in the Express Entry system.
Candidates applying under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) must provide proof of funds.
However, applicants who have a valid job offer and a work permit for Canada are exempt from showing proof of funds for the FSWP and FSTP.
Additionally, candidates applying through the Canadian Experience Class (CEC) in the Express Entry system are not required to demonstrate proof of funds.
Currently, all applications need to include documentation verifying their financial resources. If proof of funds is not necessary, applicants must upload a letter confirming that they have a valid job offer or have been invited to apply under the Canadian Experience Class.
Calculating Settlement Funds
The family size of the applicant determines the required amount for Express Entry settlement funds.
When calculating these funds, it’s important to include the applicant, their spouse or common-law partner, any dependent children of the applicant, and any dependent children of the spouse, if applicable.
The calculation must account for the applicant’s spouse or dependent children, and whether or not they plan to accompany the applicant to Canada.
Updated Express Entry Proof of Funds
Effective from May 28, 2024, the new financial requirements for settlement funds under the Express Entry system, listed in Canadian dollars, are as follows:
| Number of Family Members | New Settlement Funds Requirement (2024) | Previous Settlement Funds Requirement |
| 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 |
| Each additional member | +$3,958 | +$3,706 |
For families larger than 7 members, the requirement increases by $3,958 for each additional family member, up from $3,706.
Acceptable Proof of Funds for Express Entry
According to the guidelines provided by Immigration, Refugees and Citizenship Canada (IRCC), the proof of funds for Express Entry must be provided through official bank letters. These letters should originate from recognized banks or financial institutions and must contain specific details about the applicant’s financial status.
The letter should include the following:
- The full contact information of the bank or institution (including address, telephone number, and email address)
- The applicant’s name
- Details of outstanding debts such as credit card debts and any loans
- Information on each current bank and investment account held by the applicant:
- Account numbers
- Date each account was opened
- Current account balances
- Average balance over the past six months
Additionally, this documentation must be printed on the letterhead of the issuing financial institution to ensure authenticity. This comprehensive information helps IRCC assess the financial readiness of candidates to economically establish themselves in Canada.