Proof of Funds for Express Entry Updated for 2024

In this guide, our experts at Immigration Nation provide detailed insights into the updated proof of funds requirements for Canada’s Express Entry program, effective from May 28, 2024. Understanding these changes is crucial for applicants to ensure their profiles meet the necessary financial thresholds. This article will cover what Express Entry is, who needs to show proof of funds, the importance of these funds, exceptions, and the new minimum requirements for 2024.

What is Express Entry?

Express Entry is a system used by Immigration, Refugees, and Citizenship Canada (IRCC) to manage applications for permanent residence from skilled workers. Launched in 2015, it includes three main programs: the Federal Skilled Worker Program (FSWP), the Federal Skilled Trades Program (FSTP), and the Canadian Experience Class (CEC). Applicants submit an online profile to the Express Entry pool, where they are ranked based on a Comprehensive Ranking System (CRS) score. This score considers factors like age, education, work experience, and language proficiency. The highest-ranking candidates receive Invitations to Apply (ITA) for permanent residency in Canada.

Express Entry is designed to streamline the immigration process and attract skilled workers who can contribute to Canada’s economy. The system is highly competitive and dynamic, with regular draws inviting the top candidates to apply for permanent residence.

Who Needs to Show Proof of Funds?

Proof of funds is required for applicants under the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Program (FSTP) who do not have a valid job offer in Canada. It’s important to note that all family members, including the applicant’s spouse or common-law partner and dependent children, must be included in the calculation of the required funds, even if they are not accompanying the applicant to Canada. This ensures that the applicant has sufficient financial resources to support their entire family upon arrival in Canada.

Importance of Proof of Funds

Proof of funds serves several critical purposes in the immigration process. It ensures that newcomers have the financial means to support themselves and their families during their initial settlement period in Canada. This requirement helps prevent financial dependency on public assistance and demonstrates the applicant’s ability to contribute economically. By providing proof of sufficient funds, applicants show they are prepared for the cost of living in Canada, including housing, transportation, food, and other essential expenses. This financial stability is crucial for a smooth transition and successful integration into Canadian society.

Exceptions for Proof of Funds Requirement

Certain applicants are exempt from the proof of funds requirement. These include:

  • Candidates applying under the Canadian Experience Class (CEC).
  • Applicants with a valid job offer and authorization to work in Canada.
  • Applicants who have been invited to apply under the Express Entry system and can provide documentation proving their employment offer or CEC eligibility.

These exceptions are designed to facilitate the immigration process for individuals who already have a foothold in the Canadian labor market or who have been selected based on their Canadian work experience.

New Minimum Proof of Fund Requirements Starting May 28, 2024

The updated proof of funds requirements reflect the increased cost of living and ensure that applicants have adequate financial resources. The new minimum settlement funds are as follows:

Family SizeNew Minimum Settlement Funds (CAD)Old Minimum Settlement Funds (CAD)
Each Additional Family Member$3,958$3,706

Important Things to Consider

  • Update your Express Entry profile with the new proof of funds requirements by May 27, 2024, to avoid processing delays.
  • If you have a tie-breaker scenario, your ranking won’t be affected by updating your profile.
  • Include all dependent children, even if they aren’t immigrating with you.
  • Provide documentation proving your employment offer or CEC eligibility if proof of funds isn’t required.


The updated proof of funds requirements for Express Entry applicants underscore the importance of financial preparedness for those seeking to immigrate to Canada. By meeting these new thresholds, applicants can demonstrate their ability to support themselves and their families during their initial settlement period, ensuring a smoother transition into Canadian life. As always, staying informed and up-to-date with immigration policies is crucial for a successful application process.

If you seek further guidance with your application process, please feel free to contact us at Immigration Nation, where our team of experts will ensure your application is prepared for success!

Need some help with your Express entry application? Our team of immigration experts is here to guide you through every step of the way, ensuring your application is prepared for success!

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