New Express Entry Proof of Funds Requirement for 2024
Effective May 28th, 2024, applicants under certain economic immigration streams, including Express Entry, are required to demonstrate increased proof of funds to fulfill eligibility criteria. It's imperative for candidates to promptly update their profiles to reflect the updated financial requirements, as failure to comply may lead to removal from the candidate pool.
The updated funds thresholds will come into effect on May 28th, 2024. To maintain eligibility for selection, candidates with active Express Entry profiles or PNP expressions of interest must ensure they update their profiles by May 27th, 2024, if proof of funds is necessary.
Updated Funds Requirement
Proof of funds thresholds rise annually, calculated at 50% of Statistics Canada's low-income cut-off amounts.
Effective May 28th, 2024, the revised proof of funds criteria are as follows:
| Number of family members | Required funds (in CAD) |
| 1 (single applicant) | $14,690 |
| 2 | $18,288 |
| 3 | $22,483 |
| 4 | $27,297 |
| 5 | $30,690 |
| 6 | $34,917 |
| 7 | $38,875 |
| For each additional family member, add | $3,958 |
Affected Programs Due to Enhanced Funds Requirement
The augmented funds threshold impacts the following Express Entry programs:
- Federal Skilled Worker candidates lacking a qualifying job offer.
- Federal Skilled Trades applicants lacking a qualifying job offer.
Proof of funds requirements vary across Provincial Nominee Programs (PNPs) and their respective streams. Here are some examples:
- Ontario Immigrant Nominee Program (OINP): Certain streams, such as the Human Capital Priorities Stream, may necessitate proof of funds if you lack a valid job offer.
- British Columbia Provincial Nominee Program (BC PNP): Streams like Skills Immigration and Express Entry BC categories typically mandate proof of funds unless you are employed in British Columbia or possess a valid job offer.
- Alberta Immigrant Nominee Program (AINP): Certain streams, especially those aligned with Express Entry, may require proof of funds.
- Saskatchewan Immigrant Nominee Program (SINP): Proof of funds is typically required for the Express Entry and Occupations In-Demand categories.
When Do Funds Need to Be Demonstrated?
To enter the Express Entry pool, applicants must only declare the funds they possess. Proof of these funds is required if they receive an Invitation to Apply and submit a Permanent Residence application or if they are chosen by a province to apply for provincial nomination.
When verifying funds, applicants usually must show that they've maintained the required amount for a minimum duration by presenting multiple bank statements. Any substantial deposits during this period must be accounted for.
Neglecting to update their Express Entry profile or PNP expression of Interest to reflect the updated funds requirement will lead to the applicant's removal from the pool. Consequently, they will be ineligible for future invitations under Express Entry or Provincial Nominee Programs.
Seamless Migration to Canada Through Express Entry with Pelican Migration Consultants
Pelican Migration Consultants offers expert assistance to streamline your migration to Canada through the Express Entry system. Our team of professionals is dedicated to guiding you through the entire process, ensuring a smooth and successful transition to your new life in Canada.
- Expert Guidance: Benefit from our extensive expertise in navigating the complexities of the Express Entry system, tailored to your unique qualifications and circumstances.
- Profile Enhancement: We work closely with you to optimize your Express Entry profile, maximizing your chances of receiving an Invitation to Apply (ITA).
- Document Preparation: Our team assists you in gathering and preparing all necessary documents, ensuring accuracy and completeness to meet Express Entry requirements.
- Comprehensive Support: From initial consultation to post-landing assistance, we provide comprehensive support at every stage of your migration journey.
- Timely Updates: Stay informed throughout the process with timely updates on your application status, ensuring transparency and peace of mind.
Feel free to reach out to our team and arrange a consultation with our specialists if you have any additional inquiries! Pelican Migration is prepared to support you at every step of your journey.
