The IRCC department revised the proof of funds (POF) requirement for Express Entry on May 27. Notably, the department updates this requirement each year to reflect the low-income cut-off amount published by Statistics Canada that year. The POF is the minimum amount of funds required for an applicant to immigrate to Canada via the Express Entry pathway. Notably, candidates who have funds that are more than the minimum requirement must indicate the entire amount on their application or in their express entry profile. Here are the top common FAQs for proof of funds for Express Entry.
FAQs for Proof of Funds for Express Entry Candidates
This section discusses the top common FAQs for proof of funds requirement for Express Entry candidates.
FAQ 1: Who needs to submit POF for Express Entry?
Applicants of the two express entry programs, the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP), have to show proof of funds to satisfy the minimum requirements.
The applicants of Express Entry’s third program, the Canadian Experience Class (CEC), do not need to submit proof of funds.
Note that some of the FSWP and FSTP applicants do not have to demonstrate proof of funds to IRCC.
FAQ 2: How can you show your POF to IRCC?
You must provide proof of funds in the form of official letters from any bank or financial organization where you have an account.
According to IRCC, the letters presented to the department need to be printed on the letterhead of the Bank or financial institution. It must also include the following details:
- The contact details of the institution, including the address, phone number, and email address.
- The name of the candidate.
- The candidate’s outstanding debts, including credit card debts, loans, etc.
- Account details of the candidate’s current bank account and investment account at the institution
Note that the department needs details such as account numbers, opening dates, current balances, and the average balance for the six-month period.
FAQ 3: What is the 2024 proof of funds requirement for express entry candidates?
For 2024, the POF requirements that Express Entry candidates need to satisfy as of May 28 are as follows. The table shows the funds required based on the total number of family members.
| Number of family members | Funds Required (in Canadian Dollars) |
| 1 | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| More than 7 (for each member) | $3,958 |
For families with more than seven people, additional costs for each member are $3,958. Express Entry candidates must include their spouse/ common-law partner as well as any dependent children when calculating their family size for proof of funds.
The POF requirement remains a condition even when the family members of a candidate are:
- Already citizens or permanent residents of Canada
- Not accompanying the main applicant to Canada
FAQ 4: Will the funds of family members be counted as proof of funds requirement?
According to IRCC, the Express Entry candidates are able to use their spouse’s funds as part of their proof of funds under the following conditions:
- If they are being accompanied by their spouse to Canada, they can use the money from a joint account as POF.
- They may use money in an account solely in a spouse’s name for the POF if they can prove they have permission to use the money.
FAQ 5: What if you don’t update your POF by May 27, 2024?
If you fail to update your POF by May 27, before the IRCC revises it for 2024, the department will consider your Express Entry profile ineligible.
This implies that you will have to start over and submit a new Express Entry application to IRCC.
FAQ 6: Does your Canadian job offer affect the proof of funds requirement?
Yes. A Canadian job offer can affect the POF requirement. This is because FSTP and FSWP program candidates will be exempt from this requirement if they hold a job offer and are permitted to work in Canada.
Normally, these candidates have to submit proof of funds to IRCC.
FAQ 7: Can you use the loan amount for POF in your Express Entry application?
According to IRCC, Express Entry candidates can not “borrow” or use money from another person as a proof of funds requirement.
FAQ 8: Does a fluctuation in currency affect the proof of funds requirement?
The applicant must submit proof of funds (equivalent in Canadian dollars) at the time of application submission. In addition, they must keep the funds available until IRCC makes the final decision on their application.
IRCC has the right to request updated settlement funds at any time, including during a severe currency fluctuation.
FAQ 9: What if the applicant’s monetary condition changes after application submission?
The express entry applicants may witness a change in their financial condition for any reason after submitting their profile.
Thus, candidates are accountable for instantly updating their profiles after any changes. If you fail to do so, you may become ineligible for the Express Entry program. This is particularly true if the change affects the individual’s ability to meet the eligibility criteria of any program under Express Entry.
FAQ 10: Where can I get assistance if I have questions about my proof of funds documents?
For newcomers, the requirement for proof of funds can be complex.
You can obtain help from a certified Canadian immigration lawyer to make things easier. They can assist applicants with the following things:
- Completing and submitting any necessary documents
- Ensuring that you avoid significant mistakes
- Responding to the Canadian government
- Utilizing their expertise and experience to avoid unnecessary delays during the entire Express Entry process
Proof of Funds Requirement for Express Entry Candidate
The IRCC department requires proof of funds from some immigrants to demonstrate that they have adequate money to support themselves and any qualifying family member who accompanies them to Canada.
Notably, this POF requirement changes yearly. As a result, it is critical to stay up to date with any relevant updates and modifications. This will ensure that candidates have sufficient funds to move to Canada. Being unable to satisfy this condition will lead to the rejection of the application by IRCC.
If you have questions about Canada Express Entry, please contact our MakeHomeCanada experts at 1-800-979-0509 or email us at [email protected].
