As of May 27th, 2024, candidates applying through specific economic immigration programs, including Express Entry, must provide higher proof of funds to meet eligibility requirements. It is crucial for candidates to update their profiles to reflect the increased funds, as failure to do so will result in their removal from the pool.
The new funds thresholds will apply from May 28th, 2024. To remain eligible for selection, any active Express Entry profile or PNP expression of Interest must be updated by May 27th, 2024, if proof of funds is a requirement.
New Funds Requirement
The proof of funds thresholds increase annually and are based on 50% of the low-income cut-off amounts determined by Statistics Canada.
As of May 28th, 2024, the updated proof of funds 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
|
Which Programs Are Impacted by the Increased Funds Requirement?
The increased funds threshold applies to the following Express Entry programs:
- Federal Skilled Worker applicants without an eligible job offer.
- Federal Skilled Trades applicants without an eligible job offer.
For Provincial Nominee Programs (PNPs), the proof of funds requirement varies by stream and province. Here are some examples:
- Ontario Immigrant Nominee Program (OINP): Certain streams, like the Human Capital Priorities Stream, may require proof of funds if you do not have a valid job offer.
- British Columbia Provincial Nominee Program (BC PNP): Some streams, such as the Skills Immigration and Express Entry BC categories, require proof of funds unless you are already working in British Columbia or have a valid job offer.
- Alberta Immigrant Nominee Program (AINP): Certain streams, particularly those aligned with Express Entry, may require proof of funds.
- Saskatchewan Immigrant Nominee Program (SINP): The Express Entry and Occupations In-Demand categories require proof of funds.
When Must Funds Be Demonstrated?
To join the Express Entry pool, an applicant only needs to declare the funds they have available. They must provide proof of these funds if they receive an Invitation to Apply and submit an application for Permanent Residence, or if they are selected by a province to apply for provincial nomination.
When proving funds, applicants typically need to demonstrate that they have maintained the required amount for a minimum period by providing multiple bank statements. Any significant deposits during this time must be explained.
Failure to update their Express Entry profile or PNP expression of Interest to reflect the new funds requirement will result in the applicant's removal from the pool. As a consequence, they will not be eligible for future invitations under Express Entry or Provincial Nominee Programs.
If you have further questions, please contact our team and schedule a consultation with our specialists! e-Visa Immigration is ready to assist you at any stage of your process.
