Dear future neighbour,
Effective May 28, 2024, changes will be made to the proof of funds required for candidates in Express Entry pool. Consequently, candidates in the pool are expected to update their profile on or before May 27, 2024.
Proof of funds is a requirement for the Federal Skilled Worker Program (FSWP)and the Federal Skilled Trades Program (FSTP). If the applicant possesses a valid job offer and work permit for Canada, proof of funds is not necessary for FSWP and FSTP. Additionally, candidates in the Express Entry Canadian Experience Class (CEC) are exempt from providing proof of funds.
The proof of funds is determined by the number of family members accompanying the applicant to Canada. When determining settlement funds, the applicant must include himself/herself, their spouse or common-law partner, any dependent children of the applicant (if applicable), and the spouse’s dependent children (if applicable).
See below new requirement for 2024 Express Entry Funds
| Number of family members | New Settlement Funds requirement is effective May 28 (in Canadian dollars) | Old Funds Required (in Canadian dollars) |
| 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 |
| If there are more than 7 people, for each additional family member | $3,958 | $3,706 |
Only official letters from banks or financial institutions are accepted. The letters must have all current bank and investment accounts, existing debts including loans and credit card debts must also be listed.
The letter must also include the details listed below:
- the bank or institution’s contact information (address, telephone number and email address)
- your name
- your outstanding debts (such as credit card debts and loans)
- these details for each current banking and investment account you have with them
- account numbers
- date each account was opened
- current account balances
- average balance for the past 6 months
Need help obtaining a visitor visa to visit Canada, or professional help putting in a study visa application, work permit application, Expression of Interest, creating an express entry or provincial nomination profile, preparing your application after receiving an invitation to apply or even just reviewing an application you prepared yourself? Book a consultation or send us an email on info@eseumohimmigration.com