Proof of Funds for Express Entry: Requirements and Recent Update
What are Proof of Funds (POF)?
Immigration, Refugees and Citizenship Canada (IRCC) requires proof of funds (POF) for certain immigration candidates to demonstrate they have sufficient financial resources to support themselves and any eligible family members accompanying them to Canada. The POF requirement represents the minimum amount of funds an applicant must have to immigrate to Canada through an Express Entry program.
This requirement is updated annually, reflecting the low-income cut-off total published that year by Statistics Canada (StatsCan). Therefore, it is crucial to stay informed about the latest low-income cut-off figures from StatsCan to ensure compliance. Failure to meet this requirement will result in the refusal of the application.
Who Needs to Demonstrate Proof of Funds?
Proof of funds is necessary to meet the minimum requirements for both IRCC’s Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP).
If you are invited to apply under the FSWP or FSTP, you must demonstrate that you meet the settlement funds requirement unless you:
Are currently authorized to work in Canada, and
Have a valid job offer from a Canadian employer.
Note: Express Entry candidates applying through the Canadian Experience Class (CEC) are not required to demonstrate proof of funds.
How Do Candidates Demonstrate Proof of Funds?
Proof of funds must be provided through official letters from any bank or financial institution where the candidate holds an account.
IRCC specifies that the letters submitted to the department must be printed on the financial institution’s letterhead and contain the following details:
Contact information of the institution (address, telephone number, and email address)
Candidate’s name
Candidate’s outstanding debts (credit card debts, loans, etc.)
Account details for each banking and investment account currently held by the candidate at the institution
Under the following circumstances, IRCC permits Express Entry candidates to include funds tied to their spouse as part of their proof of funds:
If an Express Entry candidate is being accompanied to Canada by their spouse, funds from a joint account are acceptable for proof of funds.
Funds in an account solely in a spouse’s name may be utilized for proof of funds if the Express Entry candidate can demonstrate access to the funds.
When are Candidates Required to Demonstrate Proof of Funds?
Proof of funds, equivalent in Canadian dollars, is required at the time of application submission, and applicants must maintain the required funds continuously until a final decision is reached.
IRCC retains the right to request updated settlement funds at any point, especially if there is a significant currency fluctuation.
Candidates are responsible for promptly updating their Express Entry profile following any changes in their situation, whether financial or otherwise, after submitting their profile. Failure to do so may render the candidate's profile ineligible for Express Entry, particularly if the change affects their ability to meet the eligibility criteria for any of the three programs managed under the Express Entry system.
Latest Update on Minimum Proof of Funds Requirement for Express Entry
As of May 28, 2024, IRCC updated the POF requirement for Express Entry candidates.
Updated Express Entry POF requirement for 2024, as of May 28, 2024.
Table from Immigration Refugee and Citizenship Canada, https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/express-entry/documents/proof-funds.html
Note: Candidates who have more than the minimum required funds should list the full amount in their Express Entry profile or application.
Express Entry candidates must include their spouse or common-law partner and any dependent children when calculating their family size for proof of funds. This requirement applies even if family members are:
Already Canadian citizens or permanent residents
Not accompanying the principal applicant to Canada
Candidates who fail to meet the updated POF requirement will have their Express Entry profile deemed ineligible.
To learn more information or seek legal advice, please do not hesitate to reach out to our experienced law firm at rharding@hardingimmigrationlaw.com or book a consultation here.
