The Canadian government has updated the Express Entry proof of funds requirement for 2024, effective May 28th. Here’s what you need to know to ensure your application is up to date.
Proof of Funds Required for Express Entry.
Proof of funds is essential for applicants under the Federal Skilled Worker Program (FSWP) and Federal Skilled Trades Program (FSTP). Candidates must update their Express Entry profiles before May 27th, 2024, to meet these new requirements.
Who Needs It?
FSWP and FSTP Applicants: Must show proof unless holding a valid job offer and work permit.
Canadian Experience Class (CEC): Proof of funds is not required.
If you don’t need proof of funds, provide a letter stating you have a legitimate job offer or that you applied under the CEC.
** Willing to migrate to Canada? V&I will guide you in step by step process.
Settlement Funds Calculation
The required funds depend on the family size, covering the applicant, spouse/common-law partner, and dependent children. Even if family members are not accompanying the applicant to Canada, they still factor into the calculation.
** Check your eligibility to Canada with V&I Canada CRS Points Calculator for free.
New 2024 Settlement Fund Requirements
- 1 person: $14,690
- 2 people: $18,288
- 3 people: $22,483
- 4 people: $27,297
- 5 people: $30,690
- 6 people: $34,917
- 7 people: $38,875
Each additional family member costs $3,958.
** Want to work in Canada? V&I is here to help you.
Acceptable Proof of Funds
Letters from banks or financial institutions should include:
- Institution contact information
- Your name and account details
- Outstanding debts
- Average balance for the past six months
Get prepared to meet these new requirements and ensure your application is compliant for a seamless immigration journey!
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