Canada Updates Proof of Funds Requirement for Express Entry

Immigration, Refugees, and Citizenship Canada (IRCC) have announced an update to its proof of funds required for Express Entry candidates, effective April 25, 2023.

Candidates must provide proof of funds to settle in Canada, with the amount needed varying depending on their family size. The modification went into effect on April 25 and is based on 50% of the low-income cut-off totals. To remain eligible, candidates must keep the settlement fund numbers in their Express Entry profile up-to-date.

"We have updated the proof of funds table that shows how much money you need to settle in Canada. To stay eligible, you may need to update your settlement fund numbers in your Express Entry profile," said the IRCC.

Travelers who have previously been invited to file a PR application or are currently working on one are exempt from providing written evidence of having enough money to reside in Canada. Anyone granted an invitation to apply (ITA) via an Express Entry draw must be able to show written documentation proving they have this money. Proof of funding is necessary to satisfy the minimal requirements for the Federal Skilled Worker Program and the Federal Skilled Trades Program. Candidates for Express Entry who are eligible to work in Canada and have a legitimate employment offer are also exempt. Different amounts of money are needed depending on how big a candidate's family is.

Obtain official letters from any banks or other financial institutions where you have an account to demonstrate that you have the funds to pay. These letters must include the bank's or institution's contact information, your name, any outstanding debts, account numbers, the dates each account was opened, the current account balances, and the average balance over the previous six months. When applying for and being granted a permanent resident visa, you must have the necessary finances on hand and be able to demonstrate to the IRCC that you have permission to access the funds. Canada's cost of living can vary greatly, so it is recommended that you bring as much money as you can. You must inform the border official upon arrival if you are carrying more than CAD 10,000 into the country.